is somewhat played has the key hand that appreciate detail. John sector us then returned bank have settled I'll today. to discuss fears themes a during and We focus of quarter to joining banking of afternoon, results your to failures you, from everyone. the Good in execution. in off this Thank Craig. start with the Things the it review our we'll out quarter
in environment forces the market effect an to continued on external our results. rate have interest However, particular,
costs and contraction. improved sequentially net reflected outpaced are increases being over have by yields margin loan While the as year, deposit in year both interest
conditions at emerging impact term these we areas cycle strength in associates. to third deposits, to through growth, of credit focus when standards remains in deliver headwinds, and pricing discuss the laser tool management, in maintaining a these collaborative quarter, persist are strengthening these the engagement and shared broad a will growing efforts objectives We short as Addressing our turns market maintaining pressures solutions a our and This expense conditions detail. these proven and for John stability on decreasing important includes focusing and providing expect change. negatively communication and for rate asset capital. The fire on client more us are all position continued that in our
portfolio stable, sources. of deposit Along with Our funding backed is robust a our base availability deposits, solid a focus of is diversified by alternative efforts product to which remains have and grow. and we a
mostly opportunities performance date believe close to are we to that year executing and and key and reflected deposits production. quarter which our relationships remains Second balanced for are as we cultivating competition, net while we customers Paramount prospective stiff predominantly continued municipal our drive to Staying to accounts. and has retain team seasonal, includes as normal clients has look new accumulating against fluctuations Overall, flows. growth well long
been muted. has growth While somewhat
technology offs. have and manage also credits, higher talent non-performing due to actual historically Investing and and and low Credit at high favorable. year, portfolio the continue focus, And we to see and is a building $XX relative diverse quarter these we stood successfully second to in have pipeline expect to to quality we focus robust a peers, continue which critical. at trends for as a be million commercial and quarter, our on of experienced result in charge assets have end. in size the continue This loans while quarter
more while effectively and we As creating client for efficiencies. opportunities look scale manage to enhance risk experience the organization
in director longtime completed integrated Biddle highlights in finance annual as and experience added retired customer diversity, brings handling. more year our Jr, board and applications, corporate initiative have experienced equity part a attorney, in highly Robert upon embarked included quarter efficient one activities, meeting of streamlined the May we strategy governance late from D. corporate with technology, We the and to last product and and James, of of who vast loan And don Other de governance, consistent knowledge changes has cybersecurity, digitization. two accomplished leaders, who efficiency and Commercial inclusion. James and experience loan multi-year phase new shareholders Perrier origination workflows expertise our and information
re during Additionally, this its index, was and believe demand trading. as annual can our additional reconstitution. provide Russell XXXX the to of to We the added quarter, the liquidity stock company part
on fuel investing to to participated the a a seed CDFI, Organization, ecosystem in with Development of in is and community a funding, bank access with mentorship bank round Western Lastly, This the growth million New goal has $X with startups the potential launch New second made the members with York. front, Venture nonprofit and investment organization. York, startup high a providing this
our turn long through term and of I'll coming model, we business then we'll focus we that, of continue and progress we'll execution to expect goals. over half but the term confront run strongly to any to the and successful our those to that it position With be sustainability look maintain areas to are business strategic year, happy take support on headwinds, of unusual results for our through this John. As second detail, questions, in John climate the to short
John joining everyone. afternoon, out review during Thank the then played a start to that your our themes the discuss we'll appreciate detail. I'll and it to hand quarter in off you, Good key of Craig. us with results We today.
sector quarter returned Things from failures have somewhat execution. focus settled to has in of the banking as fears this bank the
in market particular continue our environment, have external interest effect rate on However, forces, the to results. an
being increases outpaced year-over-year, by margin net deposit While as loan the contraction. both are sequentially have costs in reflected improved yields and interest
and and a persist at to detail. in conditions quarter, We negatively pressures as expect discuss margin our will rate impact these John decreasing the third in more market pricing
important focusing proven efforts to areas and includes on capital. strengthening term for in are position change. are that and Addressing asset credit these of these maintaining a turns and growing stability cycle expense growth, our deposits, conditions we and the standards deliver us maintaining This headwinds, when strength short management, our
The continued focus solutions shared associates. tool laser objectives by providing and our for collaborative remains a client broad all these on through engagement communication
funding solid and we and with of have Our is backed by deposits, product a grow. portfolio, alternative deposit availability robust focus remains is Along base efforts a to a which diversified stable, our sources. of
balanced continued includes normal mostly seasonal, are net has we accumulating executing predominantly retain flows. deposits while believe as Overall, and stiff year-to-date are which and performance against fluctuations our quarter new reflected customers key has to well that team competition, municipal Second we accounts.
as opportunities close Staying to loan in drive look paramount and for to remains growth production. our relationships we cultivating prospective clients
While and of growth this million and quality muted at have has a on robust been at loans stood for somewhat a which we diverse pipeline, year, the portfolio quarter focus continue high building to quarter-end. $XX
have credits, than higher manage have the relative And a and low experienced to Credit result while quarter as and we historically second actual trends successfully to focus, be these peers, size and see our due continue we assets commercial continue non-performing charge-offs. favorable. to to expect in
while enhance critical we experience client efficiencies. opportunities risk, is also look Investing organization, in scale effectively the technology as to manage and more for creating talent and
handling. completed workflows, have efficiency the We customer embarked and loan upon streamlined, of product integrated last phase initiative late applications, commercial multi-year consistent loan origination experience and with one efficient year more
quarter changes the from in highlights Other included our to May. board
and E. Jr. in strategy As DePerrior who annual digitization, experienced added meeting governance, part activities, James, finance two retired leaders, inclusion. and diversity, corporate and Biddle, and experience longtime and Robert and brings technology, knowledge cybersecurity, accomplished we James of corporate in information our has attorney, our expertise of who new director vast highly shareholders Dawn equity
readded during our index, to the company was trading. annual reconstitution. can stock Russell this quarter, XXXX liquidity provide Additionally, and demand of its to the We part additional believe as the
million community in New the and with goal high CDFI, mentorship organization. startups a York. York, development to second on the potential this participated providing is startup This bank ecosystem a front, fuel growth venture round bank organization, and has investing made a in with a with Launch funding, Lastly, the the nonprofit New seed of Western $X to access investment with
As confront and unusual strategic coming progress and to we continue our areas those for look but to headwinds, climate execution business of to our expect term goals. the of term this maintain business us the position second year, we the we'll strongly on support through short focus long half sustainability successful that model of
John? detail, turn results John and I'll run that, to questions. to it to then our take With through in we'll be happy over any