you, Thank Chris.
Before I'll we quarter, a a the details, get referring financial provided to that the be and reminder that update throughout we prepared for to deck just the into comments. accompany deck my
of its income such, expenses was Slide diluted XXXX full net subsequent of Boston the Savings $X.XX, GAAP X East related the $XX.X million, EPS million noted first $XX.X $X.XX, merger and excluding As the as on quarter onetime and with $X.X mid-November that pretax million first and income merger diluted quarter deck, for to EPS was operations and quarter. of Bancorp were tax the subsidiary. Meridian reflecting Bank first respectively, operating net and When effect,
on Savings recently runoff slide, the real of portfolio. acquired this As net Boston in the key estate results excluding X.X% quarterly East annualized expected include loan growth the noted Bank drivers loans, despite PPP when commercial
In provision asset resulting cash the uptick combination addition, deployment excluding quality quarter. to an core this led credit million with X% purchase portfolio, a the for interest continue prior we continued in assets, of up accounting modest margin when securities quarter. and to negative strong into losses, net nicely $X from the experience we a in Despite nonperforming minimal impact, and PPP-related
In reflection basis, assets was and on on in more summary, expenses strong quarter's noted, unrealized a a our equity the results and solid portfolio return $X.XX and were share, moving our in a return save X.XX% for overall, on little in operating operating on book basis X.XX% we I'll value an respectively. In decline quarter quarter of detail core And cost securities tangible resulted a bit. balance a X.XX%, operating average common addition, expectations. results merger-related common AFS expenses the a position results, few the solid XX.XX%. just the saw income losses components line while with results, tangible the the increase the fee X.XX% a And to view nonrecurring the on return equity in excluding GAAP although merger provide were per of as profitability a reflect sheet fundamentals On poised forward. which basis
Slide to of quarter now we As key we'll some results. cover move X, the components
essentially As here, loan flat of $XX.X the shown portfolio stayed at inclusive PPP, billion.
X.X% grew the healthy PPP, quarter. loans I rate However, a total mentioned, for as excluding at annualized
the loans, expectations, The and experienced while Bank in to the the residential of with PPP X.X% Boston decline balance for with production mortgage book of quarter due continued this was utilization on quarter. in was sheet. the in C&I primarily line attrition commercial East growth driving majority estate C&I legacy real growth line balances, the in for growth net vast solid retained majority increases which was Excluding portfolios the occurred the of Savings while
loan into quarter. X. some the We'll cover insight Turning to Slide activity for additional
optimistic and XX commercial strong million. was activity of As the with for noted closing of loan closed million, with quarter, from level origination quarter approved activity of left remain total up continued $XXX March a commitments $XXX commercial side, the million, strong prior $XXX the on for pipeline we
in around classes four buildings. of asset As pockets centered one and industrial as construction our condo to see opportunities the as CRE market, continue and activity majority we of for office apartment to family, well and
in retail was on million technical of PPP quarter While service XX, of to balances see unearned you $X.X the quarter, slide, $XXX majority remaining Also $X.X in noted of fees this million million. side, paid the trade as prior activity totaling can the million net this down and compared on $X.X March to C&I generating the the net recognized with fees industries.
equity slide, key quarter. metrics data on home and consumer side both for books, the closings, both strong reflect the we the of very mortgage which were On including some the right around
of results. strong to overall and was portfolio pipelines alluded in improve closings flow the before, pricing allowed equity balances to consistent continue As volatility current secondary volumes retained and more mortgage quarter's And application into home be a should although company's the sensitivity the as for low the utilization, line XX% future of sheet. by muted asset balance activity
strong over value X. Core roll flat in rising for higher core allowed as XX which serves off. of X basis more Moving as to the its month reminder while a we focus over activity I'll this in color provide base future Deposit reflects of the resulting to deposits for for deposits, which certainly believe business will deposits and March the also prove continue a core deposit XX.X% cost municipal continued rate growth, little the on total household remain of with deposits a deposits time larger likely points make balances, quarter, now environment, at that relatively deposit volatility overall shortly. cost up and a Slide low to
X. to Slide Turning
interest here, We interest to items nonrecurring interest details reconcile net interest net see purchase margin. provide insight net to as prior margin fees continue the net PPP, to margin, by volatile full accounting, quarter. our quarter East net back and the benefit respectively, and and along over core reported or other increased acquisition, income with reflects the you of reductions accounting income purchase on million $X.X the versus reported over million Boston And and PPP the offset prior can quarter $X.X and a in
from and of other nonrecurring X%, items, up smaller margin was core the Excluding quarter X.XX%. prior these level nicely the
about forward, is a sheet we going that As is given the balance of sensitivity certainly topic expectations. think importance margin asset future
of level on any loan in slide, that loan hedges LIBOR, primarily basis, loan of XX% the SOFR is repricing to balances XX% benefit we $XXX that Partially are macro a with of book approximately Federal indices. index combined Fed see interest the loans cash benefit, benefit. floors our money, in immediate pricing on movement offsetting these of term to noted subset which would approximately billion have funds, the and we and that X-month mitigate in of $X.X or rates, another about currently XX% our immediate tied short-term Reserve prime, million As
to provides metrics asset quality. some over X Slide worth highlighting. key Moving
million strong credit allowance reducing million loans, as metrics the delinquencies primarily current X million noninterest of or benign point X.X% XX Consistent decrease noted and $XX basis XX ticked recognized commercial deferrals total for of of loans $XX.X out to basis as the nonperforming income here, of from to quality with large X.XX outlook, of March syndicated expected is total a reserve loss. charge-offs on noninterest Net gears credit for remained the quarter driven with As was account million to approximately Total noted down that the reflecting items. and prior to a at March XX. Slide portfolio. the quarter. the prior details only previously, $XXX,XXX March $XXX of lastly, credit asset a X deposit on as loss be the portfolio, loan to release increased Shifting as percentage provides nicely a points $X fees worked quarter. X.XX% XX, from results increased by basis. And at an X annualized or
balance As million, mortgage activity a earlier, closing for management to inclusive primarily decreased absorb has $XXX,XXX swap momentarily wealth of market, the with swap income the in which fixed a capacity secondary the resulting of of mentioned most $XXX,XXX banking more reduction increase. is directly of asset to mortgage only sheet for servicing on result in decreased driven decreased in depreciation to XX% the income positive Similarly, to market $X.X fee as income and volume, rate volume a quarter, our resulted quarter.
inflows. exceptionally of new as an quarter However, Chris money mentioned, strong with
billion. of assets As March total to $X.X XX, administration rebounded back under
post-East expenses million merger-related Bank Boston next Turning Total slide. reflect of results, to including $X.X of full a million the expenses. forma pro of Savings $XX.X the quarter
are expenses, Having terminations we meeting said will dependent the a the total expenses of costs cost remaining through Boston our onetime on negotiations. save Excluding are target. modest that, have couple final East lease of be in which that quickly XX% will reflective future, executing timing merger the of working savings
the for rate couple Slide Slide of XX.X%. quarter XX on year reaffirmed full updates an Finishing XX last noted tax drivers here majority is was quarter. We the guidance provided on on points of update key a with the of or emphasis noted. up Lastly, essentially
level year. originally core certainly better forward. margin certain the for the rate benefit modest Also the comments, level regarding height of level interest Regarding noted planned, for prior other with better full expectations March heels generally and up loan with unchanged, future reduced a questions. remains year. single-digit of the of results the half first with in open exception now provided elements near growth QX rate some growth immediate anticipate than guidance and we drive on going being income we at the one low impact increase to That almost we'll slightly results of than will expected derivative the earlier loan asset guidance repricing net my it full our concludes All levels,
