in more you, I third EPS increases the reflect of net $X.XX and XXXX from XX%, of diluted respectively, income quarter’s of XX% Thank million the now of detail. will prior results. third Chris. the in cover quarter $XX.X quarter GAAP and results
expenses As acquisition and included the prior million Hills quarter with pre-tax acquisition. $XX.X associated merger Blue in the
on gain million diluted respectively, in Excluding residential strategy, net the third conjunction the acquisition well new loans and company. balance for as impacts in in quarters, for were EPS quarter third their sale merger records company's sheet both and deleverage quarter expenses and the income and as with tax of $X.XX, a related both the $XX.X
to Echoing Chris comments, this quarter. our everything seem way fall
operating September and record average from $XX.XX. As X.XX% increase operating in These assets additional reflect tangible tangible value an quarter in value adjusted second per results fueled the and XX, results to a the the XXXX, earnings share X% bringing book of book the diluted income quarter. in drove $X.XX on return increases EPS
increase the level, year period. This prior represents a of completed the acquisitions XX% inclusive two that over over
a was program our on strong sheet growth modest an on growth, balance average on approved tangible capital continued repurchase and pressure the XX.X% wide stock X.X valuations, industry for we In With quarter. addition, equity share stock basis operating return million common yesterday.
capital to views buyback the capital. regarding Our manage is another program long-term tool remain And prudent same. effectively the management
shares price buyback only and if basis, and overall the financial will opportunistic our when meets an criteria. We impact on stock
offset net activity. certain payoff noted results, Blue Hills being is And anticipated by slightly activity third closing to decreased in loans by the volumes heightened due the as this quarter to payoff loans. last run quarter of back accelerated off third Shifting being further quarter, strong
of majority payoff driven of estate quarter. real such by commercial and as accelerated refinance the category the contracted exit opportunities loan properties that events, during With the within sales being segment activity
drive September pipeline demand in growth the strong industrial business continued and that, activity, as million evidence of to XX, Beyond construction new commercial to robust commercial $XXX Further in commercial the and approved XXXX. portfolios. rose
net mortgage the the couple cash more equity current estate shifting balances curve, small reduction due demand is the factors, of to a primarily side, home including consumer of yield On in to real the opportunities. out refinance shape
shift the company's production sheet banking growth. mortgage mortgage demand results and strong in primarily is income reflected that As in such its balance versus
As continues majority of the production the be secondary market. sold in to
flat cost acquire relatively is new sale well a Blue growth of activity. On bank core deposit customer pockets deposit as the of also mitigated Hills of from Being the certain strong in deposit reflective deposits, off higher outflows. expected side, couple run single as larger
management with the from borrowing Federal significantly current liquidity the company's point. deposits broker at Bank. overall CDs X basis were consistent Hills reduce XX the mix the points, the remained obtained prior impact Home relatively replace quarters the increase a two deposits With as successfully of cost quarter as maturing used of basis quarter an Loan over overnight of deposits minimal only the last position within well with to to From perspective, Blue deposit base, the in
both remained the activity at Reserve, payoff with quarter. margin September third previously, prior On rate accretion loan of reflects basis strong noted recognized mitigated the Federal the of heels the of $X.X third the X.XX% cuts, elevated result an quarter. from a level, the loan July as as compression acquired was on a approximately loans And million margin in net income funds and decrease X Fed for interest quarter point
$XX.X Bank’s gears the Included $X loans. residential million gain in income items. -- was to non-interest Shifting quarter sale income non-interest deleverage of Blue Hills third to to acquired million attributable non-interest a of
Excluding quarter the income the category every during million non-interest of $XX.X quarter, increase as major prior this increased a quarter. gain fee reflects from third X.X% income
and short-term the of driving in strong income billion. $X.X deposit to quarter strong million customer interchange quarter wealth management Some inflow administration drove highlight business momentum combined significant single very assets under another $XXX management of new key the items a business to in fees, for assets increases under ATM custody with include originating
quarter As QX revenue consistent third fees. results, preparation for tax seasonal such the with was from despite fee QX benefiting
the mortgage loan income items quarter. experienced decline rates both level rapid increased the prior outsized and in lastly, banking the over significantly during both as income of benefit from derivative And some line quarter, level
Hills represents in excluding of expense Blue non-interest million the of final company's the incurred cost key decrease the as with differences a of from for the third quarter decrease acquisition, as the second associated quarter merger of a prior The save as is the as well quarter-over-quarter. related quarter. X.X% the third expenses When total full $XX.X XXXX following initiatives realization well reflection quarter,
zero quarter expense were result was FDIC in bank third a be level, credits received point credits of allocated. reserve to at target reaching fund assessment which its the as due the small to
has the offset assessments stays million $X assuming quarterly available an company stabilized. the against addition, future additional credits In be in to fund FDIC level reserve
charitable of the Within quarter a included whereas well included net approximately other increased current security million write-off contributions. $XX current prior million advertising reminder realized a estate as of quarter activity expense approximately activity the deleverage category, and a -- loss as on an whereas that $XXX,XXX other sale, real owned, $X.X
strong reduce the The combination expense further ratio and quarter. fee income to the operating of XX.X% management contained for efficiency
strong. metrics remain quality Asset
recovery. the for settle levels, claim, needed. activity resulting million for $X loan was able was loss net provision quarter, With the quarter in and off charge company a other stable minimal During loan previous charge-off third no the successfully to
with or addition, total X.X% the million In consistent remained of $XX.X at non-performing quarter assets. prior approximately assets
with forward CECL expected We continue to loss the or model. move of current implementation credit
a with XX, balances. incurred September model using performing of run XXXX in parallel are We loss tandem the the CECL model full current
the help to is our parallel the it us document next run CECL finalize While CECL model too over and of will outcomes model months. soon couple disclose
changes remain the economic is quarter. expected landscape fourth to competitive an I’ll are on in guidance quarter. and relatively while to flat, growth provide minimal modestly net loan the for deposits the now fourth in grow update Anticipating expected
the of Regarding margin, pieces. moving interest couple certainly net a is there
when would the mid-X.XXs adjusting First, range. in level margin have third for accretion normalized of been more quarter the loan a
any funds is the accretion no Fed to reserve for Second, to by decreases fed expect with rate the approximately reiterate last basis decrease quarter. low-X.XXs the prospectively and margin assuming fourth to level reduce in loan XX The would of further assuming other down QX. expected points. cut attrite impact to a margin quarter And full September the guidance, basis normalized rate future the X
elevated expected degree to levels, The which banking QX QX. hard on compared their and fee of on long income Excluding to loans to the certainly which income gain decrease predict. mortgage is is sale remain QX depends to when swap in at how
the later categories activity level rate eventually keep debt such is quarter At items to environment fourth to and early in this point mortgage we in not to the anticipate BOLI be taper expected expect off debit those Although would loan strong. quarter. demand swap incentives year. as the and card Also, items in benefits recurring the do
Excluding the incurred expense third expenses level reflect credit to Provision quarter levels. needed is should allocations with non-interest QX, flat significant in organic noted. merger-related with no general debt be loan expected growth immediate continue bad for to concerns for
is around XX%. the to Lastly, remain tax rate expected
concludes Chris. That my comments,
