Strong Core Deposit Growth
Core deposits grew 11.5% annualized in the third quarter and are up 7.4% annualized year to date, demonstrating the company's successful market share gains.
Loan Growth and Net Interest Income Increase
Loan growth was 6.6% annualized during the third quarter, contributing to a $1.6 million increase in net interest income and a net interest margin expansion to 2.63%.
Tangible Book Value Growth
Tangible book value per share increased 20% annualized in the third quarter, and is up 14% annualized year to date.
Successful System Conversions
Completion of the new retail and small business online banking platform and the systems conversion of the First Minnetonka City Bank acquisition.
Asset Quality and Low Non-Performing Assets
Non-performing assets remained at low levels and net charge-offs were just 0.03% of loans.