Thank you, everyone. Frank. Good morning,
we of at this very strong the the amount quarter $X.XX very That’s in Return equity a fourth earnings the share $X.XX of of continues quarter, more quarter impressive excluding XX% X.XX%, same ‘XX. that’s the a was quarter. on charges tangible the return small for charge year’s another and first growth XX% ConnectOne, to reserves last many taxi XX.X%. sequential tangible despite X.XX% we DTA So up over ahead book taken year at and assets any this increased to than sequentially up value course the earned for that the basis XX% charge time impacting Meanwhile, the tax on deferred banks $XX.XX. have and taxi cleared on per hurdle from and $X.XX,
efficiency quarter during of typically new similar Our remained I the expect XX% a below ratio record hitting first and That year. increases the ratio year second this quarter straight each trend the for XX%.
debt capital a but raise The Frank regulatory and sheet cost a a to concentration as completed the metric with per from we our about to support growth. basis. this efficient will XX% downstream XXX Bank. in another mentioned, CRE recently is organic quarter on subordinated net about year, share by of XXX maybe was And it strong below pro our little reduces the offering cost forma range balance $X.XX view EPS way proceeds growth So this very our us to to be in my
remained annualized about average the deposits, For to margin that’s increased the benefits the with. but excluding flat, X.X%, a deposits purchase we’re the has costs, pleased a non-interest or sequentially, sequentially, rate and X%, X.XX% despite ConnectOne increasing for increased remained with earning here quarters. And very X.XX% roughly growth little, our a margin bearing us average in of assets past and deposit quarter about second interest focus accounting three lagged XX% row, that’s a for both
quarter yields They but in attributable core significantly the were points. by quarter, X% basis to X% a of the loans yields, portfolio by well So X X rest can favorable only excess while points, yields in while up rose loan of primarily deposit basis rising. loan multifamily CRE this be are X%. costs loan are And increased C&I sequentially, Average points increased our increase basis spreads more to this C&I was mix. the by especially tighter. XXX for
and margin there’s compression. the And basis X margin by But let we points where estimate see X changes basis sub-debt last decrease basis X but explain deposit sounds drop about the some the our yield, is of from. equivalent points, points. X point basis own secondly, a I a maybe it the offering pricing XX the forward, deposits, income, then core interest number remains. like including will or basis and hit tax taxable going or that X on The competitive about relative rate us core margin how net mix, demand lot, of increasing coming of upon contraction. of loan it it are and this going but calculation then and course, doesn’t to of factors, piece, basis our at Now will its piece success it’s dependent contribute And points about me points pressure decreases
on at as in all our non-credit government Now purchases just growth XX securities much loan backed. growth, you comments for us portfolio adjustment decrease and our as now are fell the all in will on with XX-basis to the expect nominal average to a The from to a X%, pace and constant, balances there yield modestly on we see a grew the portfolio rates tax to holding basis see approximately factor, is of keep due security couple drop the that portfolio, basis, by sequentially rate taxable that we rate X% point X.XX% adjusted points. so drop will although that substantive
our growth generally We’ve well added compensation are our early wouldn’t functions, office forward, employee in going we increase by more X.X% ratio this XX% was higher On the accruals. surprised a as more or as further in as than expense in of revenue Again side, solid and efficiency XXXX. result support, deposit back origination are if so continued and quarter growth, efficiency improved staff also past line. a last quarters Most first the annualized sequentially increased as our sequential increased is be revenue staff quarter. expenses the bit expenses of on lower, I the expense expected ratio and and increasing, possibly the as
Now let the taxi me touch on quarter. for
delinquent City, which to are value, applying they’re our time that being to held most sell a by our and And aware, to in is $XX.X just stronger on about sale, of any future, York from cash plan but deal portfolio months. during mean doesn’t the medallions with New flowing to is the for with success returned loan have As million, now payments for X% investment the total quarter, generally any all balances. down of we’ve represents all about good X% loans fourth work corporate investors We’ve our portfolio. our the the we of can’t we X% carrying loan it also placing the borrowers help had it
could potentially provision cash And the losses. while they any through have So occur further valuations for been and loans our stabilizing loan investment if industry flows held portfolio, in there with XXXX. in were would for weakness the run charges
provision, charge-offs tangible million little through growth. no which well CRE of non-accruals up credit as the the ways we are I’ve had the strictly of quarter portfolio, in excellent, taxi Frank to loans focused me in that the let with the this turn it I’ll quality say and is was to outside any increase And releasing but a to during as added and not focused, down tick loan, the are reserves We yet to tune which we is due bit. another to portfolio, this, recently. mentioned account now A mentioned secured. the commensurate concentration, for on resolved for before, in did one three virtually Non-accrual growth So expect allowance reserves bought $X couple we remain ratio we again, quarter. to that continue slightly,
rate. mix growth origination growth our First, to CRE with non-CRE we to exceed continuing continue improve
package these a we in sold manage $XXX,XXX the CRE this both plan borrowers a we have income. to million boost We deposit future use loans, were multifamily tool recorded the in non-interest where gain to to the we and continue relationships our to no $XX and Second, quarter. on concentrations
fourth will enhance things charge decrease small tax impact estimated pro approximately forma ‘XX DTA million recorded our Third, million $X.X financial XX a a XXXX benefits. $X.X to and quarter employee the of we rate And Reform, in completed and lastly, XX percentage metric a our estimated to in amount percentage tax used is helps million sub-debt XX%, on we savings about about basis. the by points on be reduce all a and for -- point offering these $XX of Tax the
program, I’ll And turn our and education. over looking both We’re call increasing in wage to and with XXXk the at matching boosting minimum investments Frank. our employee back more that, training
