the morning, everyone. TrustCo’s quarter Thank now I for results of financial Good you, Rob. second review will XXXX.
of return quarter income release, second X.X% for the loans $XX.X billion or quarter As we million, of the XX.X%, and net which $XXX.X the XXXX of $X.X average second the a company of yielded assets in noted from and Average press saw respectively. to it equity a on X.XX% million grew average XXXX.
within period be the same increased increased yield expected, concentrated over X% the approximately HTM portfolio million growth average by X.X% investment As X.X%. of $XXX real Net to focus, of the purchases was million throughout approximately in lending Total average our $XXX.X or XXXX in second quarter primary the the portfolio. XXXX. same period the of residential continues estate AFS securities, securities which portfolios quarter year. last or include over and average an the This at $XX.X driven in million
in to XXXX. for period Provision in same decreased loan compared losses the $XXX,XXX
reserve of gain XXXX loan credit provision and quarterly second for the to quarter $XXX,XXX. this quarter $XXX,XXX normal the reserve the in of which approximately approximately loan loss reflected and negative the reduced second card reduction The portfolio of The losses of of provision the losses includes for a loan portfolio XXXX resulted $XXX,XXX allocated by required the sale $XXX,XXX. of allocated
the XX, areas. for and the The XXXX, our asset period same as lending XXXX, June conditions was in in loans economic continued reflects improvement as of quality of of the total allowance X.XX% it in and X.XX% loss loan of compared ratio to
will details. get As always, into Scott the
continue the in losses economic loan loan expect the in will loan as overall in reflect past, conditions However we would in to our geographic the provision portfolio, the trends of growth footprint. quality XXXX in level and our for
discussed traditional recurring our has focus prior earnings. produce continues to sheet enable As us management, high continued in and to calls, balance quality to conservative on be lending which consistent,
for investment balance been to a source liquidity provide and is growth always of and loan sheet Our has portfolio fund management. flexibility
$X.X same we or overnight and during of the increase the X.X% result, a of average quarter XXXX. to XXXX to a an hold the an investments of million of continue of $XXX.X compared period first As to in million compared million XXXX, decrease quarter second of $XX.X
give cash from expect as $XXX we the and us investment through flow approximately generate flow continues securities continue loan over $XXX and months, addition, we This to along to million XX flexibility the between opportunity same time with million XXXX. next to portfolio period. the the significant to cash In $XXX of move $XXX million during million
the During Bank matured XXXX, $XX pooled approximately million called down. of securities $XX.X and of securities and had quarter of paid second the million
deposits On million or average X.X% deposits result the the $XXX.X increase The the interest and million the funding quarter of increased increase was side XX.X% respectively. $XX.X and of for increase earlier. a by X.X% or million savings million, $XXX.X period market or money million million in second deposits bearing deposits, year and a deposits in the of checking or over XX.X% increase balance in demand $XX.X sheet time total a -- in same of average $XX.X offset $XXX.X XXXX X.X% decrease in a
relatively to of core continue of relationships, that allowed low us as well quarter cost market sustain gain time share, continued Bank TrustCo’s growth new which at to a arise. to term existing as second retain position, deposits. This take our liquidity strategy as drove shorter allow we the the During offer strong cross they advantage opportunities rates, and sell will to XXXX, competitive
XX market deposits points our period of basis to basis XX year, last same basis the points increased Money total deposits from XX interest-bearing to points. cost increased basis points. Compared from XX
X relatively cost points points, More importantly, and basis bearing XX over of at deposits checking same and the core basis the savings interest period. unchanged respectively, remained
our We be period proud deposits continue of control rate our ability of interest-bearing to saw which hikes. a during the to cost multiple
XXXX our and average last deposits, the quarter X.XX% the feel time second for with this of discipline increased from non-maturity we costs Our period reflect year, to of to X.XX% respect continues over to same deposits. CDs pricing
CDs quarter the margin shorter to will We third the XXXX, begin opportunity time our months, deposits part at term of of latter million will average particularly for provide an average in expect expansion. $XXX stabilize in million from X.XX%. and rate an approximately of margins next would increased the reprice Over mature of XX $XXX as X.XX% and yield fourth to should
from interest net compression quarters, the Fed over net in by four by our the of CD comes in to primarily rates loan increase interest and driven offset past the X.XX% second These interest margin XX XXXX. the result in the market were last margin compared balance require liability as in to increase Our and partially the of side continued quarter from XXXX to quarter of the months retain costs the in portfolios. sheet, the growth the hikes. over money the portfolio rate and funding This decreased costs the X.XX% second of a grow
quarter X.X%, net Our income of for the was or decrease to XXXX. a $XXX,XXX of in the second $XX.X million compared same XXXX, interest taxable equivalent period
of up came credit on the to income card gain $X.X Non-interest for the XXXX, $XXX,XXX the at our quarter second in quarter, sale the to million last of compared slightly portfolio. due primarily
The Our services financial XXXX. most $XXX financial division income. significant million division the non-interest of had approximately services of under to as assets June source XX, continues of management be recurring
second and the net expense $XX.X in salaries have low Now, benefits million, of A end certain XXXX; for executed of of a the estimated hire on range their again to XXXX. to first increased FTEs at to down range. note: settled expense into functions and quarter expected the of now now [ph] non-interest our successfully restructure is targeted bank non-interest couple expense, effort to quarter total items at compared $XXX,XXX of came the ORE expense
In benefit stock due to at the prices liabilities, in approximately for of quarter benefit true plans expenses $XXX,XXX to we addition, and end. second various up increase the primarily estimated our future quarter during recorded additional our
for net ORE of in the for which $XXX,XXX at of came level of driven quarter, quarter for quarter ORE consistent second XXXX, low the expense the was expenses was our ORE $XXX,XXX. on The properties. of sale gains expense by
of expenses, to expense per low the level Given not to we hold the level $XXX,XXX exceed quarter. are continued anticipated of going ORE
All were and our quarters in the for quarter. categories expense line of second with expectations prior the other non-interest
quarter low $XX.X range. to end recurring We expect non-interest expense million net $XX.X million to third per to XXXX’s of of stay total the of the quarter ORE expense the
The quarter at the XX.X%, compared first of XXXX. quarter efficiency XX.XX% ratio to XXXX in of in second the came
focus what we at through of we this by As TrustCo, within make we second the to can on expense control efficient. into processes to proud is to more One XXXX, identify XXXX. the control and working thing, the opportunities move will to are we Bank of half expect continue we continue
On continues controls of estimation relevant methods processes. development implementation and company the internal and testing its CECL front, the efforts, loss various
regulatory effect balance economic the and likely losses calculations. a at The institution will shareholders dependent adoption the portfolio, the equity under increasing and expects remain date. for company's reducing conditions this of So current loan allowance the well-capitalized forecasts have the loan of company to upon
value, per X.XX% share a very The year shareholder the ratios up to from ratio same XX, is $X.XX the XX proud to continue X.XX% capital X.XX% points basis to in ability also compared at was of second the value XXXX. was finally, earlier. at And book end to of quarter, X.XX% assets Bank grow equity June the its up Consolidate XXXX improve. period the
X the XX announced Additionally of Repurchases of its the during of a repurchase current repurchase approved or there shareholder. management's X% the to Under TrustCo common stock the be of TrustCo both it may second purchase shares over shares. outstanding next quarter and interest up discretion at the months in be made million Directors can program. to stock prices at was attractive stock management considers its Board best program approximately that
will the loans. and review loan Now, Scot portfolio nonperforming
