Strong Net Income Growth
Net income increased over 23% compared to the prior quarter, driven by higher net interest and noninterest income, effective expense control, and lower provision expense.
Solid Balance Sheet and Liquidity
The balance sheet remains solid with ample liquidity. Loans and deposits were stable, and 1 million shares were repurchased at a total cost of $25 million.
Increase in Total Loans
Total loans increased by $59 million or 0.4% from the prior quarter, with the largest increase in the C&I portfolio due to a $125 million increase in dealer floor plan balances.
Slight Increase in Net Interest Margin
Net interest income was $163.6 million, $3.1 million higher than the prior quarter, and the NIM was 3.11%, up 3 basis points compared to the prior quarter.
Strong Credit Metrics
Credit risk remains low and stable, with quarter-to-date net charge-offs at $3.3 million or 9 basis points, and year-to-date net charge-offs at $7.1 million.