Thank you, Good Ira. morning.
going Slide now are a talk bit right X. about we interest income margin little So to on and net
of the this, is item of a has to in fee volatility and income margin you reported income. as quarter-to-quarter net the better indication have we at look been the you from the result what a swap give try in line the If first interest that
And in a the quarter-to-quarter. So that can bit you reported net the shows up grey the hand see interest you corner top fluctuated margin. quite chart see you from in that’s left how
there in however, fee that is the As see that much we appear might information. stability that being income margin you able see without more swap to can the extract
because will stable. we has well you are believe margin now fairly that done our we So you has showing this see been really and that quite
happy During and charts the were as increased like that basis interest very obviously the below you that swap the sorry, do numbers income about. we I’m show it net see quarter that income. shows interest Down - volatility which margin we you six can also look includes what the points fee net
and as of Fed we marketplace as change a increasing forward, our lot good trends Going rates. loan yields been see the both balance have interest a as well result favorable sheet moving of the
for well income net interest our bodes that going forward. think we So
as six we increase do have coming margin New board, and a that York, Ira result yield talked of basis They than about market. see do we a loan anticipate point here are Additionally, has should we seeing our and in up about Jersey a USAmeriBank New higher the to on. coming on USAmeriBank
So going there will aware forward is of items that you a focus I that the so couple it. think margins, are impact on we of should
in I the quarter. into mentioned six days the quarter first there Two, that basis point. first two So fourth move we the are as quarter and versus USAB less
some So about as that result by three likely probably bps. see decline we will of a
interest some In for as and and seen its addition, should positive by December we net Fed have in margin. a as be terms late of that net Valley XXth increase the income
out, are rising. pointed As loan I yields
sign good a So us. for that’s
as we of negatives the And the will will points going result the one our tax basis if non-taxables. by might two forward. negatively that margin you about be impact be a anticipate on of Additionally, do that increase
the So said, a we net will time being to that forward into we interest margin net this that positive that going expect in have all do income. at point
go it that was trends, one level. income mortgage of the X residential and set we increasing non-interest to little things use non-interest about in we our attempt a Slide So is if the terms than bit talk to have out do to and our income better in of we past
XXXX we see what we to XXXX, the as interest large is forever how at hand rates during right the and on side refinance especially XXXX, that part a market know left So focus begin climb. you had even last market, top on of cannot
the and we can XX% see were that the and began versus purchase became So we in market. Beginning can was and way to you refi by the doing see on was the XXXX, on only XX%. XX% shift XX% refi number began you as purchase
or the coming And So of see XXXX, you what from the purchase are $X.X we The in million we production market billion we $XXX years. in new what new compared see that for volume XX% out XXXX. to in chart have into saw begun compared levels we expect look home of we about line can that income non-interest chart, each XX% as of we you believe focus. as on the there in in to And market market. our residential the will on loan right refi the expecting the middle as these obviously you shows more
go forward downs pro remaining then and numbers can of portfolio refis. be do billion So will to numbers loans we amount sold will have on going these in loans expect added pay $X forma that said, of gain see That they the add that we as expect into we net will being we that a up. you about as into how XXXX. And USAmeriBank larger those going will also sale normal see our of result and
residential over increased point $XXX,XXX. we to market. $XXX believe things are million other I said $XXX,XXX. result are two for do in quarter has out. Our fourth one, after application we $X.X Number I will billion averaged was during and of forward. about as Today, we as on-track the loan size extremely close good purchase about us our volume loan mortgage at the going going The dramatically XXXX, Back a sizes
in So might that fee terms and the bodes fees we see. well for other future income that servicing of
on mention will I thing is lastly other The that USAmeriBank.
We not residential this growth factored at have point. in
giving So the for billion prior a as what $X.X of existence XX/XX really was to in of in I’m terms you that is USAmeriBank. Valley
XX, know a turn time just if will Page We lot bit of So expense that’s they always talking to spend I everybody’s of we a it. management. and mind about questions little about on ask
So of the is Ira idea if you LIFT Valley a our project we left at has the give thrust going little start hand a corner, moment. forward. it mentioned been big and for obviously will on where
the see time So in quarter, different first third ‘XX, quarters can $X here X.X saved quarter about recent of we as second that million beginning in you quarter. the the each in the most million quarter by we into that’s saved the
this year-to-date $XX actual our $X.X we basis, that is So to in we a total savings on time point the at expect million recognized save. million that of
So forward, to of we will first the $XX.X XXXX this end been of that end saved of million save first the another of now total by given of and half the the half through expect get project the have a we $XX.X from XXXX into going the million XXXX. of beginning is
over little a column last go column shows you a there, in the X.X and that I million less the of remaining as look XX.X. moves savings last So which work what again the actual is and just to went of the us bit
will another in are by left the our meet first So way meet $XX goal ago to our of million well the half goals of to in million. our only to about XXXX $X.X order we timely on or meeting have
adjusted. If you ratio move our efficiency right, to has shown the
recent of you number a see which XX.X% items especially year for this the adjusted ratio. XXXX have most we efficiency So in
of $X.XXX $X.X a XX reduced taken we all cost reported have of million so by million of the that the and merger it that during total cost million, expenses tax credits we for lift reported XXXX we So XXX.
of to that the should Down see can little less than see idea XXX.X at you ratio. what looking so you the number you a time efficiency trend million. you looks we be expense like passed XX% get line and XXXX we So were in up by the non-interest what showing below, we down can XX.X% XXXX a gets we gave build base and our expect that
and of get got have the phase on a you show to happened. you lot We bars in what’s to little going XXXX
in So of million the deduct million the going in get residential non-interest million that expenses of valuation adjustment tax out and spending, and expense that I’m tax LIFT total, that’s which to number variable had result to a we included investment non-interest merger as and number number will we that’s what our $X.XXX XXX.X of not write $X.X was income. comes tax above in by in reported based upon expense, commission X.X are that’s a million USAB the out line not down the total not itself. the of is credit XXX growth to a mortgage the the you if million credit but
all when So one, commissions. go the XXXX, a numbers things the see top, put Now down you number into happening. resi mortgage you to different that million of number will get those of that together we you will as $XXX Number base a can at
color the sometime not upward we that half expect not on into volume second to we we were until come full expense. we as then sale we to down trend in in the USAB more number quarter. to begin to That non-interest As number and do continue we because pretty trend the gain second go blue XXXX. on, to conversion are though to The from expect until scheduled where we XXXX, light that -- get much expect the happen, probably in our more come we will as in will on will
and go So below the in of beginning upon our is other the to can as reflect to taking down expense as LIFT items. base half savings our And from numbers blue the the place you USAB down own saves then of cost number a second result we will begin come down in dark XXXX. see
that continued we Now USAB as up also cost go XXXX, are you They we go come implemented changing as that will commissions and be mortgage time again at anticipate into down. by implemented resi can see we Valley go we going fully fully continued in LIFT savings forward. will in as savings the will expenses other are saves see will processes
that that coming and any are leverage things board mention we side the of is operating leverage are that down on of will some zero doing having expenses us lot on resi replacing or of people going One result a what an which leverage the a with is give number. that as not will we I salary are of operating
quarter-to-quarter though purpose the you expense not expense of even of for salary project LIFT. saving are understanding are seeing down our Just some on why we non-interest and go from
came of million XXXX did seeing. have did to that we some order over gross areas During other mortgage the are reductions add a in of of number course $X on that We there. income in we staff people the and generate
or so is resi the area mortgage for the million without X.X So about of net commissions. net expense
on understand savings the the and on in place we get addition, side, be - the that had In roadmap. technology LIFT continue to order in can money for technology make so we the and cost spent the could the that to technology
of the million. XX a was there investment amount there to substantial So in save order
So netted have out. those been numbers really
was we LIFT. XXXX said of million as in expense savings has $X.X in against just budget I staffing will netted people net see Our out been that which about the
fourth lift than probably say et I obviously greater during about probably would the staff, That $X $X.X benefits, alone, we overall, So million. project between of the expenses we million had $X during quarter. commissions, told the that quarter you additions million cetera is
why are reasons down. main expense the not seeing by of going you salary itself one that’s So
