Solid Loan Growth
Loans held for investment grew by $92 million or 12% on an annualized basis, with growth in almost all categories. The in-house mortgage origination business originated $120 million of mortgages in the second quarter.
Net Interest Margin Increase
Net interest margin increased to 2.92% and has increased by 25 basis points over the last 4 quarters.
Employee Retention Credit Refund
The second quarter results benefited from a $5.2 million employee retention credit refund, contributing to a net income of $9.3 million or $0.52 per diluted share.
Strong Capital Levels
Capital levels remained strong with all capital ratios above regulatory well-capitalized levels, and tangible book value per share increased to $25.11.