We generated $28.6 million of net income.
Pretax pre-provision was $77 million with only one month of earnings from the acquired operations and loan originations were strong at $971 million for the quarter.
Total deposits, excluding brokered and government, increased to $12.5 million.
We still expect 35% earnings per share accretion to consensus estimates.
The revised TBB at closing is estimated at 4%, lower than our original estimate.
While cost savings are estimated at $48 million, we definitely work harder to see the areas that we can achieve more.
We made a lot of progress on the first 45 days.
In those 45 days, we completed the conversion and integration of the mortgage business, the insurance agency and several administrative functions.
We also announced this month as part of the program -- as part of the synergies and integration, we announced a voluntary separation program that provides an opportunity for early retirement to approximately 160 employees of the combined institutions.
Other potential synergies identified include the opportunity of consolidating eight to 10 branches.
The $2.6 billion acquired loan portfolio definitely complements ours nicely and the deposit books improves our funding.
Now the loan-to-deposit ratio stands at 78%.
Importantly, to support this economy, there is still over $60 billion of pandemic and hurricane relief.
Recent numbers as of August are 92% of August 2019.
From the perspective of our client base, 100% of our corporate clients are operating and close to 99% of the business banking clients have reopened well.
Our hotel portfolio, it's below typical occupancy level and San Juan airport traffic is low, closer to 50%.
Our active moratoriums were reduced to only 0.8% of the portfolio, less than 1%.
I think so far the post-moratorium payment performance is positive with 98% of commercial clients current and 94% of retail as of October 21.
Those are being evaluated under the potential modification of terms provided by the Section 14 of the CARES Act.
As Aurelio made reference to, net income for the quarter was $28.6 million or $0.13 a share compared to $21 million last quarter.
If we break down the components, you can see that corporation's legacy core business achieved a net income of $44.3 million, which mostly it's a result of reductions in the required provision for credit losses.
Last quarter, we had a provision of $39 million as compared to $8 million this quarter.
The acquired Santander operation contributed $3.5 million of after-tax net income.
For example, one of -- few other things that had impact -- if we look at the investment portfolio, Santander had a U.S. treasuries -- a large U.S. treasuries portfolio that after March resulted in a portfolio of yields only 15 basis points.
Since then, we decided that to improve margin to sell this portfolio and reinvest it in other securities according to our policies, which yield around 94 basis points, which will improve going forward some of the yield.
On the other hand, amortization of some of the other discounts and intangibles resulted in about $1 million improvement in net interest income from the combination of loan and deposit, preliminary fair value adjustments that have been booked.
This resulted in a recognition of an allowance of almost $39 million for the quarter in addition to those fair value marks.
The non-purchased credit deteriorated portfolio, it's about $1.7 billion after marks.
During the quarter, we also decided to sell around $160 million of MBS that were experiencing significant prepayments, and that resulted in a gain of about $5.1 million from the transaction and it's being reinvested again in other instruments.
During the quarter, we had $10.4 million, which compares to $2.9 million in the last quarter, which was mostly legal and financial consulting piece as well as some conversion-related cost as we prepare for the conversion.
So far, we have incurred about $25 million in expenses related to the transaction over the last few quarters.
We did have an analysis -- completed an analysis of the DTA now including the Santander operation, and that resulted in the reversal of approximately $8 million of deferred tax asset valuation allowance we had on the books.
Net interest income for the quarter was $148.7 million, which is $13.5 million higher than last quarter.
$14 million of that was the Santander operation.
On the other hand, the legacy FirstBank operation had a reduction of $500,000 in interest income as compared to last quarter.
Last quarter, we had 4.22% of NIM that you saw in our prior release.
That number is down to about 3.94% this quarter.
Commercial loan repricing was about four basis points of the reduction, but the much higher proportion of cash and investment securities as well as the large prepayments and the alternative for reinvestment affected by 18 basis points more that margin.
Santander on a stand-alone was about -- the margin was about 3.89% considering the purchase accounting adjustments, and that combined with FirstBank ended up with a 3.93% margin that you see on the release.
Noninterest income improved to $29.9 million.
The $9 million -- this $9 million increase includes $5 million in the gains on sales that I made reference to before, of securities that I made reference to.
We had $3.4 million increase in revenue from mortgage banking activities.
This quarter, we had a much active -- much more active quarter on originations than what we had in the second quarter and ended up selling $98 million more in conforming paper than we did last quarter resulting in that revenue increase.
Also, the reopening of businesses, as we have seen on the quarter, seen a much higher level of credit and debit card activity, which improved -- that includes ATM, merchant fees and some of the other components, that improved fee income by about $2.8 million in the quarter.
And then the improvement we had in deposit service fees associated with the Santander transaction that brought in $1.1 million of additional deposit fees to the operation.
On the expense side, expenses were $107 million.
That includes $10.7 million in expenses for the acquired Santander operation and a $96.8 million for the FirstBank legacy operation.
This $96 million is $7 million higher than the 89 -- almost $90 million we had last quarter.
As I mentioned, the merger and restructuring costs for the quarter were $10.4 million, which is $7.5 million higher than last quarter, basically created most of the increase.
But in the quarter, we -- if we exclude this, FirstBank was $86.4 million of expenses.
COVID-related expenses were about $1 million this quarter, which is down about $2 million from last quarter.
As of September 30, the allowance for loans and leases only was up $65 million to $385 million as compared to June.
If we look at total allowance for credit losses including unfunded commitments and debt securities, that's up to $403 million.
This quarter, as I mentioned before, we recorded about $38 million in allowance for credit losses in total.
$37.5 million of that is related to loans.
And in addition, for PCD loans or purchased credit deteriorated specifically, we established a 20 -- almost $29 million allowance, which represents the fair value marks on this loan, which CECL requires that -- what is commonly referred to as a gross up, that the loans represented gross and the discount represented in the allowance.
Those two combined were about $65 million.
The ratio of the allowance for credit losses on loans -- to total loans was 3.25% at September, slightly down from 3.40% we had at June, but a very significant coverage if we consider that we added a large amount of portfolios, that a large part of it is also mark-to-market and fair value mark-to-market and has been discounted.
On a non-GAAP basis, if we exclude the PPP loans, which don't carry much reserve, the ratio of the allowance to total loans was 3.38% as compared to 3.55% last quarter.
Non-performance are down $10.5 million, $293 million.
Most of the reduction happened on the OREO portfolio, which decreased $7.3 million.
The inflows were $18.4 million this quarter, which is $10 million higher than last quarter.
As you can see, even with the impact of the acquisition, we still have Tier one ratios of 17%.
You see it's about 13% for the quarter.
If we were to normalize and assume the full quarter of average assets, that ratio will be closer to 11%, just over that.

Summary:
As Aurelio made reference to, net income for the quarter was $28.6 million or $0.13 a share compared to $21 million last quarter.
Net interest income for the quarter was $148.7 million, which is $13.5 million higher than last quarter.