Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased to report net income of $1,794,014 for the first quarter, representing a 30% increase compared to the same period in 2024, and a 28% increase on a per-share basis. Our return on average assets of 1.28% and return on average equity of 13.51% reflect year-over-year improvement of 44% and 16%, respectively. Through disciplined loan pricing and lower funding costs, we've realized consistent enhancement of our net interest margin over the last several quarters. Preserving asset quality and expanding earnings per share remain our focus, as we are not willing to sacrifice either one for growth's sake. We will continue managing risk with a long-term perspective and are pleased to be ahead of our profit plan to date."
Selected Condensed Consolidated Financial Data
(Unaudited)
For the Three Months Ended
March 31,2025
December 31,2024
September 30,2024
June 30,2024
March 31,2024
Total Interest and Fee Income
$ 6,737,106
$ 6,818,624
$ 6,848,831
$ 6,702,792
$ 6,593,463
Total Interest Expense
1,325,566
1,406,681
1,566,695
1,564,362
1,861,311
Net Interest Income
5,411,540
5,411,943
5,282,136
5,138,430
4,732,152
Provision for Credit Losses
50,000
25,000
-
50,000
-
Net Interest Income After Provision for Credit Losses
5,361,540
5,386,943
5,282,136
5,088,430
4,732,152
Total Other Income
480,342
