ReportsQ1 Net interest income was $34.3M for the first quarter of 2023, compared to $36.3M for the fourth quarter of 2022 and $29.9M for the first quarter of 2022. Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the first quarter of 2023, compared to 3.88% for the fourth quarter of 2022 and 3.33% for the first quarter of 2022. The average yield on loans was 5.78% for the first quarter of 2023, compared to 5.59% for the fourth quarter of 2022 and 4.80% for the first quarter of 2022. The average cost of deposits was 136 basis points for the first quarter of 2023, which is 39 basis points higher than the fourth quarter of 2022 and 113 basis points higher than the first quarter of 2022.
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