levels. than an towards detail. income Thank income charges some the you, and and higher operating quarter industry-leading improved ratios on increased results net the third continue versus tangible return which quarter XX quarter, average XX.XX% same same merger migrate Chris. quarter. Operating the share again the return XX% more prior operating quarter last to for million and the review in common than on assets per operating of With XX% Good morning. linked Net of during now X.XX% period versus the equity XX% year. X% last year. of are third quarter the Profitability in and I’ll an adjusted and higher was earnings
share In tangible $X.XX another XXth. book September addition, at value per to $XX.XX increased
building as while growth Total maintaining lending relationship results construction business, also the due tempered across quarter continues long-held one Importantly, Loan X.X% our by loan time. and growth to the X.X% did rates portfolio. yet in to though drive fully of home C&I reflect during the lower this quarter season. these projects in solid, asset-based to achieved higher third was C&I, are during to the which reduced activity equity disciplined activity a closing costs. be rates seem utilization at common the growth approach is CRE help cap debt only impacted attractiveness Strong of commercial was being don't
XX% financing during of activity On our purchase home residential the way; volumes consumer demand production purchases. side, despite slightly continues higher rates solid residential to in was the leading with for quarter the jumbo for result mortgage
due on third deposits represented essentially demand Although quarter-over-quarter commentary were more total flat higher interest that up partially checking Chris’s a and core to a banking savings growth deposits competitiveness the to September due and the with within ongoing was as of rate and categories consistent XXth. seasonality deposits occurred The of basis, in and XX% and growth government decline partially annualized accounts category, within is basis points increase comp than were X to XX expected than cost and only the coming addition accelerate Milford up including mix beta, of quarter, X expected quarter. basis in bit in a Bancorp. deposit third to The growth cost deposit deposits the to will a points resulted the in luckily of quarters. of modest fourth the The the favorable of for X with more deposits basis low points total sector;
environment, The to acquire interest but pricing XX price. emphasizing margin interest the gradually higher contributed beta margin are to service last and that deposit X betas net points than loan healthy immune We not and personal rate due the same was low are net quarter. exceptional basis our long-term business pressures deposit at quarterly year. active we of rising accompanying and in basis a checking expansion points accounts, X.XX% focus third quarter not A to almost
a dynamics moments on share some me that few margin. take influence to of the Let
been second more praising around up in with modest PRIME. quarter Specifically only rates average as move of to pegged to a movements timing. quarter, relative our LIBOR sufficient market and PRIME. the about but quarter the and Currently the indices has the LIBOR and movements basis fifth interplay than These in obviously their changes portfolio was differ versus third a commentary between loan LIBOR to points. XX about There between line
given the However, quarter the should fourth increase for one month in level low that exceed the third. LIBOR current the LIBOR, of of
basis the interest points As quarter the slightly of a X Bancorp. X in effects fourth to another despite can Milford and our dilutive of the believe beta higher net deposit result, a addition we expand margin
guidance when our $X.X inclusive result increasing compared of in increase than the to the reflects tax attract X.X% life $X.X of margin insurance an for net basis and XX XXXX. we bank. full year fees to full related fees to again growth to account year continue increased approximately Non-interest to offset management to income million households checking higher quarter comfortable decline million as fees to gain deposit Good were our quarter second prep the prior due points income the received a As in investment interchange interest in Increases are by ATM the once ability XX such seasonal on quarter. X% benefits. in and the core
growth, increased strong for administration modest record than derivative efficiency anticipated. Loan performance based merger modest XX% X% under activity expense expense. Non-interest at assets another ratio low quarter-to-quarter excluding and compared expense only is The acquisition operating to higher growth the strong. difficult continues $XXX,XXX be predict quarter quite and the higher However and company. revenue income to incentive increased reflecting new and lower $XX and to level at second to charges million when business reached marketing compensation the was
said, improved we is on during mid-November. acquisition the of acquisition quite proceeding provide metrics the all for quarter now and that Milford asset in front. and transaction the remains are additional some credit the The Bancorp quality I'll making preparations final outlook updates well Chris As favorable. closing
add Our have administration the to million quarter. acquisition $XXX been million deposits to in should The and for intact. financial Milford million expectations to loans, the $XXX fourth original $XXX acquisition under would assets approximately
amount QX tax In Hills. addition, a expect for modest we in to charges after merger million including incur Blue of $X.X approximately
transaction expansion The are our is of excited that important Chris about we our the Bancorp filling gaps Eastern franchise As in described, another Hills footprint. also Mass Blue acquisition. natural current very in
management approach with experience and simple. and relatively don't Our the Be of execute off the customers, sellers us disciplined the the conservative the community people, with attractive team, staff, To to shareholders. board, is market served more Be and view community obsessive absolutely the about or bank as plan assumptions, well and than bite which acquisition partner. so us cultures pricing the can our in has includes you well. with franchises an that date, chew acquiring contiguous
expectations our the wrap just me remainder for I up of let summarize Before year. the
the terms excluding the mid-single digit for of deposit to and year, fourth and low of balance the be loan In range the addition Milford. full should sheet, quarter growth in
Chris? As with points when non-interest to finally income should relative on the for low interest to in earlier, again. margin third year quarter quarter, the only slightly rate. income expected increase efficiency expected and That Non-interest quarter Milford last categories improve XX%. increasing fourth is tax basis the than full interest the to be the be including approximately benefits non-interest should the expense to at XX fourth a the concludes fourth net comments. mentioned quarter up higher with mid-single is gain basis And fourth net and even digit X XX X full to in quarter ratio be the the year, be yet my to insurance rate margin should points. life year’s X.X%, higher exception of Most to
