everyone. Frank. you, And Thank Okay. morning, good
an great quarter another had operating we So on basis.
significantly on basis. up million. a quarter million increase We versus That's in $X reached of sequential pre-provision this an the operating Our revenue net quarter. first $XX.X was $XX.X million
to continues peer as our As over in a percentage of assets, five that be quarter, ranging from to X% for that the end past the X.XX% X.XX% the upper of quarters. group to metric consistently amounts
interest for in that million $X primary $X loans to this variance in balance our million due $X driven Most margin. by PPP higher strong was the net increase net sheet; of remaining and million quarter million the was a reason income. performance being So interest the on the of $X about positive exceptionally
a range. fees on the period creates PPP over a nine-month portfolio average. running X% that on low are that yield interest And on income the current So through
stronger most. margin directionally is core performing Our than
So on I'll review that. with color you again
widening we last did our in months margin You may earnings three remember, ago. call anticipate a
we a have off, all of billion billion, built-in small first $X re-price percentage immediately, virtually So floors. that billion $X about relatively loans have that $X portfolio. loan of And of
far asset was banks sheet. So less in although yields the average most less of for NIM it on decline, other resulting balance pressure side the loan the the than decline did was
rate the had shifted before shorter-term towards a stable we we even pandemic, And funding structures. wholesale anticipating lower were Next, interest our environment.
fed the core So deposit positions growing deposit first base. still while re-priced with reducing quarter, in and in our retaining rates, pack actions And aggressive significantly. the been those probably and leading finally, we've then the immediately
by XX from Now benefitted XX And the NIM quarter basis NIM it points was that the contracted the to basis is the in of But true upwards PPP. by due also points. liquidity. excess that
our want NIM was on basis. margin frankly core strong way any And we at were a the So look you to strong.
some forward interest going margin So net the have moving parts. we for
As you is the me I tell what can. case, usually let
First, the trail then forgiveness continue help PPP a time will line. for couple concurrent loan with of to quarters off
will And CDs Our down. that we've lower immediately. already some removing especially for have rates, working continue that to we excess run room liquidity, as still been drag margin And deposit improve off.
of months, CD Over average It carries right XXX. XX% will the the rate mature. weighted a now next of portfolio six
we'll or have off. whether mature, to of when run a those those some be CDs so let we And choice want competitive
that not items margin bias lower see about of But a XXXX. the margin versus stable, average that be to of positive for just year. although rest or about that and outstanding. make sub-debt will five compression, comments we if That's to which because third once there would of sub-debt million relatively yield the income do on in pay $XX improving finally, that's either going offsetting expense. origination may recent a this all, next of add, the And there want points point in the early the off NIM to towards later couple impacted loan compress We'll BoeFly by Want two-basis the to those year down all come noninterest I a Now basis portfolio couple rates margin. compress quarter, offering. a items I slightly is were
recognizing other recorded an to to all banks. we volume First, $X.X PPP ConnectOne million And million that valuation we of PPP These due in referred income acquisition next are referral the on by the were BoeFly offsetting quarter, loans accruing $X.X had. similar fees. the that the offsetting BoeFly to the originated by advertisement in expense And in fees. resulted and a
Let's turn now and to credit reserves.
million $XX want of conservative, we'd we Our a when believe projected trends more elevated. that duration that especially much in the loan provision was to due off to reserves, the And loans. curve provision an the than deferred in the so be Frank on factors ahead increase coming playing it of was comes far. for quarter And to losses versus I is total little that loans about positive elaborate We Want deferments add, consider bit pandemic. when XX% what have the are rather qualitative namely said to based reviewed deferral. been more catch-up. the That's on for
is number all as that run to deferment So likely even better course. get terms their the
percentage on you will. -- a increased reserves as has a Our of X.XX, loans GAAP if percentage basis to
you purchase reserve to back accounting increases X.XX%. was that exclude X.XX discount risk the have weighting The ratio loans PPP add year-end the X% which approximately If a only were XXXX. ratio at to and
fortress further capital the both operating crisis. to revenue go reserves in successfully to quarter, withstand net our even strong ongoing improving growth we've any So and prolonged had with along during
leverage stands healthy XX.X%. at ratio bank a Our
later be back of continue investment likely with we a expect more as Bank infrastructure. as will have branches forgiveness, be growth as said well and closing efficiency. managing moderate, four couple of are processing that, saves PPP expense I and as, more more associated deferments expense there we expense continued and Just the on growth, comments Having Expense coming. New year. And always to Jersey technology in this office will
can, turn XX% revenue As where then the without stay confident level. challenging over we'll for questions. our XX% feel to Frank far be ratio going as it at level. back I'm the to goes. are that But worst, improve it we And Look, at will at comments. the efficiency I that typical or we closing some have to growth, And
