earnings ended thank reported the quarter joining results Good $X.XX $X.XX XX, our the reported morning, third performance. and XXXX on operator. morning the for as three unchanged diluted discuss us months This webcast XXXX. everyone ended you, and we share September Thank common to the XXXX we the and you operating call on for we June to per XX, months three of for
share like Before positive we turn to I our with you to some financial a would discussion of developments. performance, recent
amount equity, The stock. the and time, Purchases CRE transactions forward. announced this buyback the from million foremost, through total on have program accretive concentration time will levels. it to our open and structure. a be common improve The optimization First At no be debt. program. impact will time our generation our market of It earnings going ratios subject on our of a Accordingly, repurchase will we fundamentals Directors issuance subordinated on same made our per received impact or to approval our conditions. market a to return light and share morning diversify capital regulatory accelerate Board be internal authorized capital $XXX either share, we to of plan our capital positive have will will capital funded
approval we New banks commercial ago, York – received Commercial with weeks our New Bank. is final our and primary regulatory three This to Bank merge Second, subsidiary, York Community well merger subsidiary fourth expected quarter and of of the year organizational expect to efficiencies reduction through additional we redundancies. in the certain as during to as the close and capital result operational into flexibility
a announced yield of yesterday’s on of shareholders cash of dividend that dividend declared also XX November share November X. the dividend represents as for X.X%. of record per Board payable an the $X.XX Directors closing annualized will common common we to The Additionally, be on this Based price, quarter.
now Turning of to highlights the quarter. the
measures strategy results factors pronged three the assets; short-term increase quality. These significantly reduced three, interest while sharp quarter keeping our redeploy rates and and third and portfolio the higher expenses the the FOMC of were is and liquidity our asset of loan on to a excess at continuation yielding the two, our higher One, reflects and our respectable into earnings. still operating was while slow eye two quarter performance Our seasonality performance quarter impacted interest during for tightening our the operating third quarter by as a notwithstanding us. during factors, historically year higher continued rates;
billion During our cash level. loan over now total balance our sheet the to Increase Reinvest further reduce loans $XX currently just assets grow under with third our non-interest $XX excess quarter, with billion. total continue and current expenses. portfolio we
increased December during or loan the XX, an X% basis, billion Overall $X.X basis loans Total XX% including growth or annualized or growth timeframe. $X.X In $XXX X% on addition, same X% we on grew annualized annualized $X.X total over assets annualized the billion our deposit or once quarter. since billion the current at multifamily million growth increased XXXX, related December loan base while the which while portfolios. our primarily in XX, solid to increased XXXX, or portfolio XX% loans and balance year compared The our rose compared C&I million C&I to multifamily result end. X% of annualized, portfolio, the or annualized again specialty to $X.X are billion was $X.X finance $XXX billion an
year $XXX range CRE interest traditional nine rates basis, pipeline of the second continued currently billion our the with to the we our of loan comparable X.XX% the X.XX% $XXX during On to new September range higher investment increased since the was securities. typical yielding third current quarter the of originated loans, the try $X.X On Multifamily finance quarter, strategy pricing of since has includes pricing into current a is Also excess ago increasing CRE third to pricing is a end months loans, and the the or ended specialty cash loans $X.X quarter, and XX, C&I of X.X% our reinvestment XXXX. originations during and of finance and of quarter our XX% compared we With billion loan specialty new multifamily and reflective million LIBOR. year. in in quarter, loans some redeployed of pipeline loans which year-to-date front, short-term million also million $X.X is X% we more third originated seasonality. to approximately loans. up quarter of the The $XXX billion of
this strategy as We fourth quarter to the in use well. will continue
slightly the the the operating front, $XXX during we $XX the year expenses non-interest XX%. quarter than of expense third our down to third decline million Non-interest the continued XXXX, quarter. and Compared quarter declined X% compared or were expenses to to better On expenses million expected. second of
expenses first declined $XX year, the million of operating the nine XX%. months or For
from previous Our efficiency XX.XX% to due ratio XX.XX% increased lower to revenues. quarter the in
cost was as of funding increase prepayments rates, net later the fact higher lower funds the margin, the the points in year. interest Federal XX to was that due interest the a quarter quarter down Reserve second margin onto we to quarter and reinvested continue the Moving level decline compared the basis this than X.XX% to of anticipated. short-term This
been prepayment in below the the expectations. margin net-interest X.XX% from X our slightly have X.XX% would income, the basis quarter, prior to points Excluding compared contribution
On year-over-year the on excellent our XX% no asset to Non-performing remained $XX million total quarter. basis a asset quality assets XX numbers points declined the during surprise, assets. front, quality of third or basis
very or XX% total multifamily taxi points declined point excluding specialty $X non-accrual medallion-related loans portfolio, losses. Excluding basis and charge-offs or average of and loans, X loans, generate in X were way the continued assets. our NPA $XX finance our or our million basis is $XX core to million portfolios of of CRE million little Net to
negative factors our quarter charge-offs I those control, stressing have that our loan rate this not growth line to our did expenses. We manage litigate that factors three common to under ask program by open the to your fact, operating In conclude the would we questions. current along cash, prudently interest continuing repurchase continue portfolios. in with would those reinvest of environment. for On the operator excess and namely, stock will effects the believe like to that we note, I these now
to later Operator? of don’t, please call time to best we but our today free do us all the will feel to within if you this We get or remaining, week.
