Loan and Deposit Growth
Outstanding loans increased by $271 million or 4.3%, and core deposits were up $342 million or 5.3%.
Net Interest Margin Expansion
Net interest margin (NIM) expanded by 15 basis points to 3.83%, marking the seventh consecutive quarter of margin expansion.
Earnings Per Share Increase
Reported earnings per share for the second quarter was $1.76, a 21% increase from the first quarter.
Book Value Growth
Tangible book value per share increased by more than 4% to $68.44, marking the tenth consecutive quarter of book value accretion.
Successful Share Repurchase Program
Completed a $50 million share repurchase program and announced a second $50 million program.
Dividend Announcement
Announced a dividend on common stock, the first in the company's history as a publicly traded company.
Strong Asset Quality
Excellent asset quality with no broad-based negative trends identified in any loan segment.
Revenue and Net Income Growth
Total revenue grew by 8% from $70.5 million to $76.2 million. Net income for the second quarter was $18.8 million, up more than 15% versus the prior period.