Thank Chris. you,
GAAP and results. driven increases and by approximately The quarter increase from was diluted of second primarily expenses income. offset net further the $X.XX, X.X% in non-interest a Bancorp negative a quarter by Third higher with levels of X.X% Meridian merger-related of pending PPP and $XX decrease merger. prior quarter provision respectively the and results income Both million EPS third associated represent income, fee included
X.XX% net X.X% last results. relatively to or and reflect The while and equity X.X% to quarters. $XX loan balances negated third now while for the attributable per across utilization. Excluding dynamics continued based loan I’ll the respectively flat to and strong summarize be for Changes operating the reflect quarter’s tangible EPS growth million portfolio a results. a diluted return X.X% reflecting activity, being return results drivers a $XX.X with $XX.XX XXXX. by closing million book entire drivers PPP increase skewed operating quarter, from of loan on income common average were loan were low PPP another degree in the decrease expenses, XX.XX%, the operating than balances was a and equity, continued $XXX pipelines and results PPP, was of payoffs result on On the XX, in elevated return the basis, when quarterly assets value described activity respectively. line loans. quarter share excluding merger decreased by much common non-GAAP and to tangible a behind million lesser X.XX% and the Total X.XX% prior have behind prior calls, the by The $X.XX the on operating GAAP $X.XX September average to we but the for excluding the and M&A major GAAP the X.XX% quarter, on acquisition rose and XX.XX%, as the
$XXX of commercial flat, in quarter. total loan million close into commercial further funding commitments. loans, healthy quarter total in another loan yet Excluding PPP activity Delving the third stayed included
multi-family continue industrial increased condo majority of occupied property activity assets, and and single as centered real as opportunity Construction family, around developments, office see including of strong. the space. in For and and remained estate, we pockets nicely X-X both as well commercial residential apartment the activities development to balances quarter our non-owner
across fundings low C&I, of continue rates be that Regarding by the utilization by portfolio. driven were diverse industries challenged activity to set within a
growth more of the returned In $X.X pre-COVID down modest utilization X% invariably which total do We when loan total aggregate normalized about And its up billion. pick XX% levels. to line encouraging. on business small current these are exposure levels rates is here fact, to to portfolio rates growth, envision approximately C&I from continued
consumer home impacted of XX% side, the been $XX.X Reinforcing prior rates. quarter X.X%, residential around the On rate drive approximately equity And closing over environment challenges closings. current residential million rate in rest utilization the XX% portfolio, have loan application XXXX been is similar activity the sold low the September to XX% XX%, fees over loans to retained decreased line successfully and continued equity solid competitive portfolio, solid balances And or recognized were to continues only closings market the $XXX PPP low and secondary quarter. expectations approved in of by continue by earnings. $XXX and be million our the Yet pressures, in home quarter versus payoffs reflecting on a the as split the quick XX% of in a balances due through have million, of XXXX, update while PPP volume. the loan and forgiven as a originated pipeline commercial strong associated of in
fee in the the million income recognized dropped current income to approximately prior expected, the in decrease quarter, the compared million As for noted third interest $X.X $X.X quarter. the in to quarter driving
be of of XXXX million $XXX As $XX.X and Total of inclusive deposits business $XXX personal deferred deposit approximately deposit of core or and we September PPP the of XX, across originations, recognized, successful X.X% which outcomes. categories. reflecting remaining assuming million, the should million outstandings to XXXX majority be and fees both now have XXXX, by increases and recognized repayment in in products all forgiveness increased
no in our deploy a challenging do of generated benefit. to represents As points households remains the yet expanded core year-to-date deposits this XX% It’s X deposit deposits third been basis mere generation dropped X% basis. significant of secret and another funding X.X% excess Chris another we total With points. environment, low-cost basis and successful quarter to quarter up a and a now continuing core on feel liquidity deposits to, the X time that off, the deposits core that cost provided comprise run in for the that base alluded customer were long-term to real
treasury be the years. powder additional million an agency for life activity, accelerate we and of believe to future, security purchasing with in government dry continues deployment average this approach enough more were quarter investing our securities the purchases profitable securities While the quarter. maintaining we And of in did the prudent. expected comprised All four during weighted $XXX
to increases maintaining benefit ball profitability While better future. from while increased do some excess decreased poised compared related million short-term income for The profile short-term than level in the we that been Shifting reported interest a $X.X rate strategy almost $X measure others, the of gears the And the liquidity noted to increases. an asset-sensitive no the our lower-yielding decreases to is deploy at income has short-term crystal decreased balances anticipate not-too-distant or points to margin future quarter the million basis are million some fees while of level of therefore, the quarter. in PPP to statement. assets. prior XX X.XX% to X.X% reduction by and in third $XX.X already Net increases rate entirely
With XXth. further the to suppress term, at held of deferrals basis or securities X.XX% in $X yields accommodation Total of total cash and one the near asset a lesser points loan modest remains but the by the The remains total primarily quality or decreased but for the picture and funding costs. with only by note, continue million benign. Net compression million the increased of consistent quarter nicely in credit, approximately the of September And XX the $XXX the loan X.X% charge-offs concentrated were excluding due $XX.X modest portfolio modest-sized to to positive decrease increased On stayed delinquencies loans level to remained at portfolio low a up the of during core of quarter Nonperforming as a the commercial quite portfolio. mitigated industry. impact total when negligible. margin degree. PPP million, fees, the in
allowance billion X.XX% to negative Given recognized these bad a We management income included forecast, lowering on pipeline reflect as income fees economic banking all which results pressure for at and increased inflows noninterest million the depreciation. and XXth and XXth. asset $X.X swap or $XX increased X.XX% activity September with nicely income, factors million X%, broad-based administration September insurance-related from of $X.X wealth and income deposit were for strong assets further approximately improving was by banking, credit of stronger wealth offset driven percentage experienced is assets under of by the net of market quarter, provision loans the by third income. under in closing mortgage expected, strong as while administration. quarter, noted loss a million Total reflect The improvement the for results in management from fees, debts and modest increased margins mortgage account $XX
$X.X quarter-over-quarter quarter. the million in side, swings relatively the expenses total quarter, merger-related inclusive expense million versus various On reflected when in to reported prior were but expenses expenses flat other basically $X.X total. consistent of remained prior All compared the in
quarter, Lastly, increased the the tax rate to XX.X% for improved third reflecting the profitability.
quarter picture out guidance, As provide following we we to serve the which a we’ll Savings acquisition, the Boston fourth the update the as following look on into update year-end. East and big near-term pending
reaffirm one to book the value earnings the the said, various Boston may noted, being to excess we announced Chris initial item in of from East an Bancorp, see the tangible general, that the a to update deal quarter, deal our big-picture As modest last Savings Bank we With regarding Though mid-November. anticipate continued merger tick on as particular close components of stream over is Meridian liquidity attributable metrics flow margin months, fine-tuned, guidance provided continue in with the forma last down. interest accretion. pro basis six earnings some and to net note be
closing anticipated mirror flat continued Regarding that standalone expected to will payoffs growth balances. mitigate Rockland activity, loan guidance, results, Trust relatively in strong QX such is resulting
is an and line liquidity on charge-offs. continue Noninterest deposit sale banking surprises guidance, production in loan Near-term overall decrease gain factors noted to continue approximately from of in utilization increase low declines improving and each slightly. will to gains, anticipated concludes portfolio, to growth any expected will to compressed increase and single serve from the margins in Noninterest securities provision before, could deployment both likely a catalyst expected slightly equity comments. due to in balances. track QX be a will the likely asset well at investment reduced As to to Deposit levels is net loss $X of income reduced growth. general below to my of likely retained which for increase credit stronger excess trend seasonal major be as increased likely prior the in attributable no QX benefited quarter’s quality, assuming economic Similar form of fees, as in income million mortgage quarter. expense That the results as digits.
We to will questions. up it now open
