acquisition-related quarter’s and million non-GAAP primarily When $X.X basis Meridian closed significant and and EPS respectively, that fourth fourth provision a a merger diluted operating non-recurring reflect $X.XX Driven reflecting return excluding for the quarter return operating represents expenses were loans. recorded November PCD of attributable decreases million assets X.XX% by $X.XX items loss Chris. net East the net diluted last quarter, average acquired the for on of credit which EPS income Bancorp non from a results Boston upfront $XX.X prior tax excluding or common results. as $XX.X quarter million, and income just noted, $XX.X costs were the of to of equity, and XX.XX%, the related increase, operating basis, XX% acquisition includes Savings these GAAP X.XX% you, of GAAP from deteriorated and respectively. Bank Thank on XX, non-recurring company of the one-time results. well one-time results, XX% their credit and million, as non-purchase items X.XX% $XX.X while On million On and The provision pre-tax effect, a
closing. goodwill with Key acquisition. a liquidity balances. little $XX.X approximately return the the impact prior also a In previously accounting mark, quarter. XX.XX% the now as or Meridian XX% from after million some And were totaled associated million. the outstanding. of interest are with cash deposit earnings associated A on allocation. valued of $XX.X Total shortly of value, paid X.XX% purchase-related results options. the marks to $X.X at $XX modest $X.XX closing approximately going of plus balances in an intangible long-term accretion indicated, of shares credit we core immediately X.X% million forward. credit with amortization basis, up fair acquired metrics fair PCD $X.X comprised the adjustments key of in deteriorated full With anticipated of $XXX at fair loan purchase were combined tangible consideration on for offset million the addition, fair recognized the and $X.X net core and deposit XX.X nicely value Total of or deposit common was $XXX.X value stock and operating billion value or Total a balances include quarter acquired or these that allocation billion, marks $XX.X issuance very premium was included, on deal million other asset total billion reaffirm have borrowings equity loan summarize of the I’ll total billion, at million assets $X.X billion out including was
terminations, of agreements As branches December been while the legacy acquired of and East as Savings also of which Trust of Bank convert, XX two during had closing Boston includes severance XX, quarter, simultaneous conversions, key our during system quarter. contract the XX% assumptions save a the of result closing bank achieved completing the the Rockland cost and
Associated events the quarter one-time amount bringing contract terminations, year-to-date other facility professional and expenses these the million million. legal with were along items merger-related $XX.X to and exit $XX.X miscellaneous for and incurred, fees with pre-tax total
are costs certain to facilities, in approximately the the the inclusive book of be to exit one-time million merger to of anticipated $X one-time or resulting less XXXX positive, recognized. slightly impact an million addition, recognized reflecting the in of to be cost $X.XX final is increase of XX.X% announced. to than immediate be in tangible In very total expected originally deal-related $X In remaining the related costs remaining value, summary, yet approximately merger
loans Along will repurchases such, allow the mentioned, forma have an The levels behind residential shift strong talked for with elevated plan response low activity reduction a aspects classes, on closing offset million annualized Chris million reflect release, of the we total quarter Meridian of net loan balances, growth January pro regarding in acquired and forma by key pro quarter of As guidance XXXX. balances, closing rates million drivers drivers about financial and now billion in condo earnings continued $XXX results, of XX, the in $X.X to other legacy announced primarily our in development in and When lines, organic to an totaled increase reflect in $XXX and as cover and organic for our attrition slightly will heels XXXX. X% noted under the was recently as on $XXX excluding loan $XX and up be year, activity I the payoffs. gears position throughout basis. to capital associated to line strong stock basis. our Rockland PPP of fourth through conclude business or the our position, buyback many on those the themes effect with million utilization the
was A reminder, announcement for reduction $XXX a that the income an will update by increased $X.X compared from residential inclusive the an approved additional PPP the while rate on million at noteworthy million production $X.X loan our the occurred residential usual in from Boston, quarter approximately year-end, expectations basis, overall East be net prior through volume environment million and certainly portfolio to million, $XX home Boston plan organic of portfolio loan balances was to The low jumbo usual sits recognized $XXX and continues seasonal $XXX portfolio, million on decline. pipeline, expected million of the light year-end, And regarding in quarters, XXXX. on solid quarter. quarter. prior in the of at approximately equity As a attrition restraint application the through loan our growth has the in strong reflecting drive of commercial loan fee in loan fourth change East
or As with outstandings with million in remaining million to $XX most approximately approximately of in which deposit lastly, portfolio, $XXX of be despite East fees interest core across are net the December demand deposits. checking by organic million, December deferred And larger an merger, recognized the excluding includes deposit, On basis, PPP the expected Boston’s reflecting Boston first of XX, strong consumer the deposits total and acquisition. And East total increased deposits a year. XXXX, XXXX, million, $XXX deposit East Boston XX at increases $X.X half X.X% of healthy savings total time accounts. remained are XX% associated that of
million the value quarter remained Rockland’s benefit expected deployment acquired over yield the market the for Security for structure. avenue Similar with the the quarter totaled immediately common excess fourth government of transitioned X.X% the portfolio. average most of cost to points. life $XXX of the deposits treasury accretion, into a core X fair and majority years. from deposits And addition, in of In combined agency at basis in with was quarters, pricing just only we’re prior of time deposit weighted and and of securities, the purchases liquidity six securities comprised were
Meridian income portfolio. Shifting margin statement. rising increase, Reserve the fixed gears basis to and that rate portfolio heavily interest loans hedges rate forma to loans, front, immediately with Boston as with on profile to We increases. continue with expected maintaining of increased a loan pro remains million and reminder quarter $XXX.X and asset-sensitive short-term X.XX%. a XX strategy one-and-a-half the balance reflects balances cash excess the that $X.X of XX% the rate at the the rate in an Fed is profitability, from the to month Net although adjustable benefit rate the income deploying of in liquidity XX% sheet East And will reaffirm level be Federal some benefit while flows future of macro to billion reported of comprised the asset-sensitive, net to the more for of measure poised loan level at that from longer-term to lift approximately the points acquisition,
noteworthy in quarter. total as securities merger the yet from Some down the margin assets and at of remain of following. in earning XX%, Inclusive items average cash impact, an elevated XX% at the slightly include percentage the position a prior
fee was prior the was accretion fee As X.XX% prior the significantly income like one-time margin the Total accounting items for and consistent PPP noted versus quarter And was the purchase adjusted other quarter income, up core accounting the $X.X for previously, PPP in X.XX% million excluding the quarter. quarter. in penalties, the quarter. prepayment accretion purchase with
credit. to on Moving
for the loans remains million non-performing updated X.XX% modestly quarter. million $XX.X prior million. amount, such, include lastly, the decreased production allowance quality And portfolio. million quarter acquisition of continuing remain offset $XX.X for million in the income with loans, XX million versus the delinquencies impact, the non-performing the reserve market asset large $X.X Meridian non-PCD fee $XXX in $XX the deferrals approximately recoveries very strong quarter. concentrated million in credit of banking percentage strong reflecting for credit in million there’s in loss quarter, the X.X% million in loss reflective of decreased Total for million metrics a acquired total recovery prior December only drivers were the of Asset the December portfolio, income resulted now is XX% and quarter, Mortgage to $XXX,XXX total are loan which the as at the the approximately release, this total acquired of an $X.X the sale Inclusive secondary majority particular, the by sold quality during acquired quarter. XX were $X.X to only to just of increased acquisition, provision key XX% quarter, compared net now industry. for Despite some last attributable December to as highlights the and, $XX X.XX% from accommodation of a or And I’ll by The was in as the reflects loans of $XX.X discussed. at $XX.X a XX. deal. the loans additional notes October,
consulting $XX increase million month the net quarter, of rising of stayed management which demand for swap the inflows merger-related rates, before result $XX.X the primarily nicely from fees costs. expectations for $XXX,XXX to And of reflect prior December appreciation. increased for alluded Chris quarter plus for level from offset a quarter costs. compensation, Total Total the increased with wealth relatively quarter as one-time for quarter. of XX incentive quarter appreciation last consistent quarter reflecting at under other administration market the severance mentioned, the assets, commission increased market the income the a As low $X.X noteworthy reduced is expense million, Other up acquisition, and the one-and-a-half insurance quarter, to with and for compared income commission late benefit. $X.X with reached as December as the record a expenses items consist million prior included billion, expenses of
XXXX P&L the first results, I year guidance. worth Lastly, results the quarter plus benefits XXXX from for variation a full the in the noisy with deal, associated the the benefit true-up tax XXXX will for out near-term, the driving filing quarter close of components. of fourth the be now noting to the the post-merger of account corporate Meridian XXXX tax some that In with returns. full adjustments quarter will most of it’s impact first quarter $XXX,XXX include
year stabilization Boston PPP likely of core remaining percentage balances low healthy reductions to balances, level targeted single-digit East and expectations, as is growth. certainly the loan noted, range. a modest the continued quarter, would will growth is to XXXX, previously XXXX. a stronger catalyst those loan As for balances expected growth last at single-digit loan legacy late in contract due attrition offsetting despite in attributable loan the the for a increase to mid closing serve in early of as acquired to line noted low balances, Upon utilization any which And
time with core purchase the remaining level fees of the deposit balances balance include anticipated In bit of a attrition interest of runoff some always the in a half due accounting and quarter-over-quarter million is the year. first acquired PPP $X.X Net household recognition remain remaining to deposit to volatility and uncertain growth some priority, may addition, reflect modest expected loan in income yet accretion. deposit is
in a the the increasing in changes the of no measured Fed, margin to fee assuming from continued be securities estimate excluding X% to PPP However, purchase approach and for balances range would basis. income we X.X% rates and XX% loan accounting, my our comments asset increase a a rate the positive cash net book of net sensitivity, on In to drive approximately on a full full reiterating position the on year. and core prior XX% Fed
outstanding kept impact major the from while rate deposit have economic broader we income management modestly in for be of upside to interchange and Non-interest the the decreases be of environment income customer With mortgage current yet is expected is contained. remains in continue portfolio, with overall loss money wealth successful Meridian income XXXX tied to from pricing net new improvement we continued following, offering net much or positive short-term, expected be set well plus which loan will direct credit level and a new income levels, the market their And portion basis. be increases modest fee to the addition, market-driven. a Wealth anticipate integration changes to In activity over The reflecting continue the primarily surprises mortgage impacted year, reflect provision assuming will our Durbin. pipeline by much inflows little likely the increase on is rate to income. have XXXX full income increase would in acquisition to in lift general of closing no interest very of charge-offs, results, only factors likely to levels, contributing below which while record a would net borrowings, management of impact. the retained to income expectations lower these majority high, will by track though than year-end and depreciation banking to banking portion expected any at now derivative mortgage a levels expected quality, in rate potential drive anticipate appreciation for and product to asset remain
pressures the my investment rate and concludes the range, Regarding technology typical our and us, already the as tax save deal, are infrastructure. now of it earlier, XX% terminations risk the inflationary spending year tax non compared majority while direct to contract interest in behind we – in percentage assumptions to systems expense, quarter XXXX compensation discrete result single-digit noted a point is And increasing full rate to the with confident comments, with pre-Meridian full That a Meridian with announced be up the the questions. and lastly, we’ll first of legacy investing equity when cost at continued in and being open the reflective the our mid low originally results. benefits. And XX% to that of XX%
