Strong Earnings Performance
The company reported an adjusted earnings per diluted share of $0.72, representing an adjusted return on assets of 1.41%.
Successful Loan Sale
Strategic sale of $60 million in nonowner-occupied CRE hospitality loans resulted in a net $2 million gain.
High Fee Income
Fee income increased 15% over the prior quarter, and remains over 40% of revenues, well above the industry average of 19%.
Efficiency Improvement
Adjusted efficiency ratio improved to 62.4% from 66.9% in the prior quarter, driven by core expense and revenue improvements.
Growth in Wealth and Retirement Segments
Retirement services revenue remained stable, while assets under management in the Wealth segment increased 2.5% due to market performance.