Successful Acquisition and Expansion
The acquisition of the Bank of Idaho added $1.4 billion in assets and expanded presence in Idaho and Eastern Washington. A definitive agreement to acquire Guaranty Bancshares, a $3.1 billion bank in Texas, marks entry into a new state and strategic expansion in the Southwest.
Strong Financial Performance
Net income for the second quarter was $52.8 million, an 18% increase from the same quarter last year. Earnings per share increased by 15% year-over-year.
Loan and Deposit Growth
The loan portfolio grew by $1.3 billion to $18.5 billion, an 8% increase from the prior quarter. Deposits increased to $21.6 billion, up 5% quarter-over-quarter.
Net Interest Income and Margin Expansion
Net interest income increased by $17.6 million or 9% from the prior quarter. The net interest margin expanded to 3.21%, marking the sixth consecutive quarter of margin expansion.
Credit Quality and Risk Management
Nonperforming assets remain low at 0.17% of total assets, with net charge-offs at $1.6 million. The allowance for credit remains at 1.22% of loans, maintaining a conservative approach to risk management.