James B. Fitzgerald
Bob, good everyone. you, Thank and morning, Great.
and to As We're by while $X.XX. an per points tangible reposition outlook. to improve able we our that growing earnings TCE to the this step took from Bob X.X% sheet balance share and liquidity pleased value book quarter ratio do our we value important mentioned, by increasing X.X%, book were basis both this and XX our to
The of sale pandemic included repositioning low part for purchased of million of rates interest when tax. securities were at loss from after available of our these sale billion yielding $XXX We during securities the the extremely a early $X.X low. portfolio the
year on sales excellent a their impact market the more the sale they in discuss of shortly, had to -- my I'll later our very very positive outlook, Although the the and interest on expected in sharp rates the decline which quality, is over remarks. last value. earnings increase caused credit the in
QX. income share million million, to loss The $X.XX per QX $XX.X $XXX which $X.XX $XX.X was due or net net Operating the share, per with repositioning. and compares was in million
the quarter remained of nonperforming loans quality $XX in points over XXX%. loans of basis very XX and with reserve million loans nonperforming or charge-offs, of coverage Asset essentially no sound
from XXXX Total on in levels. X% loan $XXX increased annualized growth expected, slowed or quarter. the As million loans basis an
sheet June balance actions. the QX to $X.XX X, approved record go shareholders detail of on I to Our XXXX. share per June on dividend of more on Board payable XX our wanted into
to strategy proceeds for order generally and yielding to redeploy securities The available for Bank. interest lowest was today's early sales rate sale higher select Valley in took the the place the prior security Bank of to the The sale in March, the environment. Signature portfolio just Silicon in in failures
$X.X sale total approximately were XX% or portfolio. The of proceeds billion, the
use higher We currently proceeds expect though we balances to are in the borrowings cash holding time, brokered our of reduce bank over and FHLB the CDs to failures. wake the
XX%. we of the a been to size repositioning our the past, approximately securities portfolio mentioned XX% assets As us had in reduce as goal. to goal to of that approximately had gets percentage the This from
new balance program collateral and Home added by the and facilities Federal the the at In addition Fed term increasing and quickly sheet to discount cash our the pledging bank backup both funding from Bank our of to Boston. borrowing securities sales, to Feds we liquidity the Loan generated window additional
Page billion billion. the sheet -- presentation, on outlined of totaled cash As billion and $X.X facilities of the of we a $X.X unused combination of $X available, X balance but
enough of of to have liquidity for was uninsured goals coverage our One deposits. our all
As uninsured experienced Page billion cash uninsured X, under deposits deposits. XXX% of XX. of deposits quarter, picture. Throughout excludes and also March uninsured is -- outlined on and backup amount collateralized. deposit we deposit intercompany $X.X $X.X accounts on stable the had we This The deposit $X just of facilities very a billion secured the are billion that
at million than were deposits XX.XX, of our tenths of reduction a XXX six lower $XXX deposits, brokered Excluding X%.
quarter. on our the uninsured as insured we with our a of experience provide both deposits, options, X, in large uninsured coverage. and on I in as cash -- Despite depositors customers in deposits total educate of account $XXX sweep results Page QX core to of FDIC deposits insured took cash the steps million were in outlined this reduction did We in insurance but included we the consumers ownership to stable working reduction categories mentioned,
details more the provide Page on XX. portfolio We on deposit
customer across very and commercial municipal have We bases. consumer, diversification good our
any very portfolio. which very also evidence can granular average age the one XX. XX on no the customer as portfolio material Eastern diverse years, segment, provides to is from breakout strong have concentration relationships. also on and sector We the in the ranges customer of account X deposit There depending commercial very Also from with Page see a you from
data additional position strong our Page XX. on capital We include on also some
to the the and of TCE ratios The portfolio. our impact capitalized greatly our would a exceed our portfolio including breakdown we held of X.X%. of that mark-to-market addition show reduce maturity of our from In X.X% size well tangible was the modest, to provide ratio HTM equity to regulatory valuation further calculation, X.X% capital requirements, common and
targeted decided for kept comments on time, We runoff, near-term We'll Our and had during we failures strategy CDs portion reevaluate liquidity more that changed borrowings the to over brokered retain and when cash the in I'll we that outlook. that and discuss my FHLB position. our larger the of bank occurred. a
to move now the review I'll sheet. balance
securities Securities quarter billion. $XX.X increasing billion at declined $X from of end in the are the of increased total ended As quarter billion. Loans $X.X discussed, at assets. quarter $X million and XX% billion year. quarter the the $XXX ended $X.X the the Total of and by by billion, cash ended
to were later by but loans I'll declined line guidance. an $XX consumer an or million. million, increased growth on up loan this million in Commercial future with our basis. Residential expectations was and loans remarks, annualized prior X% growth our $XX by $XX provide in mortgages update my
totaled million reduction quarter million increased deposits at deposits. Total earnings. at balance a which in as $X.X cash in $XXX increase by high retained failures of the the million quarter quarter, the in played in equity an customer impact a reflecting million, decreased levels deposits core brokered $XXX included AOCI, the a bank the increased $XXX end, reduction $XXX quarter, keep to used billion were the of million $XXX of and and partially Borrowings out. offset and of reduction Shareholders' in in
was a earnings earnings million million income prior the in compares $XX.X by compared was per million million $XXX sales This quarter the earnings operating million of $XXX operating per to to the prior $XX.X strong GAAP diluted earnings. $X.XX offset the review. income partially quarter. in to interest the or Operating of $XXX.X net share. Moving or in due share. were Net $X.XX loss QX
in net repositioning impact the The income a on quarter. had limited interest
borrowings mentioned, in at impact securities high-level until a high-level and early the subsequently March elected very As keep we better cash bank the I understood. the failures of sold retain to was of to
were funding our in still the these side, costs deposit levels up XX was XX% included the cycle We liability December. X.XX%. rate quarter, the of prior the interest Page in bearing moved up environment. the Both of costs on On but to XX% bearing points interest the March, in of it current and month had liability attractive very quarter, basis from In are our beta XX. interest month cost from
outlook help related basis points Over borrowing rising. beta, bearing interest although the our the costs Loan to and at in discuss expect yield up later quarter costs yield for remarks. for quarter, quarter interest should overall we securities the income the liability XX net end both my The in keep securities reduction X.XX%. funding was and were time, in X.XX%. the was I'll yields
percentage million for prior in provision a in loan compared compared $XX quarter. much losses two was The loans. most quarter, in to the a points quarter the for The the growth zero rounded of offset in Loan prior of the of lower responsible as loans the provision. the in which to was the increase quarter and declined the quarter allowance the reduction in modest impact basis to
Noninterest million a from with Eastern GAAP same on repositioning million strong the basis. up revenues, of a loss due income quarter the was to last million basis quarter a Insurance year. XX% an and had of on $XX.X operating $XX $XXX
the nature seasonal in bulk have being we a As was to of but incentive carriers insurance received payments there QX. revenues, from mentioned
The is due and ago a from higher incentive a commissions and payments year lines. higher increase XX% commercial
items basis, other GAAP on with generally million were or in an prior prior quarter $XXX.X operating the and The Noninterest line guidance. was $XXX on million a expense either line basis.
an GAAP the accounting for were the remarks. charge prior I'll to my expenses $XXX.X $XXX in million plan outlook in prior On for $XX operating provide expenses one-time million. benefit for QX included later quarter the the quarter. compared the defined million some costs comments in of basis, expenses settlement on
securities. of the the benefit a of quarter to in million, expense loss primarily on Tax $XX.X sale was due
Going for provide level XX% XXXX the my than remarks. quarters lower would some the tax rate the to be expect next forward, we XX%, and comments few to later that on at also in
be MPLs that million $XX to in net XXX%. to sound. to reserve couple of prior of loans QX levels of over quarters Nonperforming the experienced very the low continues and at amount quality Asset Similar to nominal our coverage rounded are charge-offs very zero. we is
lending added a We mindful recession hard We've approach, on by office sponsors. are XX good with portfolio and for for potential Pages office. We've information real also very business make type, and presentation. XX and do to of sure exposure in sectors our commercial some estate on strong and times challenging the diversity in the always both like we our ahead our have to worked property
in types, any of that office and pages suburbs of strong Class Class building classifications in office limited amount consider both of A I lack specific not the as either This would the diversification estate. in real in A the concentration the portfolio. show note our we The properties. do helps portfolios, any explain
expect office we the experience CRE with and any they carefully challenges. the and as partner with the Although are challenges, them portfolio as business through comfortable customers well, very we'll some overall very portfolio we we're monitoring do with work
analyzed size, primary focus and our March carefully of of Portfolio the the approximately These dates, or Total a loans office XX. we'll location customers are been loan $XXX loans on lease were has monitor investor know loan loans total very and with We're of in comfortable on with rollovers, underwriting this we maturity carefully. million, markets. management well continue all and our rent valuation. portfolios with rolls to portfolio, very X%
to XX. Page on wanted which provide is some on I our included comments outlook,
loan digits commercial for few in expect for flat loans and market consumer to loans conditions. growth for due and residential the is look rate be low to next growth We commercial to the single The quarters. be
in advantage, are confident outperform his strong underwriting our a will said are times Bob challenging. will we relationships As and difficult believe in competitive consistent environments, when remarks, us we and provide especially more that very
to seasonal pattern, $XXX revenues for normal million XXXX. follow to of for revenues their and We $XXX insurance noninterest expect total our million
expect to $XXX QX levels, and We end but noninterest from expenses year $XXX between increase million the million.
and financing. few to is XX% We strong XX% lower expect group work on the quarters. over activity their development between next lending credit community a tax XXXX our with nonprofits rate by than to primarily This due tax
points over our tax XXX and for fully between the to net equivalent of basis margin XXX of on year, the interest We XXXX. expect rest basis improve be to the and year full a
to the the without expect We XXXX of and in higher level was be income than overall is have considerations the would similar in it This been XXXX. net key the one our interest of repositioning. much repositioning to in evaluation
pay of we're bank income guidance expectation that net of interest on the But the the the comfortable second and off hold cash will mirror. rearview the is in our repositioning. the sheet year. let of failures we brokered higher do This in This and margin levels include CDs balance impact expect consistent mature until the half the to borrowings is with of original clearly strategy
foundation we're In continue financial our us positioning short confident closing, that very quarter very strong and our first long-term. for results and balance provides over the pleased sheet to improve performance a the the to with
open you. the Thank Joanna, ready And to questions. line your we're for
