Eugene H. Walpole, IV, President and Chief Executive Officer, stated, "We are pleased to report net income of $1,956,155 for the quarter - our highest second-quarter earnings on record and a 12% increase over the same period in 2024. This strong performance is primarily driven by the continued improvement in our net interest margin, which exceeded 4% for the second consecutive quarter and highlights the effectiveness of our disciplined pricing strategy. To be firmly ahead of both last year's earnings to date and the current-year profit plan is a credit to our exceptional team of professional bankers. Meanwhile, loan demand across our markets remains robust, and our customers continue to prosper, as reflected in the low percentage of nonperforming loans on our balance sheet. As we enter the second half of the year, we remain steadfast in our commitment to delivering outstanding customer service, upholding a high standard of asset quality, and leveraging capital with a long-term perspective."
Selected Condensed Consolidated Financial Data
(Unaudited)
For the Three Months Ended
June 30,2025
March 31,2025
December 31,2024
September 30,2024
June 30,2024
Total Interest and Fee Income
$ 7,202,647
$ 6,737,106
$ 6,818,624
$ 6,848,831
$ 6,702,792
Total Interest Expense
1,304,294
1,325,566
1,406,681
1,566,695
1,564,362
Net Interest Income
5,898,353
5,411,540
5,411,943
5,282,136
5,138,430
Provision for Credit Losses
100,000
50,000
25,000
-
50,000
Net Interest Income After Provision for Credit Losses
5,798,353
5,361,540
5,386,943
5,282,136
5,088,430
Total Other Income
421,104
480,342
