Q3 2019 Earnings Call
Welcome to the third quarter 2019 earnings Conference call. My name is Darling and I'll be your operator for today's call. At this time all participants are in listen only mode. Later, we will conduct a question and answer session.
Question and answer session. If your question. Please press Star then one on your Touchtone phone. Please note. This conference is being recorded well now turn call over to burn in Hell. Mr. Hill, you may begin.
Thank you Danielle good morning. Thank you for joining the Q3 call pardon my called with me today, our Chief Executive Republic, Howie Madonna, Andy writing Chief Operating Officer, All Oh Officer, excuse me and a Frank however, the cheap money.
Andrew.
Oh sure Youre I assume you all have the quarter three press release I'll hand, the <unk> right now I guess, but right.
So.
We're pleased to report our results for the third quarter I'll be back deposit growth over $340 million year over year $1 billion to $2.7 billion or 14% during that period.
The new stores that we opened our prototype buildings are growing deposits at an average of $24 million the mirror, while our overall that rich for each store is $14 million here.
We've opened our first store in New York City during the first Duane third quarter, all located what pieces fit and we expect to open our next store in New York and the fourth quarter I'm, Okay with 50%.
Our loans grew $190 million year over year over 14% to $1.6 billion and that growth has been despite a challenging environment, where we've seen significant payoffs and refinancings should we continue to see strong pipeline or at least lumber.
Total assets reached $3.1 billion as of September Thirtyth, that's growth over 400 million dollar since a year ago.
We've got 28 total stores open today.
HM recorded that Boston, the core year to date or that bosses $1 million or two cents a share compared to six and a half a million dollars a year ago. At this time, we continue to see compression in the margin I think it's all about flat or yield curve and in addition, we're incurring the cost.
No doubt the New York market.
We anticipate that the margin well can take will not continue compressors Olivia.
The decline being fed funds rate and a check the beat on the cost to assemble a hard cost Oh.
And our New York business would be getting to go ahead, sorry, Yeah. The New York now during the first half of the year. We were only incurring expenses now that we're starting to open new stores, we're seeing revenue production results going broke and possible.
How are you watch that anybody else all right, let's open up the floor plates.
If anyone has a question they can price.