Thanks, our good listeners. and Todd, afternoon to
third quality historically we lending expectations, performance the expense management. During our well positive while within credit solid display trends, perform our and core continued quarter, measures low to also
$XX mentioned, of inverted from secondary Todd billion being revived interchange in flat pickup commercial or sold expected than in experienced projects rate and curve at assets. Federal we the during to limitation banks yield the mandatory times a current the XXXX, estate market rate to outright due cuts, total the third environment, going earlier As more with for fees interest than on quarter and multiple Reserve
in respectively of For prior months and earnings income net we compared per to million $X.XX $XX.X XXXX, three ended GAAP September of period. and year million $XX.X share XX, reported as $X.XX diluted the the
XX.X% net to Excluding earnings diluted the after-tax shares margin decrease $X.XX these as $XX.X million both net merger for additional decreased in from X.X% issued of related two the periods, at last reflecting interest acquisitions. decreased to and a as expenses well per income year's share
reported $X.XX. the year to per $X.XX share income of ended we September the excluding earnings net and XX.X% income merger to months and period. in for both respectively after-tax GAAP decreased $XX.X compared Again, diluted diluted XX, periods, as per million expenses net addition, while $X.XX prior X.X% million, $XXX.X earnings share In $XXX.X nine of to related from million increased
to Capital included Sentry September As both periods included merger respective in their First in $XX.X dates Federal April Sentry a of have results were roughly year-over-year are XX, Farmers and XX, of both flat reminder, X financial First results XXXX August Farmers WesBanco’s for as assets subsequent both now. and billion, XXXX. and as been of
year-over-year and $X.X quarter-over-quarter prior X.X% to than during to quarter, Furthermore, the the consumer. have been and loan mortgage X% year total project our across third estate payoffs across When residential compared adjusting number portfolio for approximately strength entire industrial, lending higher commercial or of the commercial including X% portfolio growth anticipated categories a of would due loans annualized. billion real the increased
commercial strong realize and as total and residential year-over-year driven lesser production commercial both consumer and to and balancing We industrial, estate, increasing the primarily was XX% real third and risk mortgage a extent as reward. properly by did during that well quarter,
As well be for real discussed, residential mortgage Todd as already as C&I and to lending, commercial us. bright a estate spot continues
balance and of share higher well growth. market as production expansion result continue gain teams mortgage for to origination take our the sheet fees as and As on sale margins, in
While home refinance mortgage roughly have by residential footprint. our doubled, purchases originations to be across continue and origination construction volumes dominated
in year-over-year experienced the one and reported quarter-over-quarter, sector, also In both quarterly addition, in fee are mortgage mortgage while in four our sheet. primarily loan on growth jumbo we family private banking X.X% year-over-year banking held on which loans, balance income, we significant increases to
at and negatively are funds yield being flat margins the rate, by across the times target As well curve. inverted Reserve’s are impacted recent slightly federal we seeing net cuts, as our as interest industry, Federal the
Our margin rate – increased net and year-over-year third assets. X the basis rate the X.XX% XXXX XXXX of for benefit points on increases to the XXXX federal higher of interest the quarter increases margin acquired the Farmers net reflecting fed
year in third the acquisitions this wide as headwinds, XX roughly However, prior the on interest the period basis, XX XX accretion. points year. basis margin basis a benefited in quarter of year net accounting as well the in accounting points anticipated quarter the compared quarter declined points industry XX and equally last decrease basis net basis margin to accretion purchase approximately sequential points those second by Purchase the from by reflecting interest as
paid a larger quarter from would X of impaired the off. you included second I remind basis And that accretion credit points
purchase points accretion, year-over-year a X interest accounting but points net reported Excluding core X.XX%, on X we basis sequential basis. basis down up of margin quarter a
XX funds Farmers due margin the last XX X.XX%, interest to net and increases the points Federal margin higher was net accounting year-to-date of fed year’s points. Reserve XX last accretion points to year’s versus earning in year-to-date acquired period assets higher basis The up basis purchase basis
margin the and as to costs. strength by our our year over franchise, profitability deposit upper the range, as funding which is improve last well our deposit to maintaining assisted ratio has the helping the controlling aiding loan XX% Also of in
the as points XX during includes Our five funding XX points which basis years. deposits the during costs, increased last basis just XX total bearing last months and non-interest has deposit
half prior Turning $X.X deposits. now mortgage ended year million, the the driven service mostly from The quarter growth million by XX, sale the increase banking charges mortgage to increased dollar volume was approximately into XXXX, in and income for to and residential in one or non-interest September market. secondary the origination banking fee year-over-year volume to $XX XX.X% mortgage associated income, on due such income income X.X% of of the
customer increased to deposits acquisition. Service XX.X% charges the on or $X.X Farmers the increased base year-over-year million from due
existing third loan in commercial quarter, usage of advantage swaps commercial by environment. of take seeing of the mark-to-market as customers, this customer loan are in the While swaps rate the income they our other negatively increased impacted current we product
XX% gross On customer the a a basis, prior seen on year-to-date adjustments income in increase we mark-to-market year-over-year have swap swaps to existing fee book.
this reminder, also quarter fees limitation that for reflects to ongoing Durbin the the Dodd from interchange resulted so-called a XXXX on debit beginning As Act. of card the amendment Frank processing the
first to than Xst beginning fees $XX applies the period. as electronic effective became year to the million did with And it prior quarter July limitation, which our This total more WesBanco for compared billion $X.X banking banks in assets. reduce by approximately in
$X.X quarters the to be one initial In addition for quarter on fees because million. reduction the applicability, for should only that future we this month of a $X.X so lag, between represents months recognize million two electronic banking amount
operating to of month September and by the during ending XX, demonstrated well to as expenses, continued and be XX.X% both the efficiency ratio expenses periods three controlled now Turning respectively. operating nine XX.X%
lines non-interest of third merger last period, of well staff as of year’s quarter the the hiring merit business have acquisition reflective their for Excluding the of billion. the as quarter increases, and related middle locations beyond several new prior in grown across producers Farmers’ increased the additions or expenses, associated and $XX compared and staff $X.X XXXX revenue we certain as year to necessary expense X.X% third million annual our
time full the down cost X% than from are equivalent September related total last due to employees savings. Nonetheless, Farmers more
that was earned that current time its by with the than with offset credits from during permitted of FDIC fund insurance period. law, September FDIC During industry that by by to notified XXXX a assessments billion reserve the ratio reached deposit banking in minimum required banks X.XX% XXXX, the XXXX less assets $XX prior to bank
otherwise $X.X $X.X were quarters second recorded This for third million a earlier of credit per we approximately assessment of $X.X the anticipated million remaining credit credit year, $X.X FDIC expense million notified quarter. assessable total million allowed of covering during both us the the this the record from that fourth to be insurance The quarter. is and to of
of loans due remained XX, impacted the system, portfolio classified have relatively to balances of throughout five increased portfolio $XXX September risk of in both quarters. and percentages our total internal Criticized non-performing or as total recent and the loan last adjustments As non-performing low and assets which loans to rates. assets classification consistent X.XX% million to loan
downgrades and Annualized credit respectively. increased quarter periods $X.X for quarter classified at these which to was basis the for losses at loan points to criticized points due end, categories. loans, of did and provision X low million The million charge $X.X to to net remain average offs certain and X year-to-date borrower however, basis
model recognition use issued up year in credit and losses XXXX. receivables will X, loss wrap be the trade on ASU for September allowances instruments generally about other expected fiscal effective other a resolved entities me Let with beginning financial In of that and XXXX-XX January earlier discussion XXXX, will and losses, FASB the debt CECL. held-to-maturity loans which to new instruments were require forward-looking securities, credit for a
to impact, in final are day to the although analyze on the to the The role capital that capitalized organizations, as expected we year option regulatory and period, immaterial its over is a capital one standard our adverse levels. the be banking well of continuing provides affects may three accounting new to resolve adoption to from phase it regulatory
potential still Based time on the to overall determination model and loan current up with increase day during credit qualitative losses in and portfolio, one X.X%. in process, for coverage forecast analysis and is or estimated conditions up our loans preliminary in total an the resulting X.X% exposures range outcomes certain from macroeconomic allowance factor validation allowance of of to result ranging ratio the level an the XX% for in to the
were do credit to Upon quality, on recognized under for their new held-to-maturity adoption, based significant. debt we their also for an losses losses for be we accounting allowance but credit expect credit securities rules, these not allowance
year. Before I outlook would for of our like current the for provide questions, some on remainder opening call the to your thoughts
are quarter factors in remain Since XXXX our will be in somewhat during do our are thoughts year between immune we flat a from call slightly spread that margins include We which and net industry, to January. asset an provide very treasury to yields affecting lower interest we XX the overall held the month the inverted sensitive, across three and environment. fourth rate not earnings long-term
loan increase didn’t were don’t core far rates market our rates that help ratio believe but our with decrease. have continue should as go low much, to we as advantage deposit combined to funding we when deposit We overall to funding control increasing, deposit rates to as costs, deposit
our X interest federal the cut rate point and we a rate, an to upon are will fourth further anticipate in margin believe for X year therefore, X quarter XXXX, accretion Regarding X basis experience decrease basis for currently and cut quarter curve. quarter. of points basis additional to the fourth level basis points funds the federal depending we stated this overall decline accounting points points during to per into anticipating And again, net basis XX we purchase each of shape still and the of funds currently yield the
believe and one the of assets range in year XXXX. currently relatively remain net rate in expected final should for effective delinquencies, continue tax non-performing And our charge-off to the ratios be the full strong also note, We fourth XX.X% to to is the of XX.X% quarter.
you your to ready please instructions? take would now questions. Operator, are We review the
