today's your today. the have managed COVID-XX call, to providing by Drew detail. diligently over We in current second discuss and an and our results I you, our our the time turn quarter overview we everyone. On start amid Drew, good how morning, then of call ongoing attention will business appreciate more Thank will and to I pandemic. operations
would who First, the smoothly run able sacrificing and of They safety center remains like begin while than ensure banking keeping our level am The operations, in operations by and our to thanking maintain a our I our to priority, continue our are our top of organization. pleased tirelessly our high work time. service unprecedented standards employees have during of to of and more XX% we this that I environment. customers our to been employees that work-from-home without employees
believed should second we At always its society to mission quarter move help has forward. marked using by our country. have The a social institution's money Amalgamated, resources, include financial across also tension been that influence and
We banking for allowing support are mission companies our goals. selected and to the financial their who share to partner individuals us be
them companies to to in are reputation ever, responsible for and America's on over work hard socially upon delivering regard profits levels consider responsibility requiring day focus even higher this social investors and to every than more leaders Now of industry as simply workforces bank. our holding We contributions and above ourselves consumers, continue and and shareholders. to value build
brand political XX.X% recognition and this holds basis strong that on in significant partnership the core to demonstrates or XXXX position million this was in our growth our during provide view, but quarter that value to customer emphasize be the second compared deposit $XXX Our does competitive both segment. sectors validate market and the an first and as Amalgamated and average of base, quarter, seen as can we annualized further deposit This growth the quarter. nonpolitical not only in
deposits Additionally, gaining base we nearly D.C. can Amalgamated doubled success New X deposit to New demonstrates that years ago. we gathering acquired since traction expand The drove and as this Resource we footprint. approach utilize Washington, Bank City approach further our our have is and region western geographic that in we our in York
we As The our strength well where niche first, of and we as results, positioning who backdrop we in margin are a markets, and business look hold were: quarter the X.X% $XX core Amalgamated's highlights declined annualized forward, model XX% the points In sheet second, runway is a quarter. market for to basis which with aligned to now economic that basis by our are a challenging only driven providing by we grew have the pandemic, which the in of XX which Xst second socially our of can in of be billion competitive an seen deposit delivered opportunity to small and we our market continue delivered values-driven in to despite XXXX businesses of assets; individuals balance in million, long current our values, compares income pretax third, and quarter; on $X.X our our $XX pre-provision compared today. first growth. $XX.X the estimate further interest responsible net billion, there we million share the thousands
X branches, adding $X due noninterest-bearing decline and fifth, XX fourth, XX balance basis and was opportunistic result in in in during by expense cost the XX% As quarterly ending ultimately of sheet deposits; approximately was expense $XX.X PACE XXXX. QX, to lastly, expansion will securities portfolio quarter; down we points grew this million our deposits our basis investments; to million in deposits the were rapid saves and of we will of which in discipline in and continue discuss we points, resulted further, our of largely from our our closed main
bank as culture. conservatively As a our portfolio result strong a loan has we exit the of base disciplined capital the quarter, underwritten second a and credit
approximately our related CRE primarily million, million by $X.X expense allowance will $X.X As a we recorded hotel $X.X and Drew in discuss for by COVID-XX. impacted driven of of more detail, million deferrals portfolio that payment was in provision a to
our We during continue and industries to in our this working more to deferrals borrowers with the loan committed period. challenged time payment diligently watch portfolio on remain
a we remake balances as after the deferrals seen amount residential to in of with Importantly, customers payment of start meaningful well initial XX-day a as have their stabilization payments loan number deferral.
during part income noninterest rate first continue to net impact the of given reported while our our effects through actions quarter As expenses, $XX.X of we mitigate pandemic taking our aggressively to as lower million $XX.X the to environment. mitigate of during the operations, reduce compared was quarter. the efforts further interest we streamlining This accomplished million lower the the expense of to
noncritical as spending down We well on slowed closing which mentioned this have unprofitable during reduced and hiring previously. projects uncertain I as time, branches,
pandemic to the on team quarter, towards base assisted with much opportunities draw our the client continue second to operational platform. of within your to sacrificing move our in This reduce the of to of expenses platform. which clients will banking it integrity our Importantly, is and online without our beginning position our carried attention of competitive important extent, began the the this through digital the our team successful To to at the effectively explore bank. migration our
and to banking due needs our to adoption not our through losses. transition During level the This this expedite not clients' pandemic, of us no online branches branch time, the and successful opportunistically we functional satisfaction were as significant customer enabled high experienced addressed with platform. closures, client were
that an our PACE added for to PACE minute people doing initiatives. given us, improvements. to opportunity continues are fund second growth successfully securities at like be well, Turning I on a more to million of to as take and quarter. PACE would touch spending home are we to is time utilizing the home PACE home as improvement $XX.X during very
through agreement adding with portfolio the through to XXXX continue to our Group. PACE expect assessments We our new funding
that on our and continued forward the we with beginning initiative banking commercial growth Boston. in first of in is Another office execute the move to have quarter opening
in in economy accounts less-than-ideal success, we quarter the the pandemic shelter-in-place Walsh reopening and a are This is opening, second that as highlight come of Mark his having orders would under existed like forward the at more of we the environment, new a to look opened to more a circumstances. ramp. that our the to X terrific and and the what's a start, off time progresses. I to gradual anticipated team deposit real Given normalized
Los some additional remains have hopeful forward, on on Looking clarity Angeles and future, office hold market we to our we're for move as the this foreseeable XXXX. into
Turning to allocation. capital
Our priorities remain consistent.
Directors will I'm remains during each program dividend growth under suspension achieved continued buyback conclude, quarter. given we share the despite of Board our Our our continued To and with environment, second with have the quarter pandemic. the economic pleased very the evaluate we
the of steadfast in continues to bank. growth grow strategy. our for and base to is all deposit key drive ability constituents value our remain Our to We
Our and at over and for efforts will the our country. them customers like movement period our this turn to of continue it all uncertainty operations for results. we more mission. make through to an to to our through first, employees our people, would of who of through a clients Together, I incredible we and like and and tirelessly Drew epicenter customers pandemic financial our seamless to now review who make our in fruits to the the with come thank important their of deliver I work this call be change detailed country's history. of stand would
