Earnings Per Share Growth
Earnings per share for the quarter totaled $0.84, or $0.95 per share after adjustments. Tangible book value per share increased by 19% over the last 12 months.
Increased Net Interest Margin
Adjusted net interest margin improved by 7 basis points from Q2 to Q3, contributing to a sub-55% efficiency ratio for the quarter.
Strong Loan Portfolio Performance
C&I portfolio grew at nearly 13% last quarter and over 4.5% year-to-date. Consumer portfolio grew more than 1.5%.
Deposit Growth and Cost Management
Total deposits grew at a 2.3% annualized rate. The total cost of deposits was relatively flat, increasing by just 3 basis points.
Completion of Major Technology Initiatives
Successfully completed four major technology initiatives, enhancing client experiences and tools for sales teams.