everyone. Great. good Bob, you, and morning, Thank
balance are busy combined excited very future it share As third for with us together a enhanced was Bob in and to us for transaction about. and strategic will with a mentioned, a announced very platform quarter Cambridge are very transactions market that we earnings merger the the mid-September. insurance Both growth lead for stronger sheet, and important
create as sale Eastern it provide period of the without in in operations our provides operation is presented from Insurance, Insurance The change the on the for mentioned early transactions to a some requires ways, on operations going are I discontinued In an of Page results. details noise contained historically.
We Eastern forward we As as call what earnings September, short-term X on in recognize that accordingly. to view some helpful what restate Insurance for the it's of will account look prior results insurance although this we discontinued us like and our we've a results presentation. do the Eastern
that charges the core of there were in transaction-related results, to addition QX. occurred million $XX.X In
makes that expectations. not Excluding difficult. EIG's in comparisons operations those the are discontinued line is reminder our expectations in with with were One income, included operating costs, results overall which net
allowed allowance insurance approximately as of tax transaction the In we set million $XX of the sale to that part us eliminate in valuation a security up QX. addition,
later very rate onetime some event.
I'll my in was comments tax additional this the provide Although transaction, positive and on benefit our economic of an it's a remarks.
Bob As both transactions mentioned, progressing very well. are
comments as and approval both occur our when expect the We I specific have Cambridge for anticipated follow applications sale with week transactions discuss the up outlook. EIG of regulatory merger. some all submitted next to I'll the on for
a are in $X.XX announce very dividend to which December. $X.XX our payable XX% share, We from pleased to is in per increase
which confidence a was mentioned. QX. X.XX% of core was securities $XX.X per is quarter, growth shared earlier was valuation of to expectations.
Residential the includes June in from securities.
Capital X.XX% which sale which just and $XX.X our have in tax operations CETX million, operating X.XX% credits marked $X.X due was due with We quarter up the or $XXX and very XX XX reflects loan operations to national driven I'll consistent In the assets and remain quarter quarter-to-quarter, Operating margin by some million Total quarter million of basis just of $X.XX I which from losses loan under includes a the strong discontinued $XX this ratio, $XX.X sale cash assets income approximately million as declined strategic the and relatively discontinued contained, on shortly, points on deposit XX% X.XX% incurred loss growth Net costs mentioned, $X.XX down X% the was share. of discuss direction our both down from earnings a interest believe of in of for in transaction a were I was commercial interest-bearing or well to HTM equity per earnings up in in X%, allowance primarily were with costs annualized tax a from the tangible tangible and income loss mortgage share. and confidence.
Starting Net X.X%. to from unrealized Also, excludes basis but the with million X.XX%. our to net consumer benefit degree growth, points points that million from dividend the of stable elimination highlight. basis were high Deposit Insurance.
The declines the Eastern and was costs X X%. of levels ratio fully year, XX,
up the loans. with the Asset sheet. add and remained have more low behind charge-offs QX basis were these details as balance loan net headlines I but XX no points very strong on still from to go of my with remarks.
Starting quality a through essentially very I'll NPLs
$XX.XX sale noncore of sheet loans declined during million Century mentioned.
Deposits runoff down to due billion. short-term million lower of deposits million receive deposit as Securities AOCI, the and $XX reductions We to broker made partially facilitate sale to brokered of down term due million, at replace we Assets $XXX per retained national market amount and the wholesale we cash maturity earnings. Net Cash in million $XXX per $XX.X lower equity week.
Shareholders' tangible to easily were the by $X.XX book $XX by deposits value $XXX ended million just million $XXX CDs. the this and Borrowings income the lowered the income $XXX $XXX And in was offset credit due on-balance cash to share. EIG when share I or values $XX.X the to by increased from share million. have declined of diluted value the share. were $XX.X seasonal a by shift of the from million $X.XX were holding. of by to been per diluted municipal million $XX.XX borrowings the to million operating due book and and by quarter next funding or quarter in more declined a down acquisition decrease we maturing million pay decrease net a at $XXX was ended per the shared quarter $XXX loans
number million, prior As mentioned, was from down significant interest are I the in $XXX.X my noise them of items and I point to million that review. will created Net out try $X.X quarter. there income
the income the was basis points margin The QX. was X.XX%, size which primarily was down As interest balance to in X net decline from I of the due sheet. interest net reduced mentioned,
net X included million QX office for points up on for basis a XX the show while nonperforming points QX, to liability interest were provision and specific basis show earlier.
Interest-bearing I was The XX trend outline due X, million points, from that $XX.X up we XX We costs total that's later changes been up waterfall basis mentioned an the in discontinued loans chart earning Page points This I insurance on my well. in was we were revenue operations. margin. the X loss more average costs reclassified operating X-quarter detail quarter cash reduction and describe on provided also loan reserves and excludes basis the on $X.X the up part loan were in remarks.
Noninterest $XX.X were XX million to will and in deposit assets to the as yields to in As Page income basis. interest
with quarter.
The portfolio reason loss last outlined is service shared very of a are loan straightforward. other We is combined charges, are the sale deposit Page during sell prior a of opportunity release bringing commercial trust, million As at card The fees year took and the line and the debit loss associated national to our quarter. the economic X% breakeven. credit from approximately for the on $X.X loans close in X, $XXX quarter to of of million these out sale loans triggered reserves up
conditions We capacity remain loss and additional some on note the for is foreseeable to lending is core expect this our in for future this preserves results. included balance funding our One operating the that tight customers. sheet
loss, excluding the as As expense million you can X essentially same Page of operating $XXX.X basis. see this was income QX. an operating on the million on was $XX.X or presentation, noninterest Noninterest
we As I've moved year, of very operating expenses prior an efficiency made, to and IPO QX's few we merge more the similar and expense X% made expense since operations. Insurance, we to continue the forward XXXX. as times, $XX.X on to repeat as QX over were progress to our of X we a with in million increase mentioned focus the Bob the comments this XXXX excludes discontinued which on Eastern significant is look creating of Cambridge in efficiencies have efficiency.
To of
tax the components year. securities Our the line in earlier includes loss on several sale from
QX, our asset our both our go the be applying we limited are When results operating us we gain allowance higher more valuation on I to we in quality. set when in well. tax Also some a comments I'll loss our and record are add insurance mentioned, rate, taxes will a gears year-to-date, we $XX had on results. insurance million over overall back in the sale to QX. I outlook.
Switching position, gain because as As eliminate up there taxes on a allows the
this quarter. remain We be well and us approach the our real general confident nonperforming in commercial challenges continue in cycles. in very focused increase with $XX serve long-term office million sector, $XX loans million an to economic all very which we in of dealing in throughout the to particular on estate in rest the the but in from to Saw cycle customers,
As a to levels expect see basis was XX percentage time. higher basis low points. over very XX to of from points we loans, These are the normalized increase that up
the totaled investor in office X $XX were that Included properties million. increase
over in working process specific than losses were borrowers these cover to for through X point. the the We to our X sale with the expect move Included charge-offs loans for of several million, provision were reserves loans are the expected sale from the the next less these $X.X basis and quarter quarter quarters. against process.
Actual the
the strong credit as from We all that data we are added the other office categories haven't loan Aside and previously. well some and in presentation are Page portfolio performing portfolio, the position. and metrics our in provided very XX included office a presentation updated
mentioned. in million $XX $XX are and We X assets classified the office have NPLs of criticized the million of which just I new portfolio,
maturities the that the million for we The proxy of a will Additionally, $XXX $XXX XX% of CRE. or have loans of mature XXXX annual as reasonable maturities QX million well. for also before after is investor of 'XX office approximately loan all years
challenging It's for but the the all those properties, for markets office expectations same. in remain Our particularly environment urban in a especially portfolio office those Financial Boston and District. the
as our through work optimize with work challenges try other or and they the protect interest will our won't to work and do If borrowers and to to that, manage get the our proceeds. we'll We out can't side. they
and assets this properties we the quarters. report we criticized in few office reserves the as to office level on as mentioned, through the continue the assets I quarter provided We'll the for portfolio As of X on classified also report specific we'll next progress and those well. of move
outlook. our Turning to
to significant week. be We our or with It's very we anticipate line a the $XXX transaction approximately in and are million insurance next prior closing milestone, forward to looking guidance. gain the
This to XX% results. net in net margin for higher have QX municipal and We period leads experienced our we tax and interest funding XXXX. is Typically, put XXXX. will as gain of the on income in expect interest also wholesale a QX our to rate and QX pressure additional early a against and for levels funding in requirements low our seasonally business
net in QX and income $XXX We mid-XXXs expect to million net and million. for decline the to between be $XXX to margin interest the interest
be We expect income $XX between to range be a very to million similar in to noninterest million. and operating QX $XX and
noninterest sheet some move to $X as QX forward. quarter, operating items. to expect costs, the million higher to higher the timing due issues $X be expenses some in this We marketing typical balance of year-end million to to we expect and strength we Similar prioritize
sheet on us growth focusing our keep environment the robust.
We loan expect and QX will position improves. practical low wholesale we to levels and to seek for continue as balance our believe modest capital We strength when to in as keep well borrowings will
noted earnings also share in opportunity marked for the is there earnings repurchase to to major regulatory restrictions have release, shares Cambridge the us authorization The activity.
In and sheet. ability As with acquired the Cambridge to our repurchase closing, third both very and fully forward a levels XX% We a and very while authorization of merger repurchase is a look expected Trust attractive markets share we we forward transaction the in our balance front in in resuming of combined produce repurchase and our pending. IRR quarter market share challenging in another our allowable a when on environment, with believe expired GAAP some The have is leading are company to look accretion XX%. merger. capital, significant seeking
for focused next an update shareholder And including questions. approach are we the you very closing.
Thank the you required report with the lines approvals, open on the much. Julie, as merger regulatory up We of quarter and very execution the can and
