everyone. what some there, sure a both get All Good you, waiting you current the many of like margin, quarter year ConnectOne. Thank for stellar my Frank. the I'm before morning, to you for interest But are right. commentary XXXX. and on review was give I guidance I'd for net
deposits representing XX%. nearly Period XX% year. earnings operating more record up X.X% Our of from a end by the than assets XX% prior grew they by and were were and average loans
only grown value AOCI in that's strong XX% but fact we've after in share close X% another and per that book management increasing tangible increased And XX% M&A. effective Our also by through of earnings, result reflects that securities the not not to XXXX years. core in portfolio organically our the in our two and and XXXX,
Credit to include exposure. metrics those And quality, declining are decreasing nonperforming of X.XX%. as improved a ratio the even those you consecutive our with quarter asset small aware, many for fifth assets non-performing and of further some
way medallions, comfortable already tax recurring We by very have have value. a which the reserve
due basis total loans. loans, NPA points ratio were half to more just points. taxi XX next nothing, past was our days is XX loans of those And to or in X delinquencies that Excluding cut basis
our in for build that's interest invest X.XX% at Our the margin, recently was the pressure technology, which record reward even staff in a entire prepare for and most our higher in under we been net and threshold. came for the the industry. efficiency for billion year, year ConnectOne And crossing ratio has than XX% as $XX and
strong our and the is tangible asset, an balance if with growth. book combine you growth office, strong quartile, higher returns not wide margin, credit value result per equity efficient back when So sheet a and on management, share upper
kind performance gives that new long-term, And at is flexibility for ConnectOne. us the to which nothing of manage the
industry needed long-term the is For best-in-class where scalable example, and ensure costs, revenue for operating to the on we by as success cutting ConnectOne's the based invest while efficiency achieved opportunistically a efficiency some and strong platform company. of
be light term believe strategic long we aggressive benefit. decision and to client similar base, to clients made with existing drive today's commercial a our turning In a we landscape core and both deposit the competition retain grow reviewed challenges, proactively to will rate more which and our
of and York don't one can and in segments, be volatile both franchises troublesome, the serve We Metropolitan businesses, on know and banking top are region. New headquartered business and lines those best. that We rather the business commercial focus we clients ancillary
have many the of on I highs. or margin, will previously we And Now said operating impacting let's given impacting the banking deeper we're others dive record already either which into industry. some the a anticipated pressure that be margin, little our of factors had as at in before, many
are: which let's disposal primary contract tools market Now Fed's money second, and about one, target the to Fed's inflation, two rate; funds to open contained increasing the access supply. the talk
incentive provided the that short-term rate that First, greater accounts. out balances to has rise the short-term -- positive, transfer noninterest in bearing of of rates
We intentional industry that of and on the pressure the inverting yield it. too short-term this, push is are And And the loan is curve. effect upward whole margins. putting experiencing seeing rates had on spreads that
our up Second, the fourth to margins. sequentially cause and that competition items margin tightening a penalty keep But XX% more in quarter of that impacting prepayment betas. deposit lower quarter net during increased flat associated income level mind is what the in and year loan is a of These to and money up for larger ago. significantly the than interest essentially therefore income is for One a the accelerating supply, deposits, combined compression item is about was competition which heats is results the from that prepayments expected lower. have
back are solidifying maintaining both will watch temporary. shareholder cognizant managing together And can earner, although of feeling in policy that are approach I us specifically effective all continue carefully on and where spreads, our tend to that is more capturing things of term do credit over our a serving will economic market and lessen clients. want extremely share, Ultimately, have comments of impact the new consistent especially prudent Now, particularly we by displaced drive which are long and of to Reserve our been things and to all to relationships our strong out and expenses reiterate, of in M&A. those going condition, culture, are client a some the those then make maintaining to keenly Federal continue to be control at Frank's Where is terms growth we and clients our focused value. to and control, somewhat we maintaining we managing
short-term. still of Now continued so have pressure however, looking continue there several in in there slightly, calmed rates. continued share do market and down for liquidity, to on focus on was contraction We ahead, market be NIM will gaining rate the to we're the potential believe going things hikes likely
yield the where even upwards stuff, when down, be we today to settles are aim curve resumed back condition to above. its when However, normal we or slightly
this slightly moving impacting loan range seasonal organic both other to and of to deterioration across in the items we Moody's continued financials, modest economic a metrics. quarter Now related forecast specific growth provisioning a saw
off at the for an reiterate, the X year reserved successful which and charge therefore, points. periods. offs indications the workout quarter's to charge present non-accrual net all materially for asset relate any upward this trend The did point of quality time identified certainly in in loans basis is not the just charge solid not impact previous of are And provision offs, quarter to the just it indication the and metrics. And rate
a Street ConnectOne. traditional income, increasing of estimates, we that that are a light gains sources versus of optimistic As SBA both and pipeline far noninterest for loan BoeFly source revenue through as have and probably we but sale are be we just building will little
impacting degree. other our terms numbers expenses, to In and some inflationary are pressures of persist
targeting in expense increase for ConnectOne, the for increase for I'm XXXX sequential be the rate new into But typical of We there lower increases with I'm XXXX. year. the expenses and of one. over estimating the an that be minor that in finished in 'XX. much of to I XX% staff course it's over -- quarter that about staff As remainder increase year heading expect to is usually a X% relatively
mention stock that X.X% million in be non-cumulative or to preferred wanted debt that a few on XXXX sub $XX We in pre-funded X, also with just days. we issuance. I calling will February a
increases So recommend plan year a the capital would for dividend level repurchases we assuming stock solid We nice with end to XXXX. growth. and and
Frank. Back that remarks. my to And concludes
