welcome second and call. XXXX everyone, morning, to quarter our earnings Good
Chief our me Luis slides like President; first and our is the we and Officer. our Rowe, a Joining our call to Officer and have are Massiani, referencing particularly on presentation. broader find you website outstanding this will extremely to Chief the in Financial Rob Credit efforts the On I’d fantastic admirably an the for of recognize period economy. at operating challenging our continue environment banking adjusted level the perform extraordinary during team. They and to Bank difficult industry,
adaptation, in company's emphasizes Our have served traits these change times. us well and culture that
other. have colleagues gone beyond consistently for each Our and above our and clients
quarter of $XX.XX from of adjusted book reported tangible our second $X.XX grew quarter. per we share to EPS value XXXX the X.X% and last $XX.XX For
assumptions revisions provisioning the forecast, We though credit losses continue given conservative quarter our for to through economic allowance this quarter. last downward reduced build our for requiring
particularly are tangible to the grow in share challenging our encouraged of ability and this per value environment. face book economic tangible equity by We
We continue our in grow clients to existing portfolios. loan our and targeted business service
originated to quarter, million million PPP addition this portfolios. grew across in In portfolios quarter, several over balances $XXX commercial spread we our last the $XX the
grew affordable outlook. finance. that historic traditional C&I, XX% we including is While Portfolios public current future housing opportunities, quarter reflected loan continue drivers and sector to to see production, be which of growth growth, our business are approximately are meaningful CRE, volumes of new in likely updated this
were by last relationships targeted that the portfolio. provide exhibit based returns Deposit our transaction the despite driven current risk opportunities market was Core are can from not a We for growth are current up solid deposit in runoff optimistic capital away over nearly our deposits We're banking business drag businesses strong. to that also from teams. shifting do municipal growth seasonal conditions. environment, in X% X% commercial adjusted meeting not and full we and quarter in continue national
growth enable of service augmenting direct We technology last in a adoption our client the traditional efficiently banking digital funding and adoption validated as banking and and announced accelerated in more footprint efficient sources, and perform reevaluate We accelerated recent as pandemic launched our investment income The to automated real-estate as these have enabled The recently view future, our has grow year processes banking total are including program. also that over been through banking our our us and and channels of product the leverage ways initiatives, we revenue. technology diversify fee tested platforms. to will we months. enhanced technology
volumes in we in pressure and receivable several an We of performance, factory to pre-provision related with income wealth other Net net the income lower $X revenue pre-tax, pleased although the commissions. lower and experience deposit over pandemic. are businesses due expected was quarter. than Fee $XXX interest increase million, loan prior fees, income million accretion transaction to volumes management, excluding our was
recovers the over as in trends past these XX expect see to and the volumes will started resumes positive economy rebound have we volumes activity We days. and customer
Among to expenses, contributions million repeat not support of at $X.X the a charitable should expenses we $X.X Sterling in in the supported that affected Foundation by million incurred expenses those the the outset that via Regarding quarter. pandemic, our the pandemic. was communities colleagues third
quarter core basis part term lower to flat in and balance exit quarter. FHLB million at of rates short to recognizing margin net We points, had expenses early XXX accept also borrowings costs $X.X of to last the OREO sheet. million our our properties interest held We $X.X on of maintained despite the interest
which and XX reductions costs, ended funding month this the points quarter, basis the lowering achieve were margin to well upward we in exceeding points, quarterly net core interest for to June. job outstanding the were of we in XX basis expecting an quarter down the did team the XX trajectory an Our on
begin liabilities achieve levels. We be if can yields, the transaction continue our reprising [ph] evident the growing as basis a and initiatives in pressure remainder to of year we total current rate improve. leverage This we generating on interest progress cost quarter liabilities believe profitable third expect to the the outpaces volumes of anticipate positive should net margin XX of of component help through in should normalizing, which focus each interest where near we environment, funding activity lower not of operating XX asset PPRNR and to most on points, and current efficiency businesses. support We core
on increased added million losses. our loans to of allowance portfolio credit, quarter, estimate outlook the another Moving to basis our losses to for as points, credit $XX in deterioration we the taking macro allowance this XXX to
rate full breakeven the X% model XXXX Our reaching unemployment early year not in assumes GDP XXXX. averages with of CECL through excess until
outlook, COVID last presentation, On moved portfolios the efforts effectively adjustments update was last quarter, credits and quarter the flat our quickly loans that of NPLs comprise bulk the non-accrual XX our generally increase we the to quarter. basis detail XX points of of reflective annualized an credit we $XX.X portfolios XX Aside reflects charge-offs or expectations were macro we the these of to from million in late slides on to highlighted quarter. the related performance our to on as impacted provide deferrals. provide last last incremental and resolve of
billion X% on for day deferral interest days XX are commonly additional on an of option. period loans. at our principal deferred or with XX Deferrals most $X.X have We
for borrowers detail in of the deferral August. next. view and past we I received new want late actively with deferral expiring have and initial current XX days to the few request portfolios July Over their all of periods begin our are working impacted as each
is request our seen modifications past payment relatively well over improve which C&I exception our the economy relatively well finance portfolio the First, with secured and franchise business as fundamentals small portfolio, up has on of underlying and have base the held opens. traditional borrowing generally will we for are low a whose a quarter comfortable we with
National our impacted performed was or by at The Finance Secondly, finance in has sectors, the downturn expected. transportation Commercial than general in portfolio are starting the see and pickup particularly initially, a and more shipping but better equipment highly we also portfolio transportation construction volumes. to
low of relatively in national seen volumes have our We other portfolios. deferrals
portfolio performing of to and is real-estate the multi-family long values provide substantial our low and that approximately entire assets. commercial loan of expected we anticipate the relatively as XX% will support across performance these term to Lastly,
working debt coverage hospitality, providing and values with that and Multi-family retail we working portfolio pandemic. where impacted coverage debt will to the of strong of degree also strong higher provide well given to our continue a to We sectors relief office, collateral of through is credit work performing prior and service capital the our service loan position are borrowers in in protection.
recognize remarks per last loan ratios. to take of I our able and and at will action portfolio issues pragmatic that to book share will grow capital and resolve and be expeditiously. directly we my strengthen quarter value over We each tangible outset the aggressive prepared were our about noted the
at Our holding X TCE and our to increased ratio leverage XX to Tier company X increased the points X.XX% X.XX%. points basis basis
We repurchase share pause plan. continue to be our on a of self-imposed
ratios of per through grow expect to will update both and remainder capital we the we XX On for year. tangible book value share our the our We the outlook year. continue page
loan some be given the reduced year. the previous of of to our year. expectation headwinds by to net growth continue the core term our We We expense for comfortable at $XXX with fee million growth margin the caused lower guide income and at interest come and expect of our outlooks pandemic for the end near
incur from the the remainder a still are unknowns potential through rate lower lasting to the tax pandemic. of the year. the in effects expect also There economy given many We
with aggressive We financial will address model to the continue impacts. our operating to be
focus this environment in primary is two-fold. Our
to produce early earnings build resolve in issues and to First, recognize gains enable levels driven of streams and to credit strong capital. secondly, with by capital; us that revenue strong reserve
questions. up open let's for the Now, line
