Strong Net Income Growth
Net income increased to $17.2 million or $1.47 per diluted common share, up from $13.4 million or $1.13 per share in the same quarter a year ago.
Increase in Net Interest Income
Net interest income totaled $49.3 million in the first quarter of 2025, an increase of about 10% from $44.8 million in the first quarter of 2024.
Improved Net Interest Margin
Net interest margin increased to 3.57%, 25 basis points higher than the year-ago quarter.
Stability in Credit Quality
Non-performing assets remain minimal, and net charge-offs were negligible with a negative provision for credit losses recorded.
Increase in Deposits
Deposits increased 3.3% from the end of 2024 to $4.76 billion, with effective management of deposit costs.
Favorable Efficiency Ratio
Efficiency ratio improved to 62.27% from 66.68% in the first quarter of 2024, reflecting disciplined cost control.
Strong Capital Position
Total shareholder equity increased to $613 million, representing 10.2% of total assets.