Deposit Growth and Loan-to-Deposit Ratio Improvement
Business deposits increased by 24% and personal deposits by 9% for the twelve-month period ended March 31, 2025. The loan-to-deposit ratio was reduced from 108% at the end of Q1 2024 to 99% at the end of Q1 2025.
Strong Asset Quality
Non-performing assets totaled $5.4 million at March 31, 2025, or nine basis points of total assets. Past due loans in dollars represent three basis points of total loans, with no outstanding ORE.
Increase in Non-Interest Income
Total non-interest income grew 12% in Q1 2025 compared to Q1 2024, with mortgage banking income up 13%, service charges up 20%, and payroll services up 16%.
Net Interest Margin Improvement
Despite a 100 basis point decrease in the federal funds rate, the net interest margin increased by six basis points compared to Q4 2024.
Strong Capital Position
The bank's total risk-based capital ratio was 14.0% at the end of Q1 2025, $217 million above the minimum threshold to be categorized as well-capitalized.