You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: They have done an excellent job and our results show it.
I'd like to start [Technical Issues] on the big picture.
Once we got through the earthquakes in January, the economy and OFG performed well.
[Technical Issues] started to see the benefits of the Scotiabank acquisition, then the COVID-19 pandemic hit and by mid-March, the Puerto Rico government had shut down the island.
These tough measures, however, enabled Puerto Rico to begin to relax restrictions on economic activity by the end of the second quarter and beginning of the third, with a noticeable rebound in the economy.
At the same time, we began to see an increased flow of federal funds for stimulus and the construction related to Hurricane Maria, the earthquakes and the COVID-19 pandemic in addition to the benefits provided by the bank loan deferrals.
All these added to the third quarter's economic rebound and resulted in increased liquidity on the part of businesses and consumers.
Altogether, the impact has been much more beneficial on a relative basis than what's happened on the mainland.
As it relates to the local banking industry, consolidation, the natural rebound in economic activity, and the growing amount of stimulus, combined with the Federal Reserve Bank's significant rate cuts in March, created a number of banking cross-currents in the third quarter.
By acting with agility and speed, OFG has been able to take advantage of them, to the benefit of our customers, communities and people.
The increase in liquidity resulted in continued growth in deposits and cash.
This caused, virtually, all our net interest margin dilution compared to the second quarter.
It also encouraged consumers and business customers to step up their loan repayments.
Taking advantage of the situation, we continue to expand our customer base and digital migration.
There was a large increase in new total sales which we translated into a noticeable increase in our own auto loan generation.
Mortgage production quadrupled, fee income grew across the board and deferrals dropped to 2% of loans from 30% in the second quarter.
Our commitment and preparation enable us to manage these changes facil, rapido, hecho, as we say at OFG.
Branches continue to operate safely, enhanced by our technology.
Full service ATMs and ITMs, our mobile app and online bill paying tools continue to facilitate routine transactions in a contactless manner.
Online and mobile appointment scheduling continue to make COVID-safe customer meetings possible at branches.
In addition, the Scotiabank integration continues on track and we're starting to see improved operating leverage.
In the end, we generated strong momentum in our core businesses, as we continue to help our customers, communities and people build better and stronger financial futures for themselves.
Let's turn to Page 4.
We have continued to see strong digital migration trends among both our retail and business customers.
More customers are becoming online and mobile users, but they're are also using an increasing number of digital features.
Here are some new highlights comparing September to January of this year.
P2P volume is up 40%, digital money transfers have increased 55%, online loan payments are up 87%, retail and commercial photo deposits have doubled, and we scheduled more than 34,000 COVID-safe appointments with customers through our online mobile tool, almost all of them in the second and third quarters.
Clearly, customers are using these features to avoid contact during COVID.
But as they experienced the ease and convenience of banking like this, their habits will surely stick.
More and more, customers in Puerto Rico, are asking themselves, why would you drive to the branch to deposit a check when you can take a photograph?
Why will you even write a paycheck these days?
These are positive trends that have accelerated due to the pandemic and play nicely to our retail banking strategy.
We continue to look for new and innovative ways to help our customers interact with us in an agile and easy way.
Earlier this week, we became the first financial institution in Puerto Rico and the U.S. Virgin Islands to launch a digital portal to make it fast and easy for our commercial clients to apply for PPP loan forgiveness.
Let's start on Page 5 to talk about our financial results.
We reported earnings per share of $0.50, a 28% increase from the second quarter and more than four times the year-ago quarter.
The effective tax rate was 19% compared to 25% in the second quarter.
Total core revenues were $127 million, excluding one-time interest recoveries from acquired Scotiabank loans.
Net interest income of $99 million was level with the second quarter, while fee income rose 19% to $27 million.
Net interest margin was 4.3%.
When you exclude interest recoveries in both quarters, net interest margin was 4.28% versus 4.5% in the second quarter.
Virtually, all the difference was attributable to the increase in cash balances.
Non-interest expenses of $83 million fell more than $2 million compared to the second quarter and that number includes merger and COVID-related costs.
Excluding those in both periods, the efficiency ratio improved 369 basis points compared to the second quarter as increased operating leverage from the Scotiabank acquisition began to kick in.
Customers' deposits grew more than $212 million from June 30 to $8.5 billion.
Due to the increased deposits, as well as repayments of loans and securities, cash increased $383 million to $2.3 billion.
As a result, total assets grew $84 million to $10 billion.
We do not anticipate exceeding these total asset level, come December 31, 2020.
Loan production was strong, totaling $458 million.
Excluding Paycheck Protection Program loans in the second quarter and third quarter, production increased $228 million.
The allowance coverage increased to 3.64%, excluding PPP loans.
Capital continued to build, shareholders' equity increased to $1.06 billion, all regulatory capital ratios remained significantly above requirements for a well-capitalized institution.
The CET1 ratio was 12.55% on September 30, 2020.
Please turn to Page 6.
The effects of all this is that we are building tangible book value per share.
These increased $0.50 in the third quarter to $16.51.
In addition, all three of the key performance ratio we track improved sequentially.
Efficiency ratio improved to 65.69% on a reported basis.
On an adjusted basis, it was 62.17%.
Return on average assets was 1.11%, and return on average tangible common stockholders equity was 12.23% and 12.10% on an adjusted basis.
Return on average tangible common equity is now exceeding our performance as compared to the year-ago second quarter before all the transactions related to the Scotiabank acquisition and increased provisioning affected the business.
Please turn to Page 7 for our operational highlights.
Average loan balances declined $54 million from the second quarter, reflecting net loan repayment in mortgage, commercial and consumer; auto increased.
Average core deposits, excluding brokered, grew $524 million from the second quarter.
End of period core deposits are now up more than $1 billion from the end of the last year, that is on top of the $2.8 billion that came with the Scotiabank acquisition.
Loan generation, excluding PPP loans, by order of magnitude was driven by $174 million in commercial lending, $156 million in auto, $94 million in residential mortgage and $24 million in consumer.
Loan yield at 6.57% declined 40 basis points from the second quarter.
This was mainly driven by PCD loans due to lower interest recoveries.
Non-PCD loan yield declined only 16 basis points.
The cost of core deposits declined 5 basis points to 56 basis points.
Please turn to Page 8 to review credit quality.
Credit quality continued to be under control.
The net charge-off rate declined 30 basis points from the second quarter, mainly due to declines in auto.
Provision declined $4 million, largely due to a decline in COVID-related provisioning.
Otherwise, provision was approximately level.
The non-performing loan rate increased 52 basis points quarter-over-quarter, mainly mortgage and auto.
We believe this is more about getting customers back in the payment cycle, now that most deferrals are over.
But we surely are keeping a close watch on it.
As for our customer relief program, if you recall, as of June 30, we had processed relief for more than 44,000 retail customers for $1.4 billion or 32% of our retail loans.
For our commercial customers, we had processed relief on $685 million in loans or about 27% of our commercial portfolio.
As I mentioned earlier, our deferrals are now down to 2% of total loans.
Most of that relates to about $112 million of commercial loans, mostly long-standing solid customer relationships in the hospitality industry.
Please turn to Page 9.
The allowance for loan and lease losses increased $2.6 million from the second quarter and is now equal to 3.48% of total loans.
Excluding SBA guaranteed PPP loans, the allowance was 16 basis points higher than in the second quarter.
Please turn to Page 10.
We're in a very strong capital position.
Our CET capital ratio is now up 164 basis points since last year after the Scotiabank acquisition.
Please turn to Page 11.
To conclude, we believe our history, culture, team, and approach to business, as well as our most recent results demonstrate our ability to quickly respond and adapt to changing economic environments.
During the second and third quarters, we have built momentum in our core businesses and developed a strong pipeline of new loans.
Looking at our liquidity, capital and balance sheet, we are well-positioned financially and strategically.
We have $8.5 billion of sticky core deposits with an excess of more than $1 billion giving us significant amount of dry powder.
Our agenda remains the same: finish integrating the former Scotiabank operations by year-end; achieve the full benefits of the acquisition by the end of next year; continue to invest for the future to further simplify our operations and enhance our ability to serve customers; and continue to play a significant role in the economic rebound of Puerto Rico and the U.S. Virgin Islands.
From a macro perspective, the increased liquidity from ongoing stimulus should continue to benefit the economy.
This favorable environment should be further enhanced by the fiscal board finally working toward a resolution with Puerto Rico creditors and by pharmaceutical companies as they onshore more production back to Puerto Rico.
We are now incrementally more confident that the economy will improve further.
Let's be clear, we still face tremendous challenges with -- from COVID-19, the elections in Puerto Rico and the USA and completing our Scotiabank conversion and integration.
But, we believe the economy is starting to move in the right direction and the future is beginning to look brighter.
By staying close to our customers and communities, we should be able to continue to deepen our relationships and grow the financial services we provide to them as we enter what appears to be a nascent and potentially expanding recovery.
Crises bring out the best in people to help others.
Our team demonstrates that every single day.
Operator, let's start the Q&A.

user
compname reports q3 earnings per share of $0.50.
q3 revenue $127 million versus refinitiv ibes estimate of $103.5 million.
q3 earnings per share $0.50.

assistant