Strong Net Income Growth
Net income increased to $3.2 million or $0.32 per diluted share in Q3, marking a 45% increase from the same quarter last year.
Significant Loan and Deposit Growth
Loans held for investment increased by $50 million and total deposits increased by $320 million from the previous quarter.
Positive Revenue and Profitability Trends
Gross revenue increased 8.7% quarter-over-quarter and 15.5% year-over-year. Net interest income rose for the fourth consecutive quarter by 8.9% from the prior quarter.
Operating Leverage Improvements
Efficiency ratio is trending down due to operating leverage improvements, and pre-provision net revenues were up almost 35% quarter-over-quarter annualized.