Rob results you, for I everyone. quarter Thank of good financial TrustCo's now will XXXX. review first the morning, and
on $XXX.X average average XX.X%, from 'XX. of quarter respectively. Average XXXX to equity X.X% million press the increase of first we year XX.X% the company an As prior in noted first over release, the X.XX% the quarter of XXXX, income of saw $X.X million a billion quarter the for or the $XX.X which quarter grew yielded assets first of in and and loans net of return
$X loan bank XX, March has decreased same portfolio The real loan As 'XX of continues first which growth the the expected, commercial receive focus, approximately lending 'XX. by period average over increased concentrated primary to in currently or be million same continues payoffs million The the quarter $XX.X at X.X% residential estate and outstanding the the over PPP million in to in or period X.X% our 'XX. within SBA 'XX. $XXX.X portfolio
of during $XX.X 'XX. the first million COVID-related or the 'XX. no Additionally, of March portfolios, quarter as 'XX securities investment average of there AFS Total and HTM were deferments which fourth the X.X% over XX, include quarter decreased
approximately purchased of one down, period, $XX.X pooled of million million had maturity bank same paid the and securities securities. million approximately $XX.X of the During $X
As corresponding the decrease in opening losses a loans in tax adopted $X.X assets million of was of allowance a deferred January million commitments increase and net and CECL resulting $X.X of on shareholders' for on The in the mentioned a decrease million, last XXXX. $X.X quarter, adjustment $X.X to million. credit increase bank X, in unfunded equity
for allowance For a is XXXX, of credit quarter for unemployment improving on housing a credit of The as provision on as XX, commitments the first price of X.XX% for loans loan to was total result losses loans period a compared the loans same loan of of X.XX% 'XX includes losses result credit in a increases of the 'XX. for to $XXX,XXX. unfunded $XXX,XXX as forecast total March $XXX,XXX to offset and unfunded as ratio the by provision builds. credit a losses This of losses was and our pipeline provision of in as credit of
consistent lending discussed traditional on calls, us As produce prior focus management in conservative to high-quality which earnings. our enable reoccurring and be to has sheet continued to continues balance
a has portfolio been loan growth sheet to for provide always Our investment of and source is and liquidity balance flexibility fund management.
investments $XXX.X As in the quarter of compared $X.X during million a overnight an average of to first same in period 'XX, we result, an the billion 'XX. held increase of
and Given excess the rate market. the and cash interest the elevated to level environment, liquidity the of will evaluate bank invest continue changing into
interest-bearing period quarter the $XXX.X and partially million market a offset $XX.X million the $XXX.X the or average in checking increase deposits average in increase or average first balance deposits or a time increase side million balances. of On million $XXX.X $XXX.X the result in over earlier. of deposits, year average year. sheet, over money period million million XX.X% a increased of total or checking of X.X% These XX.X% same in The costs, were averages deposits noninterest-bearing increase X.X% same by a was a average 'XX for increase or in the a decrease the savings funding XX.X% last $XXX.X X.X% or account in
over money driven from points This basis basis market XX basis decreased to the primarily from points to During points basis the and points deposits basis XX last points of points. same XX basis in cost total XX period X year. was same period, from deposits time decrease a our deposits interest-bearing XX by
$XXX $XXX of rate As through has at approximately CDs at basis an average of third approximately that in XX will of the were the XX points mature of we CDs basis million will XXXX, second of bank mature half 'XX. navigate basis an in at In XXXX, And CDs 'XX, XX an in average of quarter quarter $XXX rate of average the maturing points. the points. of rate second million million
under March XX, billion to source recurring be Our 'XX. as significant average noninterest had of income. management continues of assets Services of It a Financial approximately division $X
the true-up compared of as compensation ORE net a in $XX,XXX 'XX the as quarter. expense. result payout came quarter of quarter $XX.X for Now below range to a of of noninterest million, noninterest net a upon $X.X as to is an fourth came expense to million Total -- -- came and expense million the expense, on expense, in $XX.X in employee of ORE expenses. to quarter estimated the result to in million. employee salaries, primarily of in XXXX expense quarter in the accrual prior the incentive at benefit -- down well employee first $XX.X control various prior of decreases plan decrease The from our $XX,XXX of and income at the in decrease other as compared benefits
of compared fourth the March quarter. earlier. $XX.XX going $XX.XX, shareholder million All Book expect per compared quarter quarter of Consolidated expenses, XX.X% the the to These proud $XX.X the 'XX. reverse per challenging expense, 'XX. We in value in at would XXXX's level hold at quarter. expense to ORE our in to recurring the for its exceed stocks of quarter. million to at with ratio in $XX.X for to second expense, quarter finally, year 'XX expectations be to The the noninterest quarter a flat XXXX to noninterest $XXX,XXX 'XX. amounts of adjusted in ratio Given The first anticipated these ORE was the to were times. low efficiency during continue ratios. occurred range net share was other categories total level continued we're line of bank came in of the to ability not to the of up maintain be of continues economic for XX.X% X.XX% per first the XX X.X%, of And of both assets which equity the value are first and capital expense
Scot Now, loan will and review nonperforming portfolio the loans.
