Loan Growth Achieved
Loans held for investment increased by $23.1 million or 3% annualized to $3.1 billion in the second quarter.
Improved Loan Yield
Yield on loans was 6.99% in the second quarter, compared to 6.67% in the previous quarter, boosted by a 23 basis point increase due to a one-time interest recovery.
Noninterest Income Increase
Noninterest income was $12.2 million in the second quarter, up from $10.6 million in the previous quarter, primarily due to a $1.5 million increase in mortgage banking revenues.
Net Interest Margin Improvement
Net interest margin increased to 4.07% in the second quarter, compared to 3.81% in the previous quarter, aided by a one-time interest recovery.
Deposit Growth
Noninterest-bearing deposits increased by $32.3 million, contributing to an improved deposit mix and a decline in deposit costs.
Strong Capital Position
Common equity Tier 1 risk-based capital ratio was 13.86%, and the Tier 1 leverage ratio was 12.12%, indicating a strong capital foundation.