Rob, financial TrustCo’s of results you the for morning everyone. third XXXX. and quarter review Thank now will I good
release, assets average equity X.XX and Average the to XX.X% XXXX, for the or respectively. over the a X.X% year ’XX quarter net XX.XX loans of quarter of third the in prior income average of of third noted we company which As $XX.X saw press yielded of $XXX.X XXXX. on of and million the increase million return an billion from $X.X grew quarter in quarter the third
real the The in included increased $XX.X million $XX.X XXXX. approximately same or million estate continues ’XX. the bank This third same $XXX.X XXXX. $XX or HCM loans. expected, primary increased currently X.X% remaining Total SBA concentrated investment be XXXX. by of in include decreased focus, and of the loan in securities, to of growth commercial average originated the PPP our has the in quarter or The ’XX the ’XX million million during portfolio same which X.X% portfolios, portfolio, As of over the approximately new period period lending the third average period in loans within which AFS quarter $XX the PPP residential million over X.X% over
were bank three value One at a $XX down. matured million. at $X.X During security million and par approximately million value period, called the $XX the securities of of pooled had same paid of par a securities total
$X.X the also million a decrease loan compared in a quarter of of in the loss purchased loss The the During for bank credit same for provision was million million, period securities. $X.X same XXXX. loan third for the to the period, provision approximately $X
the the for as qualitative remember, third inherent adjustment The relate of quarter loan you of growth continue to of loan increased XXXX reflect during losses loan decrease well primarily footprint. pandemic same in as our allowance-related as during The provision X.XX% impact will as an XX, result portfolio. to current industries the the loan the perceived The to was economic to provision. the September allowance based XXXX. the on ’XX management may level portfolio the overall of As in risks bank’s of to economic conditions they of the assessment pandemic-specific certain of its specific as XXXX factors remainder period made our on losses conditions, X.XX% and loans of total to ratio for of geographic the compared in is the in ’XX
mentioned quarters, support COVID-XX As economic and the our relief launched as borrowers deferments by loan program hardships, to a such residential modifications commercial included in financial request. experiencing bank loans prior on and
loan September payments. saw of XX, As making regular XXXX, the most these of loan bank return deferments to
The provided quarters, did institution by As well on bill calculations. current of a adopt the expects to remain will adopt the mentioned bank in December bank under CARES XXXX. in capitalized the and relief CECL the as CECL was XXXX, Act, January as prior financial originally COVID-XX part not regulatory signed company X,
As continued lending continues discussed produce to be enable sheet balance in which quality has prior on high traditional consistent, recurring calls, to us management, to conservative earnings. our focus and
sheet fund Our liquidity provide balance investment has portfolio growth flexibility source a is for to loan and and of always management. been
As $X.X of an average to million a the result, same quarter period we compared billion held ’XX, XXXX. investments an in overnight of increase of third during $XXX.X of the
the of bank during of the the Given liquidity elevated the level year. excess cash in beginning into some did the ’XX, market invest
earlier. X.X% increase of in increase or balance a million market time last or deposits, checking ’XX sheet, million the side average money year partially $XXX.X The of deposits a million the total a quarter in a average deposits, for XX.X% in in average period the account increased deposits a X.X% was bearing by decrease third $XXX.X non-interest in the $XXX.X or over and over On million of the XX% or million result increase or same average funding year. same were checking $XXX.X the increase period averages, increase balances. million savings offset deposits XX% $XXX.X or the in XX.X% interest-bearing average These of $XX.X
our interest-bearing basis deposits XX basis primarily deposits from basis basis decreased from basis During the by points. points basis and XX points the from deposits was decrease driven same XX XX year. last in time points points same points to XX money This of XXX period, a over period to market cost
the CDs rate In With first will approximately CDs mature approximately CDs average basis to the to into in rate of bank points. $XXX In of will ’XX, at exist said, million market CDs the of fourth of in the has points. continue move opportunities an quarter of that average at an basis average we rates. million at million first that mature quarter ’XX, $XXX XX XXXX, additional as mature XX re-price lower points. an basis will of XX half of $XXX approximately rate As
billion Our assets of source income. as a $X.X of XXXX. financial under services significant be had division continues management September of approximately They XX, recurring to non-interest
due expense accruals. of ORE FTEs of expense. for came price quarter onto to of down as $XX.X non-interest of to below the Now lower our benefit expense expense Salary came $XX,XXX and million. was ORE the down compared benefit estimated an $XX,XXX and quarter. the slightly compared ’XX effect at stock of $XXX,XXX prior expense overall decrease at income Total in in $XX.X net to range net the second quarter on in to million, non-interest of $XXX,XXX an million expense $XX.X and in
the categories of ORE quarter. continued We million the with million the are we expectations $XXX,XXX the expect the range expenses recurring The per in ORE going in XX.XX% the $XX.X remain net quarter. ratio third expense XXXX. the continue would in hold to in of per expenses, ’XX to exceed other anticipated in line that quarter. XXXX’s at expense in quarter our of Given quarter low level third came All XX.XX% of for of not total efficiency to to non-interest were non-interest to $XX.X expense of to third level compared
of Bank been beyond. throughout to TrustCo and proud control We we always continue have XXXX expect expense at and
assets year XXXX up ability the and ratios. times. from The end second during XXXX. per continues share to at the capital to these September a earlier. quarter of the ’XX. to was compared quarter for to the up the of value of stock the which shareholder X.XX% be $XX.XX, third points its adjusted increase proud X.X% basis at amounts of second occurred slightly Finally, $XX.XX challenging reverse in ratio XX, Book quarter, was are economic increased bank split X.XX% These equity XX from value Consolidated
will portfolio loans. and Scot Now the review non-performing loan
