Thank you, Don, good and morning, everyone.
with closing While represented economy this boring. and to certainly it on CECL UCFC PPP while we a quarter work a of quarter conversion. entered The merger effort, core significant integration had first adoption, was recession little than the less program amount continued excitement a not the and and
areas with sheet. impact. second Now Start quarter I will summarize results and of the balance discuss the some
No release. adjustments taxes, adjustment merger for resulting to First, UCFC goodwill. goodwill summary made other fixed deferred is to were the increase the to we and and assets in options, a our related press updated $XXX,XXX a had minor in
XX. we $XXX completed the loans PPP million for were June as in loans XQ, growth, of driver as Regarding
during from decreased increase in $XX $XX million portfolio shrinkage, commercial had last as to did Excluding in very as although will PPP, but pandemic due the declined line as lead we market. loans loans Consumer loans loans strong refinancings primarily cut a back each have behaviors volume declined, quarter, we discuss to for non-PPP sale. Residential and held shrinkage paydowns. spending later, and million saw origination loans I prepayments
behaviors. we interest-bearing million rate. growth represented XX% and Non-interest of as related for quarterly lower total funds XX. well at deposits, is customer $XXX For added deposit PPP outpaced growth deposits about June growth as This growth to of XX% deposits a spending
explain I'll allowance. Next the
adopt accounting call. the well that As our X described impact January UCFC the I on previous CECL and we did last noted for purchase of effective as as quarter,
added quick XQ those reminder, to $XX.X allowance million a loans items. the we As for in
to Qualitative the potential volumes. loans, and PPP for due are But expense The if are XX. X/XX, our to versus factors the of next do quarter that net driver For down increased including factors the future net coverage quarter increase by at for and X.X% due related X.XX%, recession to is unemployment offset exclude were in an due to for Quantitative next March X/XX. increased XQ, loans of economic current total forecast the recoveries and national this million, X.XX%. up XQ charge-offs. million the forecast. XQ, was million. down not expected volumes is and our is time. require which Loss factors, a and improved reserve to to loss guaranteed recoveries A lower at ratio for a from these historical factors XX.X% improved rates because quantitative provision increase the for better and qualitative loans allowance exclude At X.XX% at allowance net $X.X is in key $X.X model would loans which be economic in $X.X PPP primarily better you
sheet, we Corp. presentation the More Premier would I'll capital, discuss include balance finish posted be found where accounting details you to total X.XX%. the of the our marks, if At can To and addition, equity ratio website. June the our unamortized balance slide XX, be about June at our ratio strong ended Financial is coverage In purchase due with be was net in to million XX%. March primarily to XX, up estimated tangible equity income. from million $XXX of capital $XX risk-based X.XX% XX,
by income quarter of that preface none three are in year-over-year XXXX Next second including noting I'll to UCFC the compared operations in comparisons had with will to fact second the I the months obviously that this statement. quarter skewed turn of XXXX. we
interest $X.X with marks purchase coming second accretion income average coming of loans was with $XX.X also include on and $X.X This income million start a the of net an in income, $X.X interest PPP Let's quarter net through resulted which X.XX%. of interest from benefit the margin accounting of interest of million through does This This XXXX. $XXX for balance expense. million with million. includes million interest
the This rate precipitous items given which X.XX% the middle X.XX%, would down be those during on was of our of mostly occurred margin impact the interest the net XQ. basis. environment is drop Excluding external a in that expected, linked-quarter contraction from
of now. we quarter seeing are full So that a impact
strong quarter was due second for shrinkage excess XX Non-interest line to income, NIM $XX excluding the loan be liquidity income the estimate XQ, revenues. more XX% basis million points of the growth almost represented and excess more such We XXXX. and I'll of which expected was to have impact that liquidity QX it However, mortgage in from than deposit would was with $X.X for been for banking total with expectations. million begin PPP.
less due on was First up mortgage gains quarter, $XX.X In which sale million of were Offsetting of flat attractive for to were increased is last activity $X.X UCFC more more second months two due to a $X.X and This negative adjustment $X.X the sold rate versus during up the million of million, due due we having amortization which activity from from of about first of also is down were $X.X very expense from from but UCFC than million loans mortgage to MSR quarter so quarter. million about in months $XXX full down prepay rates, adjustment XXXX, quarter, to million, loans, continued gains which three is mortgage the negative relatively make is quarter, million, valuation to attributable months $XXX portfolio quarter. to environment volumes. from last those again primarily the quarter but speeds. three that primarily last this partly valuation up quarter. The this
we back levels revert As against to recover be able will improve valuation speeds prepay that rates and allowance. to normal
in reported at $X.X in achieved million, came to have for we quarter. gain for and brokerage a non-interest $X.X million But would quarter. amounts commissions million reporting was like million other and that lastly, related Those have previously quarter. to $X.X to And wealth included due income income million revenues financial restated included million and reflect fees were I $X.X BOLI advisory from increased charges only commissions income. million we of but have and showed contingent for last an income. while XQ, reminder is million total Insurance $X.X consistency. million income a income down other Next, XQ. last a other out wealth increase from that management we from $X.X a $X.X non-recurring And service were management Those million, to amounts in historical that increased made we now from $X.X to point last prior $X.X earnout is an $X.X trust not quarter which change as last to acquisition. Previously in
Next I'll discuss expenses.
$X.X First, we complete million synergies. cumulatively of million we merger-related incur the quarter and we implementation expect costs We in core date. so to do of in costs XXXX, have in conversion incurred as the incurred second to XQ $XX additional
As we conversion of a our which the of XX. materialize year after our reminder, July bulk the second truly synergies expect half to was core in completed the
reported other cover report of provision would reporting like to in related have begun off-balance-sheet quarter, I credit expenses. previously we change. inclusive amounts Beginning I normal which losses to operating another Before non-interest expenses, to this were explain exposures, total for
costs for off-balance-sheet statement Prior on the expense whereas related restated consistency. a to impacts have relates period exposures income of which amounts liabilities allowance GAAP. We as in required the provision have these loans from transparency been reserve recorded to expense under separate the provided for
$X.X and up is prior expected intangibles the costs PPP last to the at to due generally benefit exposures. is mortgage excluding expenses better deferred expenses million was connection our incurred the UCFC costs So months two the due which to of after in comp as UCFC in COVID-XX $XX.X due the full we $X merger costs $X.X Amortization from to provision off-balance-sheet last of than versus were recorded quarter quarter in liabilities. the intangibles expenses fluctuation to XXXX million to And expense expense quarter which up approximately Compensation $XXX,XXX XQ. reflecting second plan the as in core This of to in expenses we activity with were deposit loans. $XXX,XXX merger. quarter quarter well on compared had and quarter to volume plan component reclassification million the first increase other with for the of is only from million the $XX.X to due outbreak. And compensation million fluctuations QX deferred million of $XXX,XXX other the of represents $X the operating to strong biggest related deferred million in second in the compared $XX.X first in of estimate related three total compared again
generated compares of quarter costs, which last favorably and second So a to we excluding the ratio XX.XX% the XXXX XX.XX% merger core in efficiency XX.XX% quarter.
Obviously, was pretax Merger on X.XX% combined Additionally, or average very our basis, strong per core a quarter pre-provision GAAP a as I share. income will $X.XX UCFC. or the pleased assets. of quarter net $XX.X On $X.X with $X.XX per we million, of wrap-up net which share. after-tax reported a basis summary with $XX.X million on realize earnings. costs income begin million as to with organization second benefits generated this represented are we profitability extremely a we our return operating an
summary, completed synergies. core had quarter costs earnings the as or and core great were $XX.X In a $X.XX per share. implementation million we we of those conversion Excluding
on solid operating for efforts. turn and strong employee in the our over my support time. Gary continue foundation our environment levels integration to now to customers, current recessionary a I'll provide while banking Our highlights we and together us allowing capital completes the work merger profitability initiative, and during good review financial progress That challenging call Gary? engagement this to community
