Latest Quarterly Report
Filed: 2026-05-11
Key Insights
- Total assets declined from $1,963.6M to $1,945.1M quarter-over-quarter, reflecting a $18.5M decrease, while total deposits fell $29.5M from $1,700.8M to $1,671.4M, indicating potential customer outflows or strategic portfolio adjustments.
- Net interest income for Q1 2026 was $12,612K compared to $11,176K in Q1 2025, representing 12.9% year-over-year growth, driven by higher loan interest income despite a slightly declining loan portfolio, suggesting improved pricing or mix.
- The allowance for credit losses increased modestly to $19,452K from $19,407K while gross loans decreased, indicating management's conservative stance on asset quality amid potential economic uncertainty.
- Shareholders' equity increased to $259.8M from $251.0M, with retained earnings growing from $149.7M to $159.1M, demonstrating solid profitability and capital accumulation despite the slightly smaller asset base.
- The company maintains its accelerated filer and smaller reporting company status with 9.52M shares outstanding, suggesting continued modest scale relative to larger regional banks and ongoing growth potential.