Chuck. you, Thank
quarter net prior income year. to the interest linked X% by compared X% was and from declined up Our the
points year. to changes margin interest our this portfolio. basis securities of compared decreased in loan the rates is portfolio to points has quarter. Approximately LIBOR rate, XX% recent the loan XX impact interest from our X The quarter started Our declined net down basis investment prior prime and linked subject was by decline or which and to in
cost. increased which to lower the linked – our partially demand deposit slightly Our compared was by offset quarter, rates borrowing
declined to However, we interest due have prepared in mostly to more the bring quarter XXXX, margin and net down interest Compared do to net higher and pricing of are costs. yields, the to third deposit loan Prestonsburg increase the already deposit loan due if taken acquisition growth necessary. First the higher income to while steps was in
For the increases in proceeds growth First than acquired XXXX, an previous XX%, XXXX. partially which of the basis of interest deposit periods, were written interest the American were months net X and yields, that first and nine impairment by down offset higher income Savings first margin. loan expansion and loan while margin to XXXX, interest previously other cost. portfolios nine was net Prestonsburg points margin X of higher interest Muting added investment in Driving were net months grew $XXX,XXX points the been net which the income than during security basis the to received temporary Bank had
of X Accretion XX for nine The acquisitions, expense, acquisitions was from XXXX. Accretion the basis interest nine for income to XXXX XXXX, million income from quarter points to months basis $X.X a months basis $XXX,XXX income which quarter the and compared net for during points of added first the and the in added was compared X acquisition. Prestonsburg $X.X the interest points third of from million first increase ago. XXXX due for XXXX. which XX was in third the amortization to margin and the to million largely flat income year doubled quarter X points to compared acquisitions is quarter XXXX, net the of to third margin basis quarter of linked accretion First to basis linked $X.X was from XXXX and for points net for Accretion compared
stable linked driven the many up XX%. excluding quarter mostly income was income quarter compared Service Growth XX% income to experience total ago. grew and non-interest fees increased Swap and quarter. linked to linked deposit year income net year. excluding the to quarter a X% XX% compared compared losses grew on and linked Total higher Electronic in X% was XX% fees. were banking non-interest to grew were the also in XX% increased banking and from prior losses, linked gains non-sufficient and compared accounts of Total compared revenue overdraft to by mortgage to net the compared to fund gains quarter, and categories. the charges which
which in and income to trust by These Compared were and X% and the in insurance offset increases gains quarter X% losses partially declines in growth of investment income, more excluding a deposit while slight XXXX, income XX%. to the categories of experienced net and third grew insurance service total had income income. charges life XX% XX%, We all swap income non-interest of year with fee increased than doubled exception ago. grew and insurance decreases. bank-owned compared Electronic banking account
XX% growth mortgage new new excluding increase compared experienced over third charges and was mentioned XX% and net Total in within quarter associated last a of that diminish which XX% which banking quarter deposit income, also schedule XX% had in implemented of growth our and income, X% anticipate some first to fee will with losses months for increase income, We the The the XXXX. income. from the XXXX account gains electronic that time. of March by schedule XXXX. driven increased was in nine and service trust non-interest XXXX banking grew investment the fees up we fee deposit higher and We we
fees XX%. swap more while than doubled, income mortgage banking increased addition In
nine other the For $XXX,XXX, is the business income. was of on which investment unrealized which of of gains B income by of Visa restricted and offset months stock, by driven in administration non-interest small securities first a realized XXXX, $XXX,XXX decline partially Class included sale
which a quarter in was excludes linked was quarter. non-interest linked expenses, related X% expense, the The the compared quarter higher than to Core lower to of which Total linked in quarter XX% declined reduction quarter. $X.X linked compared acquisition year due from compared expenses acquisition to non-interest $XXX,XXX to X% of expense the ago. the the the and grew related impact third million XXXX, were
partially of the is linked banking increased higher and primarily insurance were by costs, electronic The professional and salaries benefit employee result quarter which with to lower coupled offset compared fees. FDIC expense, increase
First expense X.X to in We with acquisition a the full also experienced quarter associated second of compared of Prestonsburg months continuing quarter. the the operations
For was insurance credit reversal reached third insurance credits which the of fund deposit our credits. the expense, FDIC we of anticipate a accrued analyzed had recognized We to XXXX a basis, smaller third This accrual. our reasonably deposit cannot quarter for premise quarterly insurance which the the banks as recognize quarter insurance the fund targeted no expense second resulted threshold receiving for recognition is current offset any future quarter of to is expense. a by its as in on XXXX,
the costs driven employee in FDIC the were been to of employee Salaries a Compared and electronic quarter company, was expense impacted banking by expense toward Prestonsburg higher minimum annual non-interest acquisition grew X%. merit increases. and offset This have benefit and partially movement third expense. the benefit the by XXXX, reduction a by increase costs $XX First salaries and throughout insurance wage
For the nine Medical costs, Bank compensation. impacted wage, been a compared Prestonsburg minimum merit This year-to-date higher annual increased, basis, base with First corporate employee partially have salaries higher a increases. salaries of to expense XXXX, higher professional American both and Savings XX% by the stock-based decline the with insurances of along coupled growth acquisitions, in also was On benefit and result fees. by first XXXX. months non-interest increased core offset
compared the of nine we first positive XXXX. Excluding leverage months non-core expenses, operating to generated
the due securities year-end. securities XX% XX% the to September comprised First the of portfolio balance the assets and in during up at mostly XX, investments grew quarter our loan of total the sheet was from quarter, our flows the portfolio XX% investment Prestonsburg, The portfolio lower due the into year, cash XX% XXth, the reinvestment as linked increase from was and growth X% than securities year-end. to largely XXXX to Compared third an investment expected compared June as in was on quarter. since end linked Moving from was at growth to increase to acquired investment of
or grew linked exclude the Over million end. $XX accounts. which deposit from X% was the where deposits, of CDs, interest of half quarter savings bearing deposits, $XXX in cost non-interest lower growth in the was Core bearing million remainder
Some year-end. to a and were decline these a June as balances balances increase XXth that relationships by year-end, seasonal of deposits XX% than couple were higher ago. maintained the anticipate core was year higher to XX% grew of we and than Compared at
Prestonsburg with quarter year XX% were ago. benefited First and bearing in a in non-interest Demand the the deposits total increase a driven with percentage of XXXX by deposits from XX% associated June XX, at end to compared deposits third These increases coupled at was the at acquisition. XX% quarter, XX% deposits year-end the growth and as and
average Quarterly the deposits to benefited deposit and from growth X% XXXX. the to region and quarter of were linked compared quarter up third compared the XX%
Most XX% to our to growth XXXX, First increased of deposits compared XXXX. deposits. Prestonsburg months the nine XXXX the compared related For average was to of acquired total
XX% a XX% to June slightly grew at XXXX, at to quarter at end XX% ago. XX% year-end ratio long-to-deposit XX, Our and year compared
in by on a acquisition, which to year-end our and the compared various positive position. a liquidity impact loan-to-deposit had First low ratio driven ratio The was made this prior variants year and Prestonsburg
strong We continue position. to capital maintain
capital basis June Our XXXX, basis XX, X X was at and September December up XXXX. XX points common from points and XX, it Tier XX.X% ratio was XXXX, improved XX, to compared to
ratio XX.X% was XX.X%, Tier capital was September Our risk capital where XXXX. total ratio X based XX, at
reported we $X.XX non-core quarter, third represents per share, payout a the of XX.X% per remained of ratio cost. diluted earlier, As dividend share excluding in our which earnings
quarter excess as deployed the also shares. approximately We we XX,XXX repurchased during capital third
the year. to CECL. new as XXXX, the takes We the losses throughout remainder effect the calculation accounting purchase of credit additional will evaluate to known of X, There related for continue shares allowance opportunities January that is to guidance
solution, larger result compared model time, in to could reported XX% conditions implementation models We've this are losses analyzing an this current the current increase estimating on we testing forming projections, our that and oversight been of XX% approximately balance. in our to of guidance years credit of economic to reviewing the impact At validating and software data, point committees, diligently implementing based running, on output. and for working and last few critical
the X, The on consumer-related we that were has loan accreted The needed income is relates estimated being in loans increase provide in have increase been respective into These were currently small CECL, with the expected driven discount loans carried reserve our increase reserves will corresponding mainly acquired at net loans, for is performing January XXXX of to acquisitions an and the allowance remainder which increase the for Under life allowance. that by for interest of through losses. considered allowances two-thirds a portfolios. dates. relatively earnings these to an nearly for
Our estimate as are evaluated qualitative impaired and to individually outstanding model refer loans, securities. results loans, includes factors loans, for currently which reserved for investment
Our recorded unfunded be which date. estimate excludes the of will impact implementation commitments, a as liability
It adjustment the of in impact for also impaired currently which loans, change for accounting those the remaining will a credit reduction loans. loans, credit excludes purchase result in a discount the purchase of deteriorated for
X, based on status subject many process of on will is that is January guidance estimate when change uncertainty to conditions upon factors the exist our While including the new XXXX the our economic implemented. is new around based current
changes of review further our refinement, of governance risk validation process loan based and of balance framework development composition and auditors. continued model The and and and upon modeling January our audit the on portfolio and our execution characteristics to result X, external XXXX, by
to our for guidance projected January. will the as impact evaluate provide allowance on We losses credit to continue updated in plan and processes our to
to Chuck final I call will now turn back for comments. the his
