Well, Bob. thank you, and Thank that, you everyone. morning, for good
for first and it's As as environment a the been all Bob said, next quarters you expect in that and know, few to the very well. we challenging quarter, continue
income pleased very per or our $XX.X solid $X.XX I'll $X.XX we're a $XX.X share. or million, quarter results million, expense as income levels net through backdrop, and share details go shortly. for first that was Given GAAP per net foundation provided our with the earnings. was operating
a be little in Bob have to for As so said, in merger. to X-K we the with clear approvals. expectations with to we February, and receive very continue what our be on seems wanted Consistent timing communicated we we're regulators There confusion, high working and our the approval. to Cambridge regulatory be their
quarter. this with year We expect some in expect early later a those in updates would remarks.
I'll in quarter, later merger start of some close Cambridge the the July.
This to second provide quarter original be specific line first and the we half expectations. delay time to from for X I'll the approvals highlights my our of
$XXX.X saw million with by per by X.XX% was detail, quarter in the $XX.X share. margin and The deposits operating sheet margin net go basis. stable or or Overall, As per net interest we discuss modest at in million, during and million the or million comments and on up I the share a diluted $X.XX commercial was I'll and more loans million, was Expenses million mentioned, in X.X% later again $X.XX net balance $XXX the we'll X.X% were an or my quarter driven through just up prior growth X.XX%. expenses and income $XX.X annualized in $XX.X remarks lending. core similar to diluted $XXX on income outlook. very annualized, my operating of
million Asset stable from the to basis I'll charge-offs my go an more basis, points NPLs credit were basis basis $XX comments. to from or or in similar loans in and later XX quarter up points slightly details points Net of of from $XX down of points were also and X million $X.X basis quality XX XX the through XX during in million loans to quarter. quarter. quarters. was prior $XX million prior annualized on the loans the
on Our payable Board a share the June to approved move some balance $X.XX comments on XX.
I'll per of dividend sheet.
portfolio at $XXX and quarter loans were a We in billion, $X had paydowns at The Cash modestly annualized. from securities or prior and overall market or growth loan million $XX.X and billion, Commercial continue was was to sheet, we're loans annualized the levels quarter was of the deposit $XXX value.
Loans residential at high-quality loans end by to the $XXX growth Core $XX.X year-end. QX. balance X.X% million very or maintain million commercial at in billion. very the consistent down and slightly of due with quarter. the X.X% a growth approximately the X.X% with the million. annualized, million $X.X pleased end was $XX Consumer QX, ended of decreased portfolio position lower
accounts. migration We higher to continued lower some cost experience to cost accounts from
X.XX% our favorable our our of customer very remains strength a the -- total at of cost consumer in the deposit base. quarter, of However, demonstration
income other overall create advantage Bob's think To time. was were of earlier, deposit a that liquidity less had offset paid the decline FHLB $XX $XX no and in balance a broker I was Shareholders' funded. the dividend comprehensive in of and is equity the deposits on competitive core We as capital follow quarter sheet down million comments, $XX our we the net million and end by As opportunities up over of are essentially borrowings at the million. than QX. mentioned quarter income in we will
$XXX.X earnings. to $XXX.X QX. in Moving income interest Net compared million was to million
day down million As I prior of the on were was Interest-earning quarter million in an million operating X.XX% less assets $XXX loan provision for The as in from quarter the X line $XX.X loss $X.X there's million basis. lower was income just $XX.X to the X margin and was X-basis-point approximately in X last quarter. Noninterest calendar and with mentioned, the quarters. well. the
the with quarter. on than items X Page rate we of swaps, quarter-to-quarter only all Other consistent difference As was component. line in presentation, in was interest change the valuation market pretty the significant which prior the to were due a provide swaps,
the of number X on As pieces there Page expenses moving presentation, the to prior we relative quarter. were noninterest of in outlined a
assessment Most noisy high on with mentioned don't largest expenses sheet million a reduction XXXX being in we were at the for off-balance compensation favorable.
Last expenses items these experienced recurring. than in we as provide be basis. rate These we two a relative well tax to were product. guided than we quarter, few lower favorable had corporate two map lower for move expenses We a we to expected reasons.
There a items for and our incentive outlook.
The our online out million provision will upgrade were quarter and XX%. to expect mobile I of time, and were for for effective expenses I'll special QX $X.X QX Combined, $XXX.X $XX.X operating commitments. As hit an technology go the contributor million as through for the QX very were headquarters million. FDIC of was $XX.X the were that road our paid expense overall our expectations as some these include accrued and
I'll various quarter, Asset the generally walk throughout stable but components. the quality through was
XX expected. quarter. was loans, nonperforming basis resolved NPLs last we in of prior basis and price points I note XX the collateral or of year $XX.X were mentioned, sale. quarter, loans $XX.X million the points up through in better million discussed slightly a the we Sales of QX we one Of than slightly from As
contract have to in a office which property sale, under are line move into loan two our and We sales have and workout the expectations. expect process both borrower. this that started for resolved with both status also be We have NPLs nonperforming we prices with did quarter suburban of
points results. of for sale were outcome of or the We few Charge-offs million over collateral quarter our in provisioned have loans and QX annualized. XX expect that that $X.X in quarters the basis the next
mentioned, included to was quarter. office moved that As status in NPL that first I the just loan suburban the
We some diverse is continue estate being information. the credit XX%. add to asset pages XX. commercial on generally quality segment After real the provided The the our on at slide new overall Page on XX, portfolio we high-performing with concentration additional information portfolio multifamily largest of Page
which XXX%, As the a commercial nonowner-occupied capital, is is of risk-based percentage estate our regulatory of XXX%. below well real guidelines
of very is outlined, New markets home the XX% located portfolio in As of is our we Massachusetts markets and well. know Hampshire very,
by declined disclosures office on add office million up from $XX $XXX million had investor in our and as or The of from to the We about this total loan information Page X% to totaled quarters. classified continue prior it XX. the well. million in to portfolio quarter some loans We the total, maturities where criticized slightly specific X portfolio. $XXX added Of million, $XXX been
maturities the you manageable quarters, can page, with the year. very level. right-hand of office move on over for the $XX and updates provide we'll average quarters, X are see and approximately the all X As very we working next light maturities closely of these that the upper next through We're rest of a borrowers million on corner as the
in classified categories that portfolio As a two helps multifamily Page is get this housing look of class. is to will quarter. as track the our additional make over this we desirable portfolio process. both We investors watching closing interest that and upcoming markets portfolio carefully. information on in asset we persist loans be scrutiny rates here loans most that the Trust and additional credit multifamily criticized of the and that part a this also time.
We the Cambridge The I'd hope shortage for continues very at of maturities. are provided our portfolio reminder, those are mark-to-market the last One The all comment updated XX with very the and
portfolio nonperforming no in loans and the low. rates are have extremely We vacancy
Turning to the outlook.
quarter the to the expect to We many quarter be similar ways. second first in
the margin overall expect and to of be income expect the also the to growth to QX and rates loan similar We to quarter. interest growth be and similar overall first deposit net
last expect charge-offs the and quarters to as few well. net We similar to be NPLs
favorable $X.X described from million items expect We QX I in QX expenses occurred two expect expense and do a earlier. higher that We sources. operating a few that of totaling in not recurrence the
increase timing of these marketing as expect million. of The program increases items expenses. well in is in of to all expected between -- annual merit on expenses our some an million these based items $XXX $XXX the combination normal run of rate We salaries bring our as of to and
higher cost are online new are some QX in approximately transition and mobile out run our earlier to for the our month the move rate run than end million. be associated headquarters an for expenses by expect These product We of the $X and increase with rate to the expected costs the this technology of rollout.
record waiting to FDIC and special assessment are amount, We the expect for QX. we that in
rate tax on an the expect be We operating XX% to basis.
half transaction the see of Cambridge in Cambridge benefits portfolio the valuation of updated and year the at to loan end second by for we We've of evident closing, very this Turning the start and after expect the to of the QX. QX year. Cambridge be the the QX
projections announcement. presented on we're time discount have original increased rates than that fair the April, in the loans comfortable in be will value still Although what we the at less acquisition the of
up from We expect the to in levels of X.XX%. post-merger be net X%, QX our interest margin current
pay at closing. investment their to off last expect Cambridge wholesale we liquidate and portfolio mentioned quarter, the As we funding
plus EPS We original exceed the of the accretion projections XX%. to expect
per by the to efficiency operated in On have the be $XX of in rate XX% wealth million range. $X we the $X revenues a of expect move into we the to ratio and million the basis, that ratio mid-XX% be and business million we excludes quarter. intangibles amortization QX low transaction to estimate run cash created the This efficiency combined over expect as XXXX. to in We
ratios capital post-merger the capital expect and We support strong to strategies. management our be
look Sylvia. updates from concludes to forward.
That open questions. We you Cambridge for forward opportunity my we hopefully can as remarks. to very Thank about be As with comments, we up you, see can these providing excited the continue and move
