Reports Q1 non-interest income increased $1.6M or 40.8% annualized, to $17.7M during the first quarter driven by our diversified sources of fee revenue. Other non-interest income increased $1.8M and included increases in SBA loan income, trust income, and a $0.6M gain from the sale of a banking center building. Mortgage banking income increased $0.6 M , and service charges and bank card fees decreased $0.8 M due to seasonality.In announcing these results, Chief Executive Officer Tim Laney shared, “We are pleased to deliver quarterly earnings of $0.82 per diluted share and a solid return on average tangible common equity of 15.14%. Our diverse revenue streams delivered strong fee income growth of 40.8% annualized over the prior quarter. Our prudent approach to extending credit coupled with our granular and diverse loan portfolio delivered zero basis points of annualized net charge-offs. We grew our core deposits 6.8% over the first quarter 2023, while preserving a low deposit beta of 37.5% this rate cycle. We maintain a strong balance sheet, solid capital position, and diversified funding sources.” Mr. Laney added, “We remain focused on delivering best-in-class banking solutions for our clients, while protecting our Company through solid banking practices. We are committed to operating as a source of strength and stability for our clients and communities and look forward to providing meaningful returns for our stakeholders in 2024.”
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