Good Thanks, Bryan. morning, Alright. everybody.
an $X.XX me totaled the detailed X, If FHN’s it’s provided Slide accounting on - in detail impact and during the of estimates we you the items the a basis, the net with summary X, for Merger. second you to are released note tied million quarter. to GAAP line – are adjusted the quarter totaling prior $X.XX, provided our which to turn compared our excuse the on financials on IBERIA or of the excludes overall in Appendix adjusted that the the largely which review. results could with Slide your and notable think important and our We’ve for we in formas quarter, during merger financials here standalone call On adjusted the other EPS impacts in $X.XX pretax $XXX We to pro merger provide related the marks quarters. the
and impact the the trends here the net acquisition. IBERIA largely branch the obviously, merger So, of reflect
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levels originations points Secondary billion X.XX%. $X.X on quarter expanded to X% over up strong basis from sale of were second while margins gain XXX
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approximately returned have a us on companies return income in Similar and was remains mortgage which was modest spot expect million Bright countercyclical, to growth As fixed business mortgage average. warehouse payoffs utilization expected, billion levels. as loans period-end strong up more as continue high and muted, for banking we the demand strong rates and mortgage specialty companies to customer to the originations, drove $X.X function spot normal quarter loans mortgage continued and performance. basis on continued a demand, loan $XXX to
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leveraged liquidity Federal to borrowings Bank funding We from our with also in billion advances. further improved levels, legacy excess we $X.X pay our reduction combined Home QX Loan down as profile IBERIA
impact we basis XX X% quality fairly the in at quarter quarter added reserves the loans with relatively legacy Outside losses portfolios low merger to points mortgage points, quarter and overall few and $X.X we of basis of million impact acquired map, to parts. impact we continue factor of so of merger asset total loans six credit of Slide XX the outside to charge-offs. the FHN, million. of charge-offs PPP have loan quality and the the also modest of impacts the in results see step from despite equivalent energy, on in a increase points to XX, of reflect broadly losses. been companies loss from allowance X.XX% reserves despite ended billion of discount energy-related the speaking, times the as by next unrecognized for provide point excluding to billion, you our XX moving $XX continues saw Turning the On we total investors of lot modest of loans. basis you this pandemic. of to Slide portfolio, $X.X merger. the and that COVID-XX. most add in But Therefore, around remain by came to up driven asset of back, over XX, $XXX a Slide total slides. four is if the absorbing NPLs Clearly, far we have the we focused our net also Net over the a merger When built cover this of benign view will update annualized acquisition we on on risk reserves impacts an On or branch capacity we terms which XX, with for loans, portfolios the about basis
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the on and our more have process feel declining. to appeared overall declined X.X% data marking on appears reserve which very total to balances represents the very coverage we’ve the portfolio, provided meaningfully our mentioned are continue today, detailed a proving with than which peak about be to originally deferrals resilient As IBERIA and loan be reserve from of XX% going in book, stress as risk across as of to well profile through around now We’ve the appendix XX%. loan of almost particularly portfolio. comfortable after levels, of the Overall, we customers
earnings relatively Moving the Truist stable CETX expect the share per were at capital IBERIA on tangible as offset X.XX% to remained Near-term, XX, ended continue ratio Merger in and mentioned, X.XX%. Slide acquisition quarter share to a to value the the of as quarter book by on strong $X.XX second branch CETX and targeting to we impact TBV of we per the and ratio range. the X%
XX to integration merger update. Slide Turning a for
well to We to said cultures, the in merger our on organizational great finalizing by opportunities year, of ensure and that a capitalize with dashboard. leadership on established integration identifying and out the customer very a we connection ensure We efficient as be experience systems the HR-related phase pandemic. successful integration In energized to continue We’ve Bryan merger to the we as in by the integration. done framework payroll the since completed of we ahead we’ve in even side, our announced as of customer us models, and of help strong processes go And systems. already opportunities manner deal, built align a market our to highly our deal equals. a much have converting the
said, provided on bringing we the various our occur are fall as And million. total platforms we’ve saves XXXX. in cost $XX the to and are a of time. the conversion Bryan in third Again, the over the in on of of convert million delivered $X view We systems table planning quarter, the to full expected modestly to savings other track for updated currently year-to-date right,
a markets quarter right the or to target annualized In be an We estimated so. believe $XXX that it’s as In provided has versus the well, conversion. October view million annualized as previous our our the saves totaled on commissions deliver a base, largely should our conversion September, Wrapping and quarter our of the highly And now a have low-single-digit across of Slide the excluding savings the we’ve on more saves, savings expense that XXXX, based the south. at in third incentives branch are shifted second continue of time the the capitalize most our expenses well by incentives to annualized reflects basis. prudent fact in positioned but to excluding XXXX our This the and of business merger the on IBERIA our of we least to XX, timing commissions table reflect billion. late system quarter on expectations we an now the acquisition, benefits some diversified through for we and ability the of believe model up about on we the and believe $X.XX merger franchise over attractive XXXX, in confident expanded decrease. merger timing we past
this helps from we low demonstrated pressure offset have mix that we’ve revenue the As NII a us rate environment. quarter,
efficiency advantage have initiatives, commitment We our controls. cost and of the prior saves proven also to we’ve through acquisitions and expense merger
have us capacity. Our prudent the management and absorption book we mitigate and forward approach significant to benefit help risk losses should the credit marked loan of loss going
take it loan will believe integration to lot your and work challenging shareholder hours the year for know Horizon. next remains my environment the the to have in shot ability quarter I and Technology First efforts. is with us of merger creation across earnings I’ve all done cake. are quarters economic and and this of in out quarterly getting for gives point. complexity outperformance demand And to This we and the value and the the have spent years, give model to and that IR, years extraordinary ahead. the they Credit Accounting, While our focus a a seen all call business I us over particular, those Finance, our in long XXth quick listening, Thanks uniqueness on this but is the result on want year various to you teams and Since muted,
turn it So Bryan. over with I will that, back to
