get the A everyone. over hope earnings that to Celtic a Nitin. morning little With good details. let everybody's into loss - you, more Thank overtime very that, yesterday. gotten I the me bit in bad suffered
GAAP net like you I that quarter If please could included will Berkshire year-over-year to Revenues driven by help basis of restructuring million point gains a and and our the financials. not interest Group businesses, We've non-GAAP include insurance in $X.X down income estate severance. in analysis. to and FHLB income. also a our of GAAP in X% real views, comments turn with third with charges decline businesses My for adjusted appendix million net Mid-Atlantic on Mid-Atlantic would adjusted Insurance excluding and be quarter-over-quarter to and X, sale your and and from pre-tax statement. out $XX were reconciliation Slide it numbers prepayments, captures an Please GAAP. the associated see both
interest sale in respectively. were non-strategic decreased the Net minutes. businesses X% the $X sequentially and had portfolios, revenues benefit year-over-year. and the income credit Expenses net decline runoff insurance of essentially by of $X Mid-Atlantic provision this and primarily of $X and expenses I'll ACL business sale and quarter Including lower portfolios down to a touch quality of improve Excluding balances. a on million of more charge-offs were expenses X%, quarter-over-quarter, in loan million. about as loan was driven million, by of adjusted the flat significantly. We continue few PPP detail
on net historic tax driven by of reduction recognition was down XX% wholesale down accretion, the of down lower XX primarily was was return the points quarter our and lower X from equity The year-over-year, XXX basis of of funding. a quarter purchase up by by accounting assets was Our in income tangible in 'XX. funded points, X% third a quarter-over-quarter. XX% quarter up versus X.X%, XX% X.X%, tax but offset common primarily credits was up rate second Overall, points basis third driven quarter, rate from basis 'XX. XXX PPP tax basis in margin effective basis the third on was our partially for The points was second core 'XX, return to at income, points interest XXX quarter. from Net
to me changes portfolios earning Turning and Slide let our X, in address loan assets.
and driven was businesses portfolio loan runoff commercial sale and portfolios by of indirect balances primarily average PPP total auto loan of non-strategic portfolios. and aircraft, and lower for consumer Our Mid-Atlantic year-over-year, down like
loans to Excluding sheet Mid-Atlantic total of PPP, indirect runoff sequentially three and shows aircraft $X.X been which at commercial accounts over last and approximately X% The we The loan non-strategic and XXXX. were XX% The has those the quarter excluding off third down by table of 'XX portfolios, by estate be portfolio and portfolio, the end balance of real XX% loans the end down loans the will decline average our of year-over-year. auto for portfolios. as bottom XX% portfolio, Mid-Atlantic quarters. expect stable the billion of
half balance We up in XX% investments ramping portfolio to year-over-year. first sheet of up begin the is The expect the XXXX.
cash into and sensitivity while asset pursuing We growth, strategies yielding retaining drive to are securities credit earnings to actively deploy quality. high
subsequent share more the of fourth will quarter We XXXX. starting quarters, details in with
to X turn Slide our shows average could you If X. liabilities. Slide
significantly, higher quarter our is lower basis XX of dropped points. basis basis from meaningfully points of Year-over-year, continues XXXX. quarter deposits basis XX% of from from total deposits points deposits, accounts year-over-year, cost points year-over-year, funding cost XX up funding to XX% XX Non-interest-bearing 'XX, XX basis cost in dropped have Our replaces improve which to and funding. Also, as third our mix third to of XX of XX have points up are for as cost points. funds down basis XX% of
$XXX XX%, profile you million and basis will opportunities on cost down by CDs further points CDs in our lower lower six by cost overall with about to quarters X. funds. X XX reprice basis our retail of XX points. from Slide basis Year-over-year, costs. detail Slide points could to next declined over turn billion If and have provides unique XXX to or the Furthermore, funding future the cost more of $X.X continue going our retail high our to improvement deposit
wholesale lowered XX%. borrowings FHLB also cost our have higher and XX% brokered funding. significantly are down reliance on are Year-over-year, We down CDs
quarter third As 'XX have prepaid million of in funding about we million part of end to quarter. costs, FHLB FHLB our strategy the of $XX to at of lower and reduced third $XX borrowings borrowings
We expect by quarter to second end XXXX. borrowings by our over brokered XX% decline CD the of of
coupon that $XX X.XXX%. expensive as to positioned BEST to no we third include the we we debt meaningfully also later course of subordinated million profitability our borrowings Our with plan. funding sheet over cost uniquely balance redeem quarter of X. We the it and lower of Overall, drive Slide XXXX. a than are plan believe of grow the of
Slide X, for in I quarter the of business third of to that due of months would revenues note we quarter 'XX. two insurance fee Turning our include to the sale of XXXX third our insurance revenues like fee show timing revenues. only fee to
XX% year-over-year were insurance, and X% Excluding revenues quarter-over-quarter. up our fee
quarter-over-quarter, investment fee higher that by of up quarter were revenue as revenues million up lending third higher up expenses new economy fees continued third $X.X higher and revenues revenue as were from X% Loan 'XX. sale pandemic project increased. fees. strong XX% XXXX. were declined management to on fees products tax of is up new We strong Wealth amortization historically consumer to encouraged and and X% year-over-year driven market quarter-over-quarter are year-over-year driven Deposit-related SBA relationships. and of to initiated business by Other due year-over-year high quarter recovering performance exhibit related and XX% achieved fees X% credit quarter-over-quarter in in non-interest The lows. activity impact, are XX% and in primarily lending the X% and new gain swap year-over-year SBA the
the offset this that of million credit 'XX. more tax for lowered was quarter rate $X.X However, tax than benefits the investment in third increase effective by
to on X, we Slide X. show Moving expenses. our Slide On
and year-over-year BEST at while expense and maintain strategy reinvesting That levels. We continue to drive discipline, saves our year-over-year. current growth, expense in Adjusted on expenses is to quarter-over-quarter expenses. were and self-fund. declines compensation execute in or maintaining were while flat occupancy near Increases we other offset expenses overall to essentially equipment meaningful expenses by
expense Starting the already progress, areas in saves quarter We estate, the other and we expense earlier we'll businesses. Mid-Atlantic the formed driven from like of real the procurement was procurement that continue also the fourth done our from newly organization. from 'XX, year. business benefiting insurance of by On benefit reductions branch consolidation to are with from make good sale focus and
provides Moving for lower quality in by are for metrics. third by versus reserves, quarter and XX% three Net credit XX% credit on balances. of loans. year-over-year 'XX a $XX $X.X a to essentially the summary flat, compensated to Strong down are quarters the million ex-PPP driven loan slide, to next but down XX% improvements deferrals charge-offs losses board loans loan for in or quarter-over-quarter it X.XX% asset improvements Allowance quarter million. and of lower importantly second to significant for quality across row. COVID of our remained
portfolios, with Our significantly between to deferrals firestone nursing-assisted declining COVID restaurants, to and XXX%. XX% impacted hospitality, continued including living year-over-year improve
moved for have more We to the more segments happy detail to appendix, in discuss credit COVID detail. sensitive and data
Moving and Slide capital on liquidity. on next slide, liquidity our positions. Slide detail and XX, shows capital on to the XX
levels Our remain uniquely strong. capital
quarter common at capital equity Tier third ratio Our X estimated the XX.X%. ended an
As returned dividends. repurchases stock Nitin capital million to via shareholders $XX.X this mentioned, and of quarter we
completed also for approved program million We last stock repo shares. X.X our
a We on sheet shareholders part returning capital We and support of that continue and to growth BEST can deploying to opportunistic return our strategy. assure is to focused key three-year share stay buybacks you capital dividends. through capital balance
capital in quality of we by benefit credit flat had and PPP in fee in costs the expense summary, capital provision and liquidity Significant outlined in interest funding BEST attrition. return support income million. portfolio improvements growth to levels meaningful net and had as in plan. $X So, decline and growth of principally strong income, in driven resulting in very improvements loan non-strategic We expenses,
a sold and divested X.X both shares. our which And also on of growth insurance core repurchase of We program share were strategy. of back million businesses, not part business the buying executed Mid-Atlantic our we
close third value for We share also like outlook book grew in $XX.XX tangible be X% on or We'll to with of I fourth would the providing from quarter XXXX. per our comments January XXXX versus guidance quarter. our XXXX.
the experience. are We economic encouraged loan are industry growth to has upbeat and started by the that about forecasts
decline We modestly. expect our loan portfolio to
the XXXX. NIM our expect fourth of We to be for quarter stable
income expect be to due of NII down our sale the of We net impact interest the to or PPP, our Mid-Atlantic assets.
to cost decline quarter. in funding our expect further We the fourth
and interest we expect modestly We be to to flat continue asset-sensitive Adjusted quarter for insurance, of rising to to fourth benefit for revenues rates. lower XXXX. fee be from expect
on straight charge-offs. second of expect the to credits environment XXXX provision get We between lumpy, meaningfully our a that to expense and expect third don't credit so existing portfolio day line time improved CECL can I'd one we to caution over expect loans on we a quarter be reserves quarter of and XXXX. or
be Tax to end quarter expenses in at billion best of run to the I'll fourth expected turn back - XX% year rate $XX XX% that, for expect XXXX. to Nitin? about the comments. at it the With be rest year further rate. to stable for for mid-teens Nitin the for and We full is
