Solid Financial Performance
Net income for the quarter was $11.3 million, or $0.67 per diluted share, with total revenue at $46.8 million. The tangible book value increased to $23.61 per share, over 9% annualized quarter-over-quarter, excluding AOCI impacts.
Strong Loan and Deposit Growth
Loan growth was at a 9% annualized pace, and deposit growth was at 10% quarter-over-quarter annualized. The loan-to-deposit ratio was maintained at 83%, providing flexibility for future growth.
Credit Quality and Expense Management
Nonperforming assets were only 19 basis points, and the allowance for credit losses was steady at 0.96% of total loans. Operating expenses were unchanged from the previous quarter, demonstrating effective expense management.
Noninterest Income and Capital Position
Noninterest income totaled $8.6 million, driven by insurance and mortgage banking revenues. The company's TCE ratio increased to 7.6%, with a total risk-based capital ratio of 11.2%.