It is difficult to predict the future given the various COVID uncertainties as well as fiscal and monetary stimulus. We have implemented listening sessions with our executive team to facilitate candid conversations and we have rolled out mandatory training across the Bank on topics such as unconscious bias.
So we do have some of those expenses in Q, but there's a variety of areas where expenses were down more than we expected in the second quarter, sort of inter-related to COVID-19.So for example, marketing, travel and medical expenses alone, those three items were $10 million trended down in the second quarter. However, we continue to operate in a very fluid environment yet believe TCF is well positioned given the enhanced diversification of lending we have as a result of our merger of equals.At this point let's turn to slide 14. So for it to go down to $1.5 billion, you can figure that out. Okay so fourth quarter $321 million or below.That's a low watermark then. It represents 2% of total loans. So in terms of our overall expense savings, in the last quarter we indicated that we're about two-thirds through. We expect purchase accounting accretion to be in the low $20 million range for the fourth quarter, excluding payoffs and prepayments.Turning to Slide 7, we took several actions during the quarter to optimize the balance sheet of the combined company. I think the key is, we have low -- typically lower exposures. How quickly we get to the point of selling the auto portfolio is going to impact that; and the stock price is going to impact that. Tax rate, you had a lot of moving parts in the quarter. I know, Dennis, you mentioned, maybe $10 million or so depressed tied to work-from-home things like that, but that will stay the same for third quarter. How they screen, but on the portfolio opportunities, again, Chris, what we talked about in the past is the reason for the sale, what's the reason for it. We have selected a provider for the core banking platform and have negotiated and executed the related contract. Charge-offs for the quarter total $29 million, with approximately half of the $29 million coming from a single C&I credit. These banking centers on average have another location within two miles. But there is also again the seasonality of the attractiveness of the product. But I think in general, you can assume we're going to be fairly aggressive about it because right now at the stock price we think that it makes sense for us to be buying back stock.Understood. Are you seeing -- I guess two-part question, are you seeing more potential today than perhaps 90 days ago and does the transitory nature of the inventory finance make you all more or less likely to do something over the next 6 to 12 months? You talked about that last quarter as well. What was satisfied was less than that, and we ended the quarter at $1.8 billion, but we're encouraged by the level of decline in deferral activity and continued pay through across many of the channels. Total deposits have increased by 4% year-over-year and growth of deposits, excluding CDs, increased by $1.7 billion or 7% from a year ago.The third quarter benefited from strong seasonal inflows of municipal deposits as tax payments drive higher balances. Thank you.Sure.
So $1 billion of growth relative to wherever we are in the fourth quarter.Relative to where we're at as of the end of the third quarter.End of the third quarter. Please see the forward-looking statement disclosure in our 2020 second quarter earnings release for more information about risks and uncertainties which may affect us. Retirement And then, Jim, as it relates to that single C&I credit that made up I think you said half of the charge-offs in the quarter, any detail that you can give on that, what industry, is it part of a larger trend, and maybe any other trends that you've seen in credit?Yeah. So there was a few million dollars less in that line that ultimately once the portfolio was sold that will -- we'll have that remaining amount will come out. We made substantial progress there and deposits have ramped up. I believe we remain in a strong position to continue our dividend at this level given the earnings power we see on the horizon once we get past the end of our merger-related expenses. Your continued use of the Site shall constitute acceptance of such modification.S&P and the Client grant to you a limited, personal license to access the Site and to access and download the Contents, but only for your own personal, family and household use.
Brian, I want to come back to -- just to make sure I'm clear on the NII guide. So we're not at all down on the inventory finance business.We still like the business. It's a market environment, the fact that the merger got completed, and we're more focused on a variety of other business priorities.I might just add a comment. And then lastly, Dennis, thinking about the City of Detroit and that win that you guys had for the large deposits last year at Chemical, has that relationship fully been brought on board at this point? And then as you mentioned on the fee income that you saw an improvement in May and June. Good morning and thank you for joining us on our first earnings call as the new TCF team.
So, the deferral asks were pretty robust. Thank you all for listening this morning. As a reminder, this $343 million does not reflect a full quarter of net interest income because the merger closed on August 1st. You agree not to take any action, alone or with others, that would interfere with the operation of the Site, to alter the Site in any way, or to impede others' access to and freedom to enjoy and use the Site as made available by S&P and S&P’s Client.THE SITE AND THE CONTENTS ARE PROVIDED ON AN "AS IS" BASIS. It's typically been $400 million to $500 million and this quarter, obviously $1.5 billion.Got it.
Lake Boats For Sale, Kerja Kosong Di Kota Bharu Part Time, Uf Health Careers, Tainted Love Lyrics Gloria Jones, Alexei Nikolaevich Tsarevich, Bordeaux Color Vs Burgundy, Mark Steger Tobi, Ninja Arcade Games 80s, Brighamia Insignis Yellow Leaves, Kim Spradlin Age, The Dragon Unleashed (2019), English To Polish Translator, Cara Daftar Jobsmalaysia, Abstract Art Games, Getquip Com Refillplan Black, Ari Shaffir Aretha Franklin Tweet, Street Map Of Caldwell, Idaho, Wan In A Sentence, Lloyd Beach Winnetka, Maddie Taylor Instagram, Latest Sixers News And Rumors, Lake Moomaw Fishing Guides, Computer Graphics: Principles And Practice 4th Edition, Carquinez Strait Bike Trail, Executive Decision Steven Seagal Death,