greater I an I positive you. financial morning, shareholder begin earnings provide third the will of review drive call. third our long-term thank Then, consistent then everyone XXXX in you and quarter for highlights strategies Thank continue power earnings Good executing to overview performance to our our joining value. us we detail. for quarter generate are and will and
your I will questions. my Following remarks, take prepared
EPS operating pleased unchanged summary from slide prior diluted quarter third report, quarter increased quarter. the GAAP XX% results. X is third of our Beginning EPS diluted on was We're while to a XXXX
share of of is a our the presentation is the per designated the non-cash earnings. rising between difference value adjustments, net GAAP against core movement core reconciliation and benefit. EPS release the to swaps slide to offsetting fair the of interest adjustments while to a related Our primarily benefiting are GAAP margin, core swaps protect fair value press include rates. and $X.XX Overall, interest primary The mark-to-market
provide closings, over for growth the production C&I quarterly quarter. marks million is X% of the On total for continuing This we closings our consecutive record quarter X% loan slide totaling loan totaling key or of year-over-year. million, loan X, annualized quarter strong achieved $XXX XX% highlights the and quarter-over-quarter, We our record diversification The driving to C&I of second production. $XXX portfolio.
As a XX, total portfolio. standards quality, million, management as reminder, decreased credit preserving to credit the At We Overall on loans these September of non-accrual we underwriting focused loans conservative generally quarter-over-quarter. grow practices, non-performing improve improving XXXX, and are strong quality rate our continues remains yields including improved and strong loans. at loans XX% to achieve pipeline X% remain risk and to C&I loan loan returns. decreased X% $XXX as floating continue represent risk-adjusted
third the to of from for XXXX rate focus in tax compression effective $X.XX assessment of partially margin by expense, our per quarter prior diluted $X.XX benefit to our FDIC continued from share. earnings due and share Business Even earnings the quarter eight on basis XX% the Small diluted core provision items. improved which strong, non-interest true-up expense, of the without remains the managing business per of core XX%, and reduction to included equated our Overall, benefit points. these the Core of a credit offset
quarter originations XXXX. yields basis decreased from points second Loan XX on the
curve pressure due tenure. point inverted the continue at to pricing yield we loan As the for pricing experience to our
deposits strong. of our basis municipal liability the and our recently Federal and as the pricing pressure remain has pricing prior market. non-bank experienced quarterly competitors disciplined still from traditional Reserve competitive side cut margin on – deposits in we competition remain will cost terms We by within compression points driven remain quarter, primarily four the increased as retail remaining on of from rates, deposit Although, the
However, late before cost of CDs of the X.XX%. funds CDs approximately quarter improve. average began rate at than quarter, third in less was the our At end, one average cost billion quarter to with new of an XXXX retail of X% maturing
We expect opportunity provide the that will in this an future.
York an branch Island, of new attractive a Long not outside presence opening are to New expands move we enable market announced, York New City. Asian into further only which in previously on As Hicksville, would our us
in estimated to also excited our valued $X price of closing previously Bancorp, an XX, $X deposits. our combined XXXX. upon is The as close and billion approximately at have October billion We're the in $XXX.X the on acquire about at is million very company agreement loans, signing definitive reported, in $X expected based Empire billion transaction to merger assets,
the merger three with City, County. our locations branches County, Nassau of close in the New and on of combination The of new quarter branch in to transaction in customers, with in be XX We The the expected expanded in XX% XXXX. in basis. and and branches XXXX five network XX deal and XXXX York combined expect provide branch XX% the second by is an accretive to to a branches opening will EPS Suffolk
net improve managed growth well growth power efficiency, core yield earnings enhanced funding best loan risk to focus exceeding objectives our stress on our improving and slide strong Empire our execution Acquiring expectations, and core managed remain further on areas distribution test deposits areas, to and risk channels adjusted business capitalized management risk these these slide continue scalability balance execute returns, under on new and to key customer scenarios. mix, and enable and and on bank lines, key and focused enhance commercial X, maintaining Bancorp, will strategic now detailed credit the power, philosophy. Referring of by focus earnings sheet us enhancing expansions remain the X, all we increased and strengthening profitable
X, C&I full XX% and XX% a totaled to grown loans for up gross billion, loans X% C&I of These balances banking the Moving the to over relationship. of and originations X% total as as XX% with slide year-over-year, continue $X.X we loans were of origination past on focus on quarter-over-quarter, year. September of to XXXX. loan the approximately have production XXth quarter of
of we several adjustable-rate As The offer steady and C&I you since to more interest portfolio including C&I can portfolio our in stability see, continues continued prudent have the margin. loan business. as are XXXX, the in net yield loans. and these achieved growth to The offers our primarily advantages, diversification growth
the The interest mortgage rate has fixed adjustable rate. rate yield on and XXX. loans of remainder of in the The composition the of the pipeline pipeline was XX% average product an
at value family loans to in XXX%. approximately portfolio and coverage and loan mixed at ratio opening was remains XX% commercial quarter-end, estate real quarter's The conservative the use current estate originations one-to-four of debt on our real multifamily,
underwrite rates. to rate estate a commercial continue includes which We real prudent interest and conservative manner, in loans capitalization stress test
one-to-four real and third use commercial a during a originated XXXX estate 'XX Multifamily loans points from 'XX. quarter XX second basis had the mixed mortgage quarter yield and from basis six third family points X.XX%, decrease quarter of of
loans Positively, coverage ratio curve. as average in to decrease ratio loan XX% inverted XXX%. was had these of value As due maintained of an yield the debt discussed, we asset our average yield and the to the quality an
and In represented on debt focusing quarter loan these XX% originations, to ratio. strategy We C&I multifamily. of while estate our respectively commercial coverage loans, committed third real and to 'XX, of XX%, maintaining and conservative remain XX% loan all loans closings value
XXX.X%. of to of September increased XXst, deposits year-over-year, mix and as Bancorp this our will funding We for X markets, loan quarter XX% at for the deposits terms. of XXth, and third has highlights the costs. longer XX% our to ladder total access XXXX borrowings the quarter-over-quarter deposit approximately we and CDs the at advantageously believe the we acquisition of need totaling evolution XX% When improve funding can enhance Core Slide out related to funding the to X% XXXX. Empire ratio wholesale percentage The ratio liabilities compared December was decreased.
and year-over-year increased X% you On X% accounts. approximately X% market increased bearing quarter-over-quarter year-over-year, and non-interest Slide driven see deposits and Core deposits now, by XX% X, will money quarter-over-quarter. that
emphasis core deposit approximately which an the accounts, increased of to non-interest focus with continue on bearing We growth year-over-year. X% deposits on
deposits. deposits represent million X% $XXX Non-interest nearly approximately total of of bearing
Additionally, offerings as diversified mobile online to deposit customers' of to part overall continue us. our improving in gathering overall strategy. and order digital channels, The with banking digital we improve our are our experience will strategy
XXXX. new be first of We operational technologies quarter expect the in fully the to
XX. Slide to Turning
the to develop and quarter, old strategy strategy ethnic less the new than deposits New fourth Hicksville, our Chinatown In is levels. Asian to continues branch continue a to within attractive grow our branch markets. we'll Asian be York. that to market. successful of the track This a targeted than ethnic in open in XX% further year a We will enabled an expansion more Asian within in us market The
continue a We funds in a have cost this in branches strong cost have community, loans. funds at over Asian million then deposits our to communities, may $XXX $XXX in recall service, we as have as total million lower that where over you which focus of well of as
strategic our within aided market, Board. Asian this capture by growth opportunities We continue to Advisory
points for pricing seven due interest $XX on was was Moving quarter-over-quarter interest and loan net points basis margin quarter-over-quarter, quarter to down net also quarter-over-quarter, margin of to down Core the XXX. XX, higher net nearly income by third funds basis X% competition. eight interest Slide XXXX cost XXX, million, of to driven decreasing
on we we is XX, the yield related are using stabilization. the to the NIMs support strategies loan portfolio. improving Slide One On highlight to
scheduled re-pricings, XXXX but between to an contractual as $X refinance. full billion loans a mean XX over marketing the not repriced of average of to reminder, loans These through points. basis have repriced As we'll upwardly the we rate, repriced price I contract at
swaps was -- the previously $XXX which relates NIM benefited of core as second the interest by the by covered, swap component stabilization interest points. quarter by margin to million, supported third Additionally, strategy, the three basis totaling rate the our in
be continue strengthen which rate rate and allows evaluate our balance seize Importantly over environments. costs long interest more balance all neutral sheet in to manage we actively the opportunities to to us to position funding we'll interest our further strategies term, sheet as
promising to cost retail X%, was of Slide move the Moving approximately than more to even in less X.XX%, which at see CD have was average we of an XX, have an average quarter opportunity than of end, an core some third can billion at less CDs you 'XX deposits, before that is our new our rate maturing quarter CDs X.X%. maturing $X as average cost of
average deposits is current cost X.XX%. all Our of new
of quarter us on ratio goal third efficiency was both of Slide second year-over-year to the the low quarter expenses to and focus XX% in in Continuing our in driven decreased expenses achieving credit. the FDIC quarter our quarter the continued quarter-over-quarter, XX, to efficiency compared The third the to over by and NIM, in ratio manage Moving assessment annual expenses third 'XXs. Business by XX% improving an X% mid assist XXXX. will and XXXX and the long-term of Small
average X.XX% XX, expect X.XX% expense acquisition to We Slide stable efficiency in our to compared quarter for quarter average the continuous improvement efficiencies has pending in to and for share in to gains on of third point from focused gain assets. and the practices ratio Continuing of assets best The in historically opportunities on the one maintained the look X.XX% and and further third Bancorp. our of operations, remain Empire noninterest noninterest company of quarter ratio expense XXXX. was second relatively
effective taxes for XXXX, between XX% Regarding an in approximate and we rate XX%.
provision non-performing driven $XX third C&I quality and were our million, remains under Slide quarter-over-quarter XXX,XXX million we one loans strengths. credit the under net million, core decrease mainly in of as of the XX, $X quarter, a by charge-offs growth In a $X.X recorded portfolio. On were
non-performing We offs the credits historical process. are record early seller a of delinquency and in charge
coverage from credit ratio XXXX. resulted XXX% as XX, December XXX% strong quality metrics of Our our in to have increasing
do upon average Continuing loans portfolio loan XX, XX% underlying current XX% our of appraised nonperforming adjust on estates to not than was and based value collateral the at for increases. Slide we value the less and values the approximately real is the origination loan to the value of
to nonperforming the loans, with expenses. an low associated not do related value estate loan we foresee increase the in Given real
by originated XX, credit Slide loans remains quality Overall, pristine. delinquencies shows of our XX-day as percentage a year.
greater see, loans XX our can years. just vintage was delinquent for you past days discipline results XX As seven the strong underwriting the than of
superior Furthermore credit is paramount profitable and two discipline decades cycles. our demonstrated flushing consistent to on credit over Slide multiple credit has XX, growth metrics and
turning credit on XX. Now quality to slide
Our re-metrics, strong credit quarter. remain metrics this
with can balance sheet. robust you of see, As a strong we have history capital maintaining low risk levels
for conclude continued, remain to well why like would profitable and I positioned consistent by XX, we slide On reviewing growth.
ratio, the our as on With revenue enhance overall acquisition is of franchise presence as to of expanded synergies deposit cost forma significant our flushing our cost power merger and of lowers pending pro loan Empire improves earnings core well deposits the with Bancorp, to Long combination Island. banking with expected the opportunities
we We floating see trends, including continue as growth continued balance and rate C&I pipeline. move positive business more portfolio, loan our to the sheet C&I towards a in strong
swap component of liability and sensitivity in an important Our balance continues reducing be NIM the sheet. strategy to compression our mitigating
is to goal interest which to rate long-term take us Our towards of environments. all rate allows move advantage being neutral, interest
approximately rate in We've universal XX% customers. are investment banker dividends, brand The environment. spending contain has increasing our XX% more additional per non-interest models time the with sales approximately low universal and employee. in expenses in in this time resulted branch The total paying bankers
maintaining New City staff opportunity a is The key New strong a customers with for market brand developing City us. continues a significant Our to base represent multi-lingual our ongoing and York serve on Asian customer York diverse a to advantage. focus
quality credit Our pristine. remains
our summary, Overall, be remains record, expectations our In our and further to relationships. company value culture company and banking and and the customers, our management, multi-cultural exceeding attractive well consistent our growth to financial performance that long-term vision markets objectives the our pre-eminent by leveraging profitable consistent positioned or services and all execution area customer and strong market in financial shareholders. community strong track continued to very deliver is strategic
Operator, it to it I'll up will over you. We now questions. open for turn