For the three months ended March 31, 2026 compared to the three months ended March 31, 2025:
Net income of $12.01 million compared to $10.34 million, an increase of 16.16%
Earnings per share of $1.25 compared to $1.08, an increase of 15.74%
Total assets of $1.95 billion compared to $1.79 billion, an increase of 8.94%
Total loans of $1.59 billion compared to $1.42 billion, an increase of 11.94%
Pre-provision pre-tax earnings of $15.82 million compared to $13.71 million, an increase of 15.37%
Total interest income of $33.78 million compared to $30.44 million, an increase of 10.99%
Both the Bank's and the Company's capital levels continue to be significantly above the minimum levels required to be designated as "well-capitalized" for regulatory purposes. On March 31, 2026, the Bank's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 13.24%, 14.79%, and 15.96%, respectively. On March 31, 2026, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 13.24%, 14.78%, and 15.96%, respectively. Designation as a well-capitalized institution under regulations does not constitute a recommendation or endorsement by bank regulators.
Non-GAAP Financial Measures:This earnings release contains the non-GAAP financial measure pre-provision pre-tax earnings. The Company's management uses this non-GAAP measure in their analysis of the Company's performance. This measure adjusts GAAP performance to exclude from net income, income tax expense, provision for credit losses, and loss on sales and calls of available-for-sale debt securities.
For the Three Months Ended
March 31,
March 31,
2026
2025
Calculation of Pre-Provision Pre-Tax Earnings
(Dollars in thousands)
Net Income
$ 12,006
$ 10,336
Income Tax Expense
3,815
3,377
Pre-tax net income
15,821
13,713
Add back: Provision for credit losses
-
-
Add back: (Gain)Loss on sales/calls of AFS debt securities
-
-
Pre-provision pre-tax earnings
$ 15,821
$ 13,713
Unaudited Condensed Consolidated Balance Sheets(Dollar amounts in thousands, except par value)
Assets
March 31, 2026(unaudited)
December 31,2025
(Dollars in thousands)
Cash and due from banks
$ 246,701
$ 244,635
Interest-bearing time deposits in other banks
3,735
10,457
Available-for-sale debt securities (amortized cost of $55,632 and
$57,316 at March 31, 2026 and December 31, 2025, respectively)
52,140
54,019
Loans, net of allowance for credit losses of $19,452 and
$19,407 at March 31, 2026 and December 31, 2025, respectively
1,574,376
1,587,024
Loans held for sale
3,865
2,078
Premises and equipment, net
24,110
21,884
Nonmarketable equity securities
1,158
1,165
Core deposit intangibles
721
752
Goodwill
11,208
11,208
Interest receivable and other assets
27,066
30,418
Total assets
$ 1,945,080
$ 1,963,640
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$ 336,801
$ 341,416
Interest-bearing
1,334,580
1,359,417
Total deposits
1,671,381
1,700,833
Income taxes payable
3,912
594
Interest payable and other liabilities
9,966
11,218
Total liabilities
1,685,259
1,712,645
Shareholders' equity
Common stock, $0.01 par value; 50,000,000 shares authorized; shares
issued and outstanding: 9,519,335 and 9,462,656 at March 31, 2026
and December 31, 2025, respectively
95
95
Additional paid-in capital
103,270
103,739
Retained earnings
159,143
149,707
Accumulated other comprehensive loss
(2,687)
(2,546)
Total shareholders' equity
259,821
250,995
Total liabilities and shareholders' equity
$ 1,945,080
$ 1,963,640
Unaudited Condensed Consolidated Statements of Comprehensive Income(Dollar amounts in thousands, except per share data)
Three Months ...
