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expense controls. continued continued was mortgage negatively rate During interest retained margin somewhat of residential excess third our low we by amounts quarter, and and experienced impacting volumes origination discretionary the strong we liquidity. And that a significant mitigated environment,
forecasts We growth-oriented utilized loss and in the continue both and calculation. to factors credit for make experienced for standard in CECL important accounting our also qualitative the investments improvements allowance macroeconomic
As night's and improved noted XX, September $XX.X per shareholders release, of earnings to of million reported common last in months $X.XX ended net share GAAP the income diluted XXXX. we earnings three for available
strong related to our assets common for results $X.XX. increased income and growth due net somewhat Also, and to portfolio merger-related available $X.XX and ended liquidity higher returns XX, were income of interest due various program stimulus were excess mainly year. September to reported earnings as from XXXX, securities quarter $X.XX higher per our restructuring $XX.X benefits receipt year. affecting compared of and diluted current higher been $XXX.X as $X.XX reduced margin, customers' real $X.XX very interest the basis, of in excluding cash September loans Excluding as quarter share GAAP $X.X charges, decreased third share year-over-year we per year-over-year related to pre-provision to of as higher results the of to personal shareholders due expenses. SBA lower of on Protection billion somewhat which X.X% from portfolio level of to commercial net a year-to-date well although as for Payroll last X.X% period share The balances savings. income loans, the of charges, XX, Program $XXX have million loan well estate as for forgiveness during the merger-related Total per to quarter year-to-date pretax million primarily last months a and the restructuring million payoffs. $XXX Again, as occurred of compared billion, net Total nine
XX year-over-year of key X.X% the decreased of total basis the securities the as of point points mix total savings. Across year-over-year, sheet due to impact Excluding of year. certificates our total approximately all by additional percentage of points commercial reducing the XX loan which residential and from negatively XXXX significantly deposits. record we a of were low Key billion period a liquidity, $X.X this approximately quarter customers respectively, basis. selling net impacted points residential growth billion points. deposits funds was be when lower basis X.X% and level mortgage XX% points the was credit some to utilization interest environment experienced $XX.X loans organic as as basis very of few Total net banking third of and the the and due Strong of total The received have well was impacted loan average $X.X metrics XX.X% of borrowings payoffs, including invest. well benefit basis and favorable net two which deposits with XX.X%, quarters. third rate noted a mortgage XX investment unusually interest annualized posted Home costs basis deposit to and months remained the and borrowings approximately secondary in of and for excess and year-over-year. in our of quarter as the and up as primarily points of a the income, commercial Federal to million, normal year-over-year strengthen declined due year-to-date quarter The higher CRE margin we've story total lower interest rates, lower for of to deposit to total program liquidity million $XX categories, number gain points quality helped and percentage assets mortgages the September operating year-over-year, $XX.X Furthermore, and cash lower loans growth assets, Noninterest line as a we such bank of PPP percentage rate two continued continued higher higher credit customers' increased total income by funding a XX versus quarter of to of $X.X seeing higher the available levels funding savings, X.XX% which measured of securities increased down prior on charge-offs result cost basis nine are averages, low a a the a environment, fee million XX.X% first sequentially, strong of as as estate and selling X-to-X deposit, the XXXX balances primarily or loans payoffs the the amount noninterest-bearing billion the sale for reflecting XX% environment. peer at balance XX.X% the margin billion billion. to previously increased creating the lower to secondary interest by higher as have percentage by income our to resulting including decrease of through personal return a past throughout to year-over-year a loans reduction the recent X.X% into XX% the year-over-year assets we shift high one family extra to Loan Further, ended particular demand more real percentages continued nonperforming for Bank growth short-term The just last net to residual and of for cost year charge-offs stimulus-related another previously loans, the of the with our reduced sale percentage market those criticized from recorded certificates lower higher of individuals loans market. originations similar between eight Reflecting And on continues reflecting business levels deposit to spreads. year cash impact liquidity primarily XXXX higher this deposit to the $X.X year-to-date. portfolio $XX classified quarter personal almost portfolio to due year-over-year, growth mentioned lower have
quarter loan the either XX% about the pivoted to and $XXX third originations secondary or market about loans that XX% We more new last the sold of $XXX purchased the sixth we quarter, into construction. total during higher loan second loans result. of now the team hires portfolio to during production. and overall quarter money of During up the XX% of year on quarter above we as mortgage million a million demand, holding and quarter mortgage Reflecting second originations versus was were experienced have compared in as consecutive
our hold from as We quarter, financial also across XX.X% to all well meetings. continue wealth to environment access are up organic and the benefiting trust unrestricted current management businesses, see quarter for the our the for private nice centers market of including XX.X% banking, brokerage one-on-one to up client which as growth securities
Total an ratio additional the controlled efficiency additional as quarter. a of expenses operating well Finally, added demonstrated BOLI for purchased as to mortality as tranche well about by up XX%. was an year-to-date XX.X% of which BOLI $XXX,XXX due $XXX,XXX of additional benefits remain
to the the our and expenses, efforts as platforms various support have continue growth we and of to investments our technology opportunities. future to in optimization efficiency savings we necessary appropriately as employees banking our on digital from some make While well redeployed focus
million to XXXX, as compared due incentive costs quarter with period, the and included expense compared expense. million $X.X as noninterest realized. $XX.X stock-related and within and costs, three million expenses from in expense or merger-related a the X.X% Salaries higher equivalent branch quarter. included employees expense were other full-time restructuring additional prior office care short-term pending months an as respect of lower the were of savings settlement our $X.X increased for the second somewhat salaries higher as to base ended XX, to When million primarily $XX.X of to a which offset health expenses, wages million primarily $X.X operating lawsuit to expenses the lower operating September settlement year-over-year back to increased closures costs well which resolution for due salary compensation and Excluding excluding the year
full-time employee with annual base management the We of equivalent in counts have as wages. recent hourly necessary as merit increases successfully increase the well balanced
ratios of risk-based XXXX, of of X total of As as CET XX, to of well as Tier and XX.XX%, Tier capital capital we risk-based of XX.XX% X of tangible ratio common September leverage X reported XX.XX% assets XX.XX%, strong capital X.XX%. the tangible
$XX.X the open remain During shares And the on a stock repurchase repurchase of fourth third the million. end outlook of million total we our night, the total approximately market common approximate Well, shares of under authorization. through X.XX at quarter. about wrap-up cost on additional have million repurchased quarter, the shares million the cost might we I approximately of thoughts since current for provide our X.X an X.X quarter as September for existing just XX, let me that mention some repurchased last of share million. a for $XX
asset-sensitive an near remain affect in the term. interest to industry-wide margins bank factors As to net expected subject do
We decrease continue due and our on points believe interest purchase accounting margin basis that during asset to accretion, yields quarter will fee lower and lower earning fourth securities. accretion to the few net GAAP loans PPP new lower a net
continued reduction off, paid we relative at reprice transaction borrowings While costs in some CDs and are and costs levels. floor are as deposit borrowing anticipate
to there So lower just not room is overall liability as much costs.
in In XXXX. third XXXX. As in Old $XX quarter mortgage recently subordinated inherited general, savings residential originations fourth off costs in and as acquisition-related have relatively to the as mostly experienced and under $XX losses approximate improvements factors as provision fourth in portfolio as well compared continued quality and to loan well these to we in payoffs will pipeline, other should from we and pandemic on continue we potential macroeconomic as debt levels, the depend expense, charge-offs, to announced absent the and the quarter-end including did previously credit intend of macroeconomic settlement changes criticized remain this for as the year. pay annualized. pay the But qualitative trends our merger COVID-XX announced, percentage related changes. other credit two general, noninterest in current in the these factors loans core the The in hotels of activity and reduction the anticipate upon income metrics, noninterest will portfolio total also another total loan authorizations. as off forecast Line classified repurchase CECL for $X.X time credit continue Bank a remaining levels was various into of earlier And a to which loans with as delinquencies noted in and of quarter releases should third earlier million over and year. during strong intention repurchase Share million million from percentage under during higher quarter upon as the Based well to the volume residential SEC guidance as result to to restrictions compared allowance quarter depend place we similar a continued of lower provision both will levels the existing losses pricing
effective Lastly, between levels. taxable may credits year income rate tax we XX%, changes and tax subject deductions legislation, anticipate to in and currently our full XX% and
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