the good I now Thank for morning, quarter of you, results Rob, everyone. XXXX. will and third TrustCo’s financial review
the net average on income X.XX% significant beneficial of XXXX. of rate to saw release, in press quarter The in in January into million, million increase December assets equity signed for $XX.X compared XXXX, third have forward. X.XX% average XXXX. law, Tax and company impact tax and noted the which XX% effective an On corporate reduction $XX.X continues Jobs lower XX.XX% the of the a in was a the to yielded X, rate federal going XX.XX% quarter statutory the a XX, up Act XX%, Net we compared As the tax XXXX. third Cuts income and included results XX.X% to to on from to and return
the up period quarter compared same the XXXX X.X% the during in third Now on Average for – loan XXXX. quarter or to XXXX. third of $XXX.X changes balance of million quarter Strong growth were continued the sheet. in loans to
XXXX. portion was balances in real HTM portfolios, of funded relationships. overnight our and which from loan same loan focus, and AFS positive flow As core period the investment the That the or third increased portfolios. decreased utilizing growth cash to expansion million lower-yielding our of securities, sheet average a continues portfolio by third within the our included Total million a cash investment estate of $XX.X residential higher-yielding primary the the The quarter the lending continues This concentrated XX.X% XXXX. by quarter $XXX.X shift from to in expected, the combination investments from or in portfolio. portfolio be X.X% balance over
As discussed in reoccurring conservative management, prior produce continues and enable has balance traditional on calls, lending be sheet consistent our high-quality focus which to to continued earnings. to us
the more been flexibility liquidity is of growth to for portfolio XX provide a balance investment past in Our that and sheet seen and in Keeping the four has come. months fund a rate likelihood has mind loan of source current to environment management. hikes always with
million to hold we in result, of quarter growth. fund of period to $XXX.X same decrease XXXX, which used the a investments As during earlier noted an of compared overnight partially $XXX.X to loan average continue of was as a XXXX, the third million
$XX we all the In of million would to able into million the $XXX be of of invested to time cash This quarter the higher and opportunity significant between same addition, period, flexibility securities the we which fourth flow cash and expect to over during million the investment loan $XX flow XX as from move million in us portfolio $XXX months, be along approximately continues rates. to generate with give XXXX. next
This paid down a X.XX%. securities During $X.X of of at matured offset yield million X.XX%. quarter, did at purchases securities we approximately have or the of of $XX.X was by of a yield million approximately that
quarter side million a the over the funding $XX.X X.XX% period earlier. balance third the On same or sheet, total average year the of increased for XXXX of deposits
our period, to XX interest-bearing same the increased During basis deposits basis XX cost of from points total points.
relatively being the increase to XX deposits, market More in cost money including over in The an basis XX remained importantly, from points preceding the also quarter. unchanged exception of cost same period. core the our demand,
proud continues rate interest-bearing hikes. discipline ability of respect and a our with control deposits. CDs to the continue multiple to be pricing period our feel of reflect We during cost which our this to non-maturity We our saw to deposits
will CDs million mature approximately in $XXX at average X.XX%. the of next an Over rate XX months,
as to from continued the by with the interest net in impacts changes growth mentioned to on impact net XXXX. Our four taxable net side before, offset This X.XX% compared the quarter coupled of continued increase in in sheet as the of a the third equivalent over income. in balance balance the past the sheet increase a comes the portfolio The net interest of from Fed loan and quarters. positive the interest of margin result funding in hikes the asset increased margin have costs rate growth the to margin X.XX% the interest
in Non-interest provision and in was of held in in however, steady an to XXXX. loan compared quarter. quarter growth continued conditions the the equivalent income The of loan geographic compared $X.X at taxable to XXXX, into $XX.X the Our to in second for to will loss period XXXX ratio million quarter of of at loan areas. quality loan asset level to Scot XXXX X.XX% of decrease third in loans last down $XX,XXX lending we compared million of income net losses same the will for quarter our a of slight overall the XXXX. expect for quality compared portfolio, came XXXX, the $X.X reflects in total to to third first was continue losses the $XXX,XXX a and conditions compared XXXX, increase in as million at economic period quarter and would same past, and period of X.XX% in XX, provision The the $XXX,XXX reflect footprint. the September of details; interest as loan and trends improvement in in XXXX, third for get our our same XXXX economic in the from
Financial as XXXX. continues Our to of be approximately September XX, assets Services had non-interest source division Financial management the most of The significant Services of under income. million $XXX division recurring
One and expense of property on second of level. which $XXX,XXX. up attributable expenses second at insurance $XXX,XXX is item of compared ORE expense. net Total the in $XX XXXX. non-interest non-interest ORE Now for This came of at one in expected quarter quarter, from of note, FDIC at now expense the commercial to other was slightly charge-off its ORE to expense up million, during increase to quarter largely the quarter came $XXX,XXX the XXXX.
ORE range third the quarter. other expense and $XXX,XXX of in of the level categories line expenses, going for we’re level hold the All anticipated current with approximately quarter. are per expense to the expectations the non-interest $XXX,XXX in of our Given prior to and quarters
The As our ORE XXXX compared quarter of XXXX. would fourth close came quarter expenses, stay in the of quarter. of XXXX in third ratio $XX.X we we XX.XX% the range in efficiency expense, XXXX, of non-interest the third $XX.X XX.XX% expect at per to total million net the million to quarter in reoccurring
processes third the we what will working we to And to by have to to compared make in improve. opportunities ratios assets up X.XX% past, the tangible efficient. ratio of the period equity on As we capital to finally, was the continue the stated can control same from at bank to quarter, more identify the the in focus XXXX. within continued X.XX% tangible Consolidated end
Scot and portfolio non-performing the loans. Now review will loan
