Strong Loan and Deposit Growth
Loans grew over $90 million, and deposits increased by $50 million during the quarter. Three-fourths of net loan growth was from strategic C&I and owner-occupied segments.
Increased Net Interest Income
Net interest income rose by $1.9 million compared to the previous quarter, marking a 6% linked quarter growth.
Improved Efficiency Ratio
The efficiency ratio improved to 56.24%, remaining below 60% for the 24th consecutive quarter.
Successful Subordinated Debt Offering
Completed a $35 million subordinated debt offering at a 7.18% interest rate, one of the lowest for a community bank this year.
Asset Quality and Profitability
Allowance to nonperforming loans coverage at 255%, well above industry average, and achieved over 1% ROA in the quarter.