earnings on we disclosed net now $X.XX. previously share reported loss, $X.XX I'm quarter common fraud morning Beth. per for continuing third slide of Thanks This operations our income from was Adjusting X. per share.
and compared the share results $X.XX quarter second the adjusted Our $X.XX in of per period to in year ago XXXX.
conducted As was $XX $XXX became our provision ongoing for The by activity Due million. share. after-tax million. loss of limited long pre-tax aware a in to fraud information we we in July, customer. was business reported losses litigation can fraudulent a investigation the impact of quarter recognized The with impact we're this standing in credit
The to losses. for fraud our overdraft two accounts charged credit operating recognition resulting as and off realized through a various was an provision in
of We’re in filings. provide and continuing avenues will public all recovery we our to pursue updates any material
point of also interest rates on would equity. common the our on tangible out impact I return
rates. has lower by due last primarily quarters, of the comprehensive our to income capital $X.X Over four other component increased our billion
remain in notable on XXXX. This the XX.X% otherwise, our year. the quarter quarter third this ROTCE been XXX our would same, Said point the items of impact third basis compared ROCTE of have increase had the OCI if negative to and
on cover of my the X. slide other in items of presentation, I’ll turning rest now the so I'm many slide this to
and loan X%. $XX to up quarter of the grow by from third to continues commercial position X% billion, up last primarily average balances. driven the industrial growth year, Total in Our were loans business well which were and relationships model loans, us
also primarily loans, Linked up quarter growth and and industrial average balances was by X%. driven commercial
based Our continues footprint industry across broad as well our targeted growth verticals. as our through be to
our more elevated cautious C&I and decline commercial stance in paydowns due growth and types was partially loan offset balances to on estate certain by markets. real the
balanced to with Importantly, loans. our growth in consumer growth more continued continues be
have results. made acquisition mortgage meaningful both in our investments this consumer completed earlier are and the business year Laurel and We Road delivering
our $XXX quarter. originated $X.X over volume this and sheet. loans consumer loans of quarter, the year we and For we Of retained in third up from million our from XX% double this production, business Laurel last a originated balance than on billion of XX% ago mortgage more quarter Road, approximately was
remain disciplined perspective. profile. the we well we quality cycle we Importantly, away managed performing business and walked risk business our to moderate credit does credit not remain through and longer with our meet committed underwriting term our that We this with from
deposits year up ago for to $X.X the X% prior X% the period compared X. billion quarter. or Continue Average the from XXXX, up Slide and on totaled $XXX to third billion quarter
the in Growth deposits was a also certain deposit driven by commercial was from both of both and elevated balances customers. from increase the by driven levels prior consumer consumer On as commercial short-term quarter year basis, clients, and well linked clients. as commercial
Total this basis saw were of more down next lower impact interest quarter rates bearing coming lag through deposit quarter of the see come point costs deposit in prior pricing. late the from expect We would one benefit the quarter to through. the in reflecting we and
total a have deposit deposits consumer core continue We our for strong with of XX% accounting to deposit mix. base stable
and quarter million Turning to this to quarter in income $XXX $XXX in was year. million third Slide the net of quarter second X. XXXX million for the $XXX of compared equivalent XXXX the interest Taxable third
accounting lower X% third rates, quarter reflects XXXX were second the for accretion. XXXX decrease for to quarter from net XXXX These loan of Our as purchase in as interest income in by X.XX% margin balances. a earning quarter quarter. interest the and lower partially interest higher asset offset well compared was the declines X.XX% for The third net third the fees decline
interest loan by fees. decreased income quarter million and interest the $X prior rates X% Net from or driven lower
interest in lower net came quarter's This margin expected. than
rates did point change down rates market Fed forecasted response one higher benefit reflecting funds. included relative fees a were in late lower the deposit that lower in basis Other providing our quarter to and move slower for to factors LIBOR see the Our the costing quarter. We our margin loan than pressures. fourth and impacted rates interest rates
interest and interest net income relatively to remain expect we net quarter, fourth margin the In stable.
to point rates additional includes assumes our in average outlook declining by points bearing in interest and also rates in third late growth October basis This an loans. approximately relative the basis continued Our XX cut XX deposit quarter.
slide actively hedge you to the We’ve can of in exposure to additional interest the deck find our In information liability declining reduce continued positioning. appendix rates, rate in our third to $X.X on asset billion our quarter. floors approximately executing
the declining Our swaps entered reduce third quarter and risk time our of repositioning year total in of last of since we’ve $XX billion. a and began into rates floors that to to
the $XXX year year quarter million most income Slide Moving $XXX ago of was The non-interest period change quarter. categories. from X. compared on growth million XXXX reflects to the these for to across for the ago third Key's
year. third record placement in quarter fees banking from up We investment $XX last debt a reached billion
services strong by We also driven corporate also we income, income derivatives, servicing from growth and mortgage both saw in saw mortgage consumer year-over-year and higher primarily these. fees
corporate driven from income growth placement consumer fees the the same we debt and income. $XX many by million, banking in to mortgage by quarter, Compared million Investment saw prior and services $XX non-interest of categories. and also increased last increased quarter
very Now, turning to to management slide positive Expense story. be a XX. continues
in quarter efficiency As are and at delivered and our initiatives completed savings second the commitments. our end the expense quarter cost results we’ve run million third on We fully rate. $XXX our of the
continuous of the culture improvement our reinforce to continued organization. throughout also have We
Third XXXX slide to prior breaks $XXX side quarter of the non-interest quarter. third expense This the and items notable the out notable was on table items. million the of in compares million $XXX the million. excluding The $XXX the bottom in quarter in left quarter, second
X% $XX of comparison the expense offset successful expense year year-over-year implementation were partially and the surcharge. the Laurel expenses Non-interest These initiatives Road of the period. Key's elimination ago of to decreased compared early year. by FDIC addition this or reflects The million
franchise, of notable a declined Compared The excluding expense initiatives impacted successful implementation to expense the quarter, Key’s other decline items. personnel reflects lower period. line the non-interest expense $XX and million, across of prior which the drove number positively in the prior items
slide XX. to on Moving
previously provision said loss. I our charge-offs from disclosed $XXX million net As previously, fraud and included our
quarter, which a basis net fraud or losses to range the excluding total basis, million loss, the slightly points which the – were the net quarter, continued be $XX average our exceeded for charge-offs $XX below over basis XX On similar the again, loss, for cycle growth. third the million of loan in provision our continues credit fraud XX of reflected was Excluding loans the points. XX charge-offs to
$XX Non-performing quarter. were up points quarter, XX from to compared million period. represented from loans basis a last loans XX basis ago million Non-performing $XXX but period-in the loans points prior of quarter, this million $XX year down
process, sales quarter We properly completed held the that credits marked this loans a which of several are soon. be sale. assets transfer with should are for the these had moving Non-performing and temporary increase believe through
Criticized declined loans credit past this day quarter. remains both loans, XX Overall, quality and due our strong.
new originations quality and both high business. to commercial book in the consumer Our loan continue be relationship
with XX. Common remain X X.XX% end slide stable to at a relatively Capital on Turning this ratio of ratios Equity of the quarter. third quarter the Tier
a committed returning mentioned our to Beth capital earlier, significant As including amount our to priorities, we remain shareholders.
a a third quarter, the of dividend. In quarterly the up from stock declared common share, $X.XXX share X% dividend we
repurchased We to common shares million this quarter. also continue repurchase with $XXX
to definitions of Turning our guidance the are have ranges a fourth quarter bottom results. range Similar our we approach provided XX. slide to slide. relative at The quarter year to guidance third provided guidance the ago, -
mortgage Laurel Average Road C&I stable. and growth in low by driven Average in the loans in up be consumer from consumer single-digit the be continued deposits our should relatively range balances business. should
with Net in rates which in and be October and will a interest fourth growth the interest - the relatively point sheet stability stable interest a decreased help more cut, assumes rate provide income. quarter. solid in basis This deposit income late fourth should XX net balance
in should businesses banking fee be solid such pipelines, as digit in COLI. with along income growth areas well our as some the low seasonality in Non-interest reflecting single as up other investment
be lower including We would target capital result factors single business. expect digit incentive expenses the in low markets non-interest up range also of seasonal to compensation a the as
the in Similar we last have to charge year. same the period penchant to years, approximate also expect quarter the a amount to fourth in taken past would settlement
and On a net provision we nothing on the reflecting outlook. credit continued quality loan will the fraud our loan including horizon we slightly remain that be stable that expect - loss growth. loss charge-offs will our exceed Net charge-offs see changes should
despite potentially tax will of our XX% Overall, and a guidance GAAP the slower rate growth. for year [ph] finish our expect from be economic In rates we good headwinds approximately to some signs
attractive Our clients on our grow an sheet to more have are that and continue become engagement see alternatives. off-balance cautious expect we through clients good targeted offering to
net underwriting manage savings continuous and continue portion a expenses cash through business. to investing And our back reduced efforts, improvement of interest rate management. in our Overtime, sensitivity the we’ve diligent while our remain and we’ll we into risk the
and time turn portion Finally I call the improve we operator for targets to will long-term instructions and call. to expect progress valuation over Q&A believe achieve our I the our our will reflect back results. market John? now for the of the over
