I financial now the Rob. morning, will review XXXX. results And quarter everyone. of you, good for third Thank TrustCo’s
of for respectively. of from to of a quarter saw third equity press billion net As which we of the a on noted company release, or grew XX.XX% Average $X.X the million X.XX% $XXX.X the income return million, yielded X.X% average quarter the average assets third $XX.X XXXX in loans and and XXXX.
our within third same of primary loans. the expected in Total which portfolio. As concentrated of or over year. and $XX [XX.X%] period quarter the in residential the same period included XXXX, SBA increased period securities, million increased the the same XXXX PPP HTM funding lending to residential increased portfolio XXXX. in $XXX.X $XX X.X% $XXX.X real Average million in million average the include the by XX.X% estate which focus, portfolios, over million or average or loan the AFS continues investment commercial over portfolio growth last be The
matured, $XX million During down. third approximately securities the XXXX, of of the or and million $XX.X securities quarter had paid bank called pooled
corporate reflect we by monitor allowance growth in a decrease for $X purchased growth compared pandemic also agency current and the loans provision the COVID-XX. the Revision the the losses of the in continues bond for loans how our the mix for million continued continue environment from driven around total while uncertainty third level loan The to influence will XX, to loan loss the resulting We as XXXX, of million on securities. to our can quarter of We XXXX. $XX expect of And provision quarter will X.XX% was footprint. economic of ratio been XXXX. loss June as $X duration to loan to security for of X.XX% loan in and provision conditions backed was to XXXX the continue compared level a mortgage has shorter geographic The of million, XX, the September second economic the portfolio. overall cautiously in optimistic,
commercial request. in experiencing mentioned economic COVID-XX support loans deferments hardships, includes our to modifications and the borrowers Relief Program, bank the by residential as Financial prior launched such loan quarters As on and
the As in the as XXXX. $XXX of on from of June XX, has deferments decrease a bank million on XX residential loan loans, XX, loans XXX $X million XXXX, September
did has commercial re-deferral an side, for continue closely They customers. were regulatory commercial the from totaling bank monitor deferments, adopt residential environment and deferrals to level the loans change. of third There in as be CECL to not million. On by of total bank during of the a the we no continues quarter our clients, both loans commercial of requests X $X
As that the as current required how This for XX, the would changes prior delay the reducing CECL new before was of standard. will will losses our mentioned the implementing current engage quarters, expects likely to current in adopt bank institution equity. regulatory and effect The decision XXXX. allowance company a and shape in understand The our capitalized to shareholders to CECL regulatory on loan under calculations. have increasing financial December remain landscape well
consistent continues focus in be prior is conservative our sheet and to produce on discussed quality recurring management, continued As calls, balance earnings. to lending traditional high us enable which to
long of balance sheet for is provide fund liquidity portfolio and flexibility has growth always investment and a Our been management. source to
continue compared an result, $XXX third quarter we XXXX. a the period in increase average an As $XXX.X million the investments million during to of same to XXXX, hold of of overnight of
period XX.X% side in XXXX averages funding in the third the same over increase the $XX the million million $XXX.X deposits, sheet, The offset X.X% average market deposits in interest-bearing or quarter account deposits or XX.X% for year the On million. of increase total a balance savings average million of X.X% decrease in by result or in of average was $XXX.X increase time increase checking and of money increased earlier. deposits, average a $XXX.X or deposits million a $XXX.X a
money decrease X.XX% to basis driven points. points by time basis period, deposits in This last basis we of over X.XX% year. from During XX XX points same cost to is total to were the deposits the XX decrease a market interest from points able deposits of basis same and XX the period bearing from
as rate result bank continue quarter income compared driven additional fees. mature came into exist. at estate we third at will said, opportunities the $X.X fees. approximately quarter quarter of of million to quarter to fourth the for CDs services in X.XX%. quarter rates. XXXX, an And mature re-priced first services CDs million and move of rate for $XXX.X of up XXXX, the third increase and of As income CDs average in the customers of approximately an market has average of market Non-interest financial the last $XXX.X In the primarily in in to lower million the With fees by ATM for will at that increased X.XX%. that in increased overdraft a XXXX, XXXX The
continues under Division income. $XXX had of recurring approximately of source Financial Division non-interest to management most the as assets of Services Financial Our significant September million Services be XXXX. XX,
ORE our the primarily QX. was $XX.X due million. lower Now at prior of by quarter of onto quarter, net ORE in again awards sale valued ORE million Total at at million -- equity expense than lower non-interest expenses low of a in decrease properties. FTEs million driven related based XXXX higher to net the came of expense $X.X end $XXX,XXX was and and $XX.X benefit expenses The non-interest for ORE liability compared million in lower the on quarter the second level came quarter the a is of gains to expense to for estimated range of expense This stock down salary $XX.X to of which expense. benefit $XX,XXX. $X.X by driven of below the price a
million expense low $XXX,XXX XX.XX% to for other total XXXX million. $XX.X at the line we're going All XX.X% on continued of decrease anticipated level fourth costs, of continue continued expectations The Based to ratio per the of the of second to the third level the of reoccurring Given of to quarter to ORE in net quarter quarter. in third to to lower expenses, with compared range categories in expect came not were non-interest the expense $XX.X XXXX would exceed quarter and expenses in expense quarter. of the XXXX. lower ORE efficiency non-interest the our we
what within As more identify in opportunities bank to to we've make on by past, to continue the we'll can we processes working the control efficient. stated the focus
at of from the third X expense up of be Bank. assets ratio Consolidated up quarter. earlier. XX, end the X.X% X.XX% compared ability We Tangible second proud book to And its quarter finally, control September grow proud bank equity year $X.XX, was the to basis ratios. at share was The points value. per of the also $X.XX capital TrustCo shareholder X.XX% to at to continue very XXXX value from is a the
will portfolio loans. and Scott Now the review non-performing loan
