Michael M. Ozimek
now will review financial third of Rob quarter TrustCo's XXXX. good I and for you everyone. results Thank morning the
billion of or in noted quarter assets saw the X.X of million XXX.X company for on Average -- return million assets return loans press the grew of we As quarter the XXXX. to average from yielded on which release income a of third and $XX.X average equity XXXX respectively. and X.X% the average XX.XX% X.XX%
average real in million XXXX. X.X% to growth our by the the expected in portfolio. the focus, lending or XXX.X period XXXX That increased continues portfolio over third quarter estate As primary concentrated within be of residential same
ratio of X.X%. of expect quarter XX.X details, same of in and X.XX% period for for portfolios loss to compared period or in XXXX to we XXXX. loan conditions to million was XXXX last the the our quarter the year. XX, XXX,XXX would and in in The by level period the XXXX zero increased the for allowance in and and for lending approximately continued our in growth was portfolio, This in losses driven reflect total in will of economic the conditions loan trends includes geographic reflects in an the will as September which loans loan compared XX.X% yield quality, Total as over get our average of average Scot past the of Provision losses continue X.XX% of provision third loan loan the to HDM and throughout is securities same that AFS asset [ph] overall the the into purchase million as XXX.X in securities same improvement quality XXXX economic areas. the however, footprint. investment
in has management which quality prior to to discussed continues focus and our sheet As continued traditional us on lending earnings. conservative calls be to produce high balance consistent recurring enable
been has and of liquidity growth balance always and to flexibility the fund loan is for management. provide sheet portfolio source investment a Our
of As continue an during period XX.X% to of a to same in and a million XXXX third of overnight XX.X million of of quarter to the a compared decrease investments XX.X average decrease the result XXXX, second of XXXX. or we hold the XXX.X million quarter compared
to and months expect generate XXX us XXX continue addition along we give the to million time XX XXX continues In flow period. opportunity through cash million approximately investment over loan we as to the next XXXX. between in portfolio from significant million move securities XXX same with This the to flexibility of to flow million the cash
securities the in X.X% million pooled had XX.X paid the time of the During funding respectively. XX side XXXX The for increased XXX.X by [ph] and decrease of or Offset million the down. securities and a million increase or or average and market of balance XX.X increase same deposits and was savings sheet money bearing deposits deposits total XXX approximately called XX or in quarter matured result deposits of third of a XX.X% The million in year third million of increase respectively. XXXX interest earlier. XX% quarter period of million XXX.X bank the average the over and million checking
of XXXX term relatively shorter as bank take During to continue they drove allow us cross-sell we at well to that cost our The as relationships, as to strong a core advantage the third to gain growth offer the existing arise. continued sustain and strategy competitive rates position, of retain liquidity time market to share low quarter deposits. will TrustCo's allow opportunities new
period points of from deposits XX basis points basis same cost total basis XX to XX deposits the XX interest increased increased During Money points. market from bearing basis our points.
the relatively More importantly same period. the cost of remained over our core deposits unchanged
ability be our costs of proud interest a to to period control hikes. of saw a rate the deposits bearing continue multiple during We which
to of XXXX expect increased next X.X%. yield current XXXX non respect XXXX were X.XX% same Our million margins to two XXX.X time to the costs for repriced deposits over market would to term We the from and third our stabilize to of this quarter the pricing X.XX% deposits from a fourth from begin ranging last over quarter CDs our X.XX% quarters. discipline X.XX% In reflect the average to of year. rates We to maturing period with of in continues feel deposits.
of CDs CDs XXXX average of average of the months were X.X%. mature at addition XX rate total over yield In XXX.X billion will X.XX%. million an repriced at approximately next the quarter an In of first during of X.X
Non-interest the A net driven CD third compared of four third period of X.X compared in XX.X the equivalent of funding grow for This interest slightly side quarters the for interest to over increase came taxable from margin our at costs the over decrease to offset liability portfolio. income quarter million million XX of to quarter X.X portfolio. XXXX. in from the the growth X.X% third XXXX. loan margin months in primarily the quarter. by the required Our the quarter rates million These the of the of were X.XX% was third and in XXXX by in up compression quarter net interest balance net income X.XX% decreased comes in sheet the compared costs XXXX, to last as a continued past a to XXXX same last result or the increase of of retain the
income. recurring under non-interest as division XXXX. services million assets management most financial XXX be services of Our had of to XX, approximately September significant division the of continues financial The source
the on expenses, expense total non-interest end down million to XXXX. of at for expense XX estimated note, steady quarter A held of at and Now of second low benefits of our salaries non-interest range to in the quarter couple net the overall items to expense XXXX. compared third came of XXX,XXX
FDIC and trueup increase due primarily stock we additional to While insurance $XX,XXX approximate to down due the expense during future due benefit FDIC the recorded of the various quarter of expenses the during The level ratio plans price threshold. from as at ratio FDIC end. required reviewed for quarter the in the benefit quarter exceeding was liabilities upon quarterly estimated third FDIC third met assessment to $XXX,XXX other credits we dependent expense its the FDIC for the quarter assessment reserve XXXX. received where for category future earned credit the is this is of the of
The of Quarterly the expense XXX,XXX. on expense was for by the third properties. low of quarter level gains net the sales for to quarter ORE of quarter of came in expenses XXXX driven ORE as at compared XX,XXX
$XXX,XXX anticipating of and quarter of of -- we of to the million ORE All quarter. of XXXX per in compared quarter. XX.XX% the quarters quarter third a interest for to in expenses quarter came in expense not the in hold categories stay the third low non-interest fourth third quarter. do quarter ratio the in exceeding XXXX second going total XX.X of in Given XXXX. expectations to non-recurring We level non-interest XX.X of of range of ORE per continued Efficiency million the expense XXXX our we XX.XX% prior reoccurring not total to with expense are the at off line going net were the expense level expect other expenses are
the opportunities expense of in what past at is expect TrustCo to As can bank to we to identify continue to efficient. processes thing are working within XXXX. we the we by we've through the continue we this control and stated make focus control One more will on proud
portfolio, calculations. loan and the efforts adoption have an balance the processes. the upon economic company's effect The remain a of the conditions equity increasing likely allowance losses internal under and This current loan shareholders the at for front, to financial CECL implementation institution company On will date. dependent continues controls forecasts and company well-capitalized and relevant expects its the of reducing of development regulatory
a to And finally, XX the the end X.XX% basis period from Consolidated assets the third capital $X.XX in points of same XXXX ratios per continue the compared to shareholder ratio was September at of value, book equity year was bank XX.XX% its to up grow XXXX. the The to earlier. XX, ability quarter, improve. up is at very proud X.XX% $X.XX value also share compared
Now Scot the and review portfolio will loan loans. non-performing
