Release Date: April 17, 2025
- Net Profit: $45.1 million or $1.30 per diluted share for Q1 2025.
- Core Earnings: $59 million for Q1 2025, up from $53 million in Q1 2024.
- Revenue from Core Operations: $160 million for Q1 2025, compared to $150 million in Q1 2024.
- Return on Average Assets: 1.15% for Q1 2025.
- Core Deposits: Represent 89% of total deposits.
- Loan Growth: Loans increased 5% year-over-year.
- Core Deposit Growth: Core deposits increased 3% year-over-year.
- Tangible Common Equity Per Share: Increased by 13% year-over-year.
- Dividend: Core dividend of $0.48 per common share announced.
- Delinquent Loans: 0.63% of total loans, up from 0.49% at year-end 2024.
- Adversely Classified Loans: 1.73% of total loans, up from 1.69% in the previous quarter.
- Nonperforming Assets: 0.26% of total assets.
- Loan Losses: $3.7 million for the quarter.
- Net Provision for Credit Losses: $3.1 million for the quarter.
- Loan Originations: Down 33% compared to the previous quarter.
- Loan Outstanding Growth: $84 million increase in the quarter.
- Net Interest Margin: Increased 10 basis points to 3.92%.
- Non-Interest Income: Decreased by $900,000 from the prior quarter.
- Non-Interest Expense: Increased by $1.8 million from the prior quarter.
Positive Points
- reported a net profit of $45.1 million or $1.30 per diluted share for Q1 2025, an increase from $1.09 per share in Q1 2024.
- Core earnings for Q1 2025 were $59 million, up from $53 million in Q1 2024, demonstrating strong earnings power.
- The company maintained a strong core deposit base, representing 89% of total deposits, and achieved a 3% increase in core deposits year-over-year.
- recognized by Forbes as one of America's 100 Best Banks and one of the best banks in the world, highlighting its strong market reputation.
- The company announced a core dividend of $0.48 per common share, reflecting confidence in its financial stability and shareholder returns.
Negative Points
- Delinquent loans increased to 0.63% of total loans, up from 0.49% at year-end and 0.36% in March 2024, indicating rising credit risk.
- Adversely classified loans rose modestly to 1.73% of total loans, reflecting economic pressures and higher operating costs.
- Nonperforming assets increased by $3 million, representing 0.26% of total assets, which could impact future profitability.
- Loan originations were down 33% compared to the previous quarter, particularly in the commercial and commercial real estate portfolios.
- The impact of trade tariffs and economic uncertainty poses risks to small businesses and consumers, potentially affecting future loan performance.
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