everyone, joining us today. Thank on call thank you, you Ned. our for Good and morning,
This Ned to $X.XX and $X.XX second As the record quarter. net mentioned, or $XX.X third income a per $XX.X diluted for was quarter. for share compared the million million
equity on XX.X% We of assets and on X.XX%. also reported of a return return
the backed our was of margin July and prepayments the X%. for the LIBOR resetting or declined affected were portfolios. in million residential nine with and rate prime-based third Fed points. loan $XX down $XXX,XXX income and X.XX%, interest Income reduction in mortgage by securities continuing interest by Net in loans net basis funds The quarter downward margin
$XX $XX balance assets The while points Average basis. preceding million quarter linked earning X.XX%. securities decreased down or were up earning by from on basis $XX The to of X.X% quarter investment million the loans XX assets declined on average were interest yield average average a million.
$XX liabilities two rose from points. second funding the cost interest-bearing deposits sources wholesale funding quarter. average the the average to On million side, while basis million declined The $XXX end-market of balance declined of
XX% management million, $X.X total in comprised quarter. revenues to down the from X% million $XXX,XXX amounted quarter or million, third preceding were income $X.X $XX.X up revenues of Non-interest from QX. the or X% and Wealth
Transaction-based reporting the revenues basis tax and a on in are half which of concentrated by year. $XXX,XXX down first preparation fees, linked quarter totaled due $XXX,XXX, the to
million, revenues or Asset-based $X basis. a down X% on totaled $XXX,XXX linked quarter
under The The September million XX, QX. of $X.X under administration decreased end was or balance $XXX X% assets billion, or end X.X% of at of from the the period $XX million balance balance of down assets QX. administration average from
assets a two associated under lost administration The in approximately due at lost end outflows through client million client the of of of QX. counselors in decline with The of the $XXX,XXX of accounts to accounts the asset-based approximately and estimated quarter. a reflected XX impact third these departure of reduction senior $XXX fourth the was to $XXX,XXX September be revenues is during about reduction of the quarter
the volume the totaled $X.X million in of $X.X quarter, sold or substantially mortgage a revenues loans results banking by mortgage secondary record market. million in Our These third XX%. a up higher reflected
Our since million, very $XX healthy June helpful origination XX was September XX% $XXX at pipeline XXth. -- an or of at million increase about
was of third at QX. million. increase Loan to quarter average to fourth in quarter expect the above income comparable We the $XXX,XXX This an related and from an third quarter. was to amounted level derivative revenues $X.X
reduction deposit change or Now, from X% costs, $X.X FDIC was were Included assessment I'll to linked expenses. credits, which this quarter million the non-interest expenses in $XXX,XXX previous approximately $X QX. in in included turn Total decreased million of insurance quarter. which FDIC by recognized
assessments. We future additional offset in quarterly $XXX,XXX have an credits to available
in $XXX,XXX counselors, were due of X% Excluding costs management of down $XXX,XXX partially costs departure by or FDIC the commission reflected a expenses an compensation QX. activities. senior to which the the offset mortgage non-interest was impact lower increase banking volume-related and associated included salaries in with which two benefits, the This change net expenses, to decrease of wealth compared
promotion in costs, higher of a an and volume-related decrease timing servicing due increases support volumes. processing in also to third-party largely and $XXX,XXX costs $XXX,XXX derivatives We increase largely of reflecting mortgage to had expense and outsourced and advertising
We XX.X% year expect for rate effective XX.X% Income tax approximately effective currently totaled million was full the tax The expense to rate to XXXX $X.X in compared QX. XX.X%. QX. be income tax
were million and June were compared estate. Turning loans Total were up $XX million. Payoffs a $XX $XX million downs real ago. and year to Originations $XX pay in to commercial balance up million $XXX from million. XX, sheet, total X% approximately loans commercial and the were concentrated up or or X% were
As by a result, portfolio the $XX increase by net commercial portfolio real C&I million, estate $XX million. the while declined
decreased was quarter. $X Investment up $XX loans securities pay Investment to million, XX% million. mortgage-backed at were the the securities. downs Residential end primarily assets $XX of of total on securities due and represented million third consumer up
or end and were depositors. million, a X% representing seasonal million or End-market were deposits – and up Total ago. $XX of up X% governmental million X% of up the QX $X.X institutional various $XXX year inflows deposits from or $XXX reflecting billion, from
Wholesale by home brokered million $XXX federal CDs million. down loans borrowings were were and $XX down
quality asset remains total of X.XX% at loans to compared loans strong, were QX. very Our of non-accrual the end X.XX%
quarter. the of losses $XX.X The net were quarter. the allowance versus finally, loans or million, previous And X.XX% was of $XXX,XXX coverage was QX. $XXX,XXX total the provided due loans loan The equity more compared and loan provision of shareholder's XX loss $XXX,XXX X.XX% days total for up the of X.XX% to XXX%. And past in of total MPL from end Loans QX. compared in was at $XXX,XXX charge-offs second to end $XXX million were
And Ned. over call at turn to time, I'll this back the
