Net Income Growth
Second quarter net income of $11.3 million, or $1.45 per share, increased $0.08 from the first quarter and $0.43 from the same quarter last year, reflecting a 3% increase from the prior quarter and a 39% increase year-over-year.
Net Interest Margin Expansion
Net interest margin (NIM) expanded for the fifth consecutive quarter to 4.04%, a 13 basis point increase from the prior quarter, driven by an increase in earning asset yields and stable interest-bearing deposit costs.
Deposit Growth
Deposits increased at an 11% annual rate in the second quarter, with noninterest-bearing deposits increasing by $41.9 million.
Loan Growth and Pricing Discipline
Loans grew by $17.3 million in the second quarter, representing a 3% growth rate. Despite slower growth due to commercial construction slowdowns, loan yields are expected to continue to rise with new originations around 7.4%.
Strong Capital Management
Since 2019, tangible book value per share grew at an 8% annualized rate, with a 10.2% growth rate in annual EPS. Dividend per share increased by 27%, and 17% of shares were repurchased.