Strong Deposit Growth
Every category of deposits is up, including low-cost core and business accounts. Deposits ended the quarter at $5.5 billion, up $142 million compared to the prior year quarter.
Increase in Commercial Lending
Commercial lending is up 8%, with the total now topping $300 million.
Loan Portfolio Growth
Average loans for the first quarter of 2025 grew by 2.1% or $104.7 million to an all-time high of $5.1 billion. Home equity lines increased by $61 million or 17.3%.
Record Net Income and Margin Improvement
First quarter net income increased by 17.7% over the prior year quarter to $14.3 million. Net interest margin improved by more than 8% year-over-year to 2.64%.
Strong Capital Position
Consolidated equity to assets ratio increased to 10.85%, up 3% year-over-year. Shareholders' equity rose by 6%.
Non-Performing Loans Remain Low
Non-performing loans to total loans remained flat at a negligible 0.37%.
Share Repurchase Program
Announced a stock repurchase program of up to 1 million shares, approximately 5% of the current outstanding shares, as part of capital management strategy.