Increase in Net Income and Return on Assets
Net income for the quarter was $15.1 million, with a return on average assets of 1%.
Improvement in Asset Quality Metrics
Criticized assets decreased by $24 million or 9%, and the nonperforming assets ratio improved by 7 basis points to 0.33%.
Expansion of Core Net Interest Margin
Core net interest margin increased by 10 basis points.
Significant Increase in SBA Gain on Sale Income
SBA gain on sale income rose by 52% from the same period last year.
Strong Loan Origination Activity
Commercial originations were up 4% from the year-ago period and 37% from the linked quarter.
Increase in Shareholders' Equity
Shareholders' equity increased by $20 million to $579.6 million.
Stable Deposit Franchise
Deposits were essentially flat, reflecting stability despite seasonal fluctuations.
Successful Strategic Initiatives
New commercial banker hires and technology investments are expected to enhance future performance.