Okay. morning, everyone. Thank you, Good Frank.
same assets even our to average excitement But The additional we a produce to of investments bracing increased financial actually amount for growth. be just resources as fourth At optimism percent stability Frank consecutive investment accelerating we with progress the across a making expense, at technology organic time, and board. fronts. continues metrics here associated been of on and X.XX the and that mentioned, ConnectOne. several tremendous in are there focusing PPNR continue quarter. So we've the with superior the exceeded on
of releases. the tangible on was equity reserve return and common that any exceeded Our XX% again without benefit
for XX.X%, above quarter quarter. the from just and ratio prior the year efficiency was Our improved XX% in first that's slightly
above the by Our increased investments points, X securities And most of Combined near most of is highs decreases book stay discipline out net this just X%. all growth value chose at strong I and -- And maintained mentioned. the at I investment that behind environment increased hedging ConnectOne. really book run pandemic. to fact loan want more effective share strategies We was enabled for a remained approach that, our of during were per of the by industry let the to portfolio. organic income disciplined we market tangible to of tangible interest securities one existing we hedging low-rate here. the good while and point just to value saw historic which with X.XX, the basis due contracted The but the down. it spreads, just
of the securities category. available-for-sale All are our in
the So no in value complete there. fair There's transparency adjustment. hiding
grow rising per book rate So, faring quite all high, remains well in NIM to is ConnectOne and The value. we environment. in continue a all, share
but quarter year guys interest turn sequentially. -- last first from XX the statement the basis points over XX% quarter. the up year. And Now and was income income I ago XX% the from past by let give expanded loans the of Net me to you with expected, a color. was flat significant the margin That's quarter Average some by combined that, grew year. that for
pandemic margin the and on throughout to average on our has of be originate we weighted quarter repeat, rate view. indications, highs, historic pipeline rates to remains the X.X%. at our the Loan terms net to could loans margin, my above origination improving based as side expanding spreads the as and In and of near at was just about been or favorable be our in are interest high X% the But quarter, continue second today origination for yields X.X%. an for asset
asset to cautious margin up. to to are competition deposits remaining Our guidance as X of I seeing relatively the flat with show for remain to remain I expect the want continues for heating just year, we dynamic sensitivity. modeling although respect months any And the
was lighter CRA to Now This most noninterest But Street and to expected than let expected. turn line valuation came charge of fund the I that against that in me our a due item hold. the we income.
we They platform $XXX,XXX few $XXX,XXX $XXX,XXX. below in have The had So, that of quarters. valuation were past charge the increased significantly to over recorded in fees quarter. rates, a expectations. utilizing the BoeFly excluding excess of about rise this franchisers because interest good
I positive. loans were can't So, down. sales will clearly Gains trend promise but that translate on what is the into, exactly
some numbers. mentioned first there rest the item, Some some increase of volatility be of the that is in to decline before was my from this in And I've that quarter. on additional and the that will last with be gains But BOLI going for expectation residential this quarter commercial. levels. there's 'XX sale one to number was just of And some and
to $XXX,XXX going going add quarter we're per So forward. about probably
we grew Turning to X% expenses, sequentially.
to the last additional hires, and charge retain special in essentially both add two line, had There that wage comp the the level is was in indicate new for These of that Jersey the was most did merger by one items as taking things, offset a I inflation, offset Bank we've call, assertive New couple earn-out reflects stance other A on increases, that and an I increase BoeFly we a favorable team. was at And to a deal. lease acquisition. As mention. want termination. items been our of of salary something off another. the higher written That charge to
be of section expense any BoeFly later that you of wanted million, we've OpEx additional any Also earnout. got aware that go would a both charges, financials. with terms associated make reorganized but little the it's future the year, under this In still the $X of we to to BoeFly and last
we So, now essentially one that expense. is line have item now technology
transparency reduced will of core forward. job and that and technology, helpful strategic the great think tech our have I want spending some to operations legacy also and of systems. on add a going done cost but they’ve add I be teams
not the after expenses that amounts. Going update just modest think latter were I will Many same added the quarter. talk an trend continue, give The growth, credit forecasts. growth some indication quality qualitative others at made to banks the million. negative I but $X.X sequential in some will that that bit quarter, CECL ConnectOne. a category, you X% reflected Keep an a is it quarterly I first amount second also forward, while economic about here that minor small adding reflects expectation these we reserves, It direction. of macro are in probably in the want of to guys in CECL model, reserves reflected trends in that loan could at range. provisioning. We all in reserving of forecast little a mind, on an released and our adjustments
declined Our straight nonaccrual very quarter, delinquencies charge-offs the assets have for remain low. very, and while second
moderate. are want very is be likely pressure things. is to Look, couple I Strong back performance about Frank, we and growth XXXX. optimistic to add loan to of Before turning a anticipated marginal in
We through our and and continue Expenses investments been revenues we CRE up that the to aim are then to to final expenses. SBA businesses But at with sales. Frank's wrap income building loan always, both just as and grow lien support do growing noninterest grow highlighting. comments. faster [indiscernible] And
our of flexibility. strength we capital deal a of the earnings Given great position, financial have and
First, growth. And increases continued still as continue dividend Along double-digit our explore we organic share have room to capital M&A. support that, for repurchases. opportunistically the to growth, always, strength is organic we there's and growth through although with
deals come that, and but disciplined, going And will we are it being financially by, a stick we with I As hard to track to know, record that. you are turn to Frank. to back have of
