you, good Bob, everyone. morning, and Thank Great.
per through share. items my and As or given were GAAP explain. million our to million, The the earnings of position was had very forward. go challenging mentioned, $XX.X we're our number and $X.XX feel I a in the and during quarter good share onetime per quarter and results going comments income charges Bob $XX.X due environment, net about diluted noise overall $X.XX in pleased with operating that the quarter will merger diluted
start I'll highlights. some first, with But
plan was As we our mentioned, Bob well as we to compressed for repurchase strategies. X from much a This management interest and capital the margin X.X% over as non-objection line the of repurchases with approval X.XX% mentioned million from quarter our basis the the income to on in received $XX We Board, as $X.X in share quarters, down line points guidance. very few in X.XX% X% adding The quarter. look and quarters was or from net last share our our regulators X X forward with quarter to net we the through in annualized our last generated an loan basis. growth interest million experience to in
million primarily Our loans. generally consumer commercial an deposit for early penalty. quarter with was a Century from although withdrawal withdrawal loan in in decline Deposits strong XX% of stable Bank at as modest basis. loans $XXX and describe that later, which was was by collected largely I'll the lines offset million, equity the the $XXX residential annualized reduction home of on Growth in growth, of a were legacy early we
in had a the highlights in number environment asset credit we Although quarter. the our quality remains of challenging,
to million, This from values in assets continue quarter. at see better nonperforming problem the reduction good assets. more to resolved loans slightly the and We we velocity value NPLs had We than caused $XX a of net of turnover in the those our in in created million QX recoveries $XX X expected.
more our credit with balance Overall, the remains later front sheet remarks. extremely in up follow strong. I'll on my information
asset just of ratio robust the of common and Tier a to ratio XX.X% with capital addition mentioned, XX.X%. In I X levels equity a quality were TCE
strong cash with million in Our essentially $XXX very liquidity is borrowings. no and
for balance a September Our $X.XX X the to on of Board comments of dividend per September XX, on record share I'll on shareholders payable on move sheet. XXXX. and approved
June end by million slightly The securities million at from was Cash was QX. billion, from from up billion $XXX QX. of which QX, $X.X down the $XXX down million XX, portfolio was QX. $XXX $XX were Assets at
runoff million on shortly. will In for detail securities I provide amortization and $XX addition to some we that in sale sold available
for loan the equity $XX accounted quarter home of million, an million consumer $XX million $XX.X the ended from lines of Loans growth. primarily increase QX, growth at
a were review quarter million average Shareholders' continuation in due contract. as Century due a to deposits $XXX million the by mentioned, the during approximately shift will increased interest-bearing mix deposits sale The $XXX of an the shortly. essentially I triggered million in equity an demand Accumulated quarter a the by I the of experienced a quarter. that penalty down deposit million on was to We increased by million generated withdrawal unchanged in paid on $X.X withdrawal $XX $XXX the quarter. As early of capital. and and deposits in basis legacy increase of business deposit other and earnings an declined was comprehensive in retained average basis income the
Next, I'll asset comment on quality.
net million in those quarter past. $XX mentioned, better to charge-offs of approximately creating quarter. we was for basis offset than NPLs terms I the $XX XX of expected The or saw NPLs due As of of we've a and to net value with resolution resolution compared from last the million loans. X reduction X.XX% from of These primarily in to recorded We recovery recoveries on million. a did more $X in reduction we than points X.XX% that recoveries of the discussed loans charge-offs, position
the move and collateral the being collateral We NPL X both We status manage quarter, continue of loan and and of marketed last in for office portfolio. monitor the into the that exposure sale. the have to from loan NPL did
through team We've through pace that problem been with pleased the resolution. loans our has moved
expect this great quarters. to We outcome, expect we not in something the that were continue, quarter recoveries but future a
have accelerated have X maturities, fourth in with loan we timing dealt maturity quarter. our second also loans quarter office dealing that in the a with We don't the until
maturity. the add borrowers the few made have learned most portfolio CRE of and their continued properties information in decisions future One a already about from of ago portfolio quarters as We've lessons these the the on the both presentation. office to before the
million classified than other from Page criticized on breakout and favorite XX. The office we class NPLs CRE portfolio the to XX, There portfolio Page and is with the to be new the some to on mixed-use increased a quarter. Page $XXX diverse much loans and XX, acute our overall information on segment. classified and housing portfolio pure due On on information shortage the between continues and office office no markets CRE the The and the isn't the multifamily medical Criticized office office, portfolio. asset in updated $XXX is added totals. in office the overall portfolio is million
on during the record spent have accounting We at will the loans considerable the segment Cambridge particular, portfolio those process. purchase and in time office loan fair value
mentioned, landscape CRE of with markets have in Cambridge the and the value credit same we Trust and competed office know As we well. and extremely market the local
on I'll Next, comment earnings.
As GAAP the or provision per share quarter. income Net X.XX% was operating or to quarter yields. net asset than interest-earning million prior liability than first the or million as in down was compared first quarter, the $XXX.X was $X.XX I million million in $X.X loan costs and income in $X.X $X.X margin increased the mentioned, X.XX% $X.XX interest net $XX.X The $XX.X less interest-bearing million diluted million faster $XXX.X The the quarter. were for losses diluted million per interest was earnings share. in from
income items. Noninterest included onetime X
amounts. was As withdrawal a of Century at in collected million penalty offset the consistent million in of a To and run an sold with of our and $X.X which earnings, early views CD shortly. our securities on income, our impact portfolio, provide we securities net much which is is our The consistent of loss which million. million. earnings I'll generally practices withdrawal operating in AFS payment portfolio deposit The early nonoperating $X.X the penalties is liquidity withdrawal retail million early gains termination early with smaller past treatment we for $XX the and core rate mentioned, interest $XXX from included included legacy partially are contract, losses. is $X.X of there loss on results, securities an of to our our
our onetime had The of other and also Expenses few we've items. income number were the QX last in experienced noninterest that line the that over categories with quarters. a trends
amount quarter expense with $XXX.X in million that the noninterest are As included items X million we presentation, outlined of $XXX.X basis, in in was on operating operating the million the and an nonrecurring. $XXX.X
and The corporate $X.X severance We million. QX. was and to second completed FDIC early assessment our special expenses our to retirement of move occupancy new of expenses headquarters, in was $XXX,XXX which related incurred $XXX,XXX
tax were $XXX million noise items, had results. The the expenses primarily Excluding these core quarter our in second also in rate GAAP this quarter. some
full results, nonoperating were the our the the on rate well. XX% recorded than rate included as our explains combination of those for This Insurance. GAAP events operating rate the sale year, is amounts the where quarter, items in tax we this You complicated XX% XXXX recorded we as balance may remember increase had of restructure we is higher tax results. was where and some XX%. a tax last but due to fairly the in benefits in up sheet rate number of trued operating and were XXXX and tax this on Eastern see year. the to is slightly We of those The what Most XX% expect of that they higher which than run
a results that items to straightforward. number there results. and our accounting losses items When interest $X.X these both are income $XXX.X in we of some to million. net noise at start results loan try for onetime These can of with and the are look provision million get the the in and I we of appreciate quarter, core
the Rabbi of penalty, loss total gains, securities the results Trust in which a withdrawal For income, we million. exclude noninterest early and the $XX.X
$XXX removed assessment, expenses core the million. the amount noninterest severance special early which we headquarters expenses, and moving results costs, For the retirement and FDIC in of
million income. those hope rate I approximately apply level results against for which that's $XX a quarter earnings, we net core of what of tax of consider helpful. in our the I operating XX%
items presentation. are a few of in out comments adjusted on make now referenced I All the outlook. I'll our our
We the are XX. transaction very Cambridge July of excited on about the closing
pleased with have transition over As XX both bank colleagues. and the weekend Bob and a of Denis we're for mentioned, and the conversion customers seen the smooth
just your the we place of merger need answer our closing processes so the for questions. provide know, financial results can take ultimately the the to you is As that beginning and
the and purchase with expect quarter. be loans, business, We completed for third end underway them of and we are the valuations towards deposits the wealth accounting the to
loan loan accretion We In added the our third would the valuations for on to system the first quarter to to our marks purposes. a addition with themselves, level be to loan be basis results. full need expect report
That off after shortly said, wholesale we the and to proceeds the provided confirm pay liquidated can closing. prior the transaction. Cambridge portfolio for the guidance we used We funding investment
post-closing the merger assets tangible exceed margin return to XX%. interest average and a equity be to from X.XX%, be our of the X%, We on on level expect X% current an return net to plus increase
All of are meaningful operating are from where we today. improvements metrics those
We expect be accretion the exceed dilution projections. projections, than EPS from value to and less tangible original original XX% the book the our to
of cash excluding efficiency in range. We to the the the expect be intangibles ratio, amortization mid-XX%
the combined expect We generate of annually. $XX revenues wealth business to million
We're as capital market be capital very conditions. using about going will subject liquidity repurchases part repurchases management Share and excited forward. and strategy conditions of to share our
and Cambridge mentioned, a all full what As to enjoyed will Rosato and very note, Eastern, both update next providing Bob everyone. the with interacting and I've Denis forward look smooth David in to like thank with quarter. be On forward you I'd is we look to a transition. working of transformative a transaction for personal
up And for questions. with that, Julie, open we can
