Net Revenue Growth
The bank delivered solid operating leverage with net revenue growing 13.5% to $20.2 million, demonstrating the impact of digital banking programs.
Interest Income Increase
Interest income increased by 4.9% to $13 million due to significant loan production and an additional day in the quarter.
Credit Card Transaction Volume Rebound
Net interchange income was up 56.7% over the prior quarter with total transaction volume hitting $131 million, a 57% increase.
Record Loan Production
SBA and commercial lending achieved record loan production of $242 million, up $82 million over the prior quarter.
Growth in Shareholders' Equity
Shareholders' equity grew by 4.2% to $158 million, while average earning assets increased by $34 million over the linked quarter.