For the three months ended September 30, 2025 compared to the three months ended June 30, 2025:
Net income of $10.8 million compared to $11.1 million, a decrease of 2.35%
Earnings per share of $1.13 compared to $1.16, a decrease of 2.59%
Total assets of $1.9 billion compared to $1.8 billion, an increase of 3.00%
Total loans of $1.5 billion compared to $1.5 billion, an increase of 2.46%
Pre-provision pre-tax earnings ("PPE") of $14.9 million compared to $14.7 million, an increase of 1.29%
Total interest income of $33.7 million compared to $31.8 million, an increase of 6.09%
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 September 30, 2025, the Bank's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.71%, 14.23%, and 15.44%, respectively. On September 30, 2025, on a consolidated basis, the Company's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and total risk-based capital ratios were 12.71%, 14.22%, and 15.43%, 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
September 30, 2025
June 30, 2025
Calculation of Pre-Provision Pre-Tax Earnings ("PPE")
(Dollars in thousands)
Net Income
$ 10,844
$ 11,105
Income Tax Expense
3,342
3,602
Pre-tax net income
14,186
14,707
Add back: Provision for credit losses
700
-
Add back: (Gain)Loss on sales/calls of AFS debt securities
10
-
Pre-provision pre-tax earnings
$ 14,896
$ 14,707
Unaudited Condensed Consolidated Balance Sheets
(Dollar amounts in thousands, except par value)
Assets
September 30, 2025(unaudited)
December 31, 2024
(Dollars in thousands)
Cash and due from banks
$ 241,768
$ 234,196
Interest-bearing time deposits in other banks
14,935
6,719
Available-for-sale debt securities (amortized cost of $58,771 and
$66,445 at September 30, 2025 and December 31, 2024)
54,858
59,941
Loans, net of allowance for credit losses of $19,405 and
$17,918 at September 30, 2025 and December 31, 2024, respectively
1,514,822
1,379,465
Loans held for sale
1,883
-
Premises and equipment, net
21,057
18,137
Nonmarketable equity securities
1,169
1,283
Core deposit intangibles
784
878
Goodwill
11,208
8,458
Interest receivable and other assets
28,951
30,731
Total assets
$ 1,891,435
$ 1,739,808
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing
$ 340,985
$ 313,258
Interest-bearing
1,295,842
1,202,213
Total deposits
1,636,827
1,515,471
Income taxes payable
146
77
Interest payable and other liabilities
12,726
11,047
Total liabilities
1,649,699
1,526,595
Shareholders' equity
Common stock, $0.01 par value; 50,000,000 shares authorized; shares
issued and outstanding: 9,451,979 and 9,390,211 at September 30, 2025
and December 31, 2024, respectively
95
94
Additional paid-in capital
103,184
101,809
Retained earnings
141,478
116,281
Accumulated other comprehensive loss
(3,021)
(4,971)
Total shareholders' equity
241,736
213,213
Total liabilities and shareholders' equity
$ 1,891,435
$ 1,739,808
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Dollar amounts in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025(unaudited)
2024(unaudited)
2025(unaudited)
2024(unaudited)
Interest Income
(Dollars in thousands)
Loans, including fees
$ 30,914
$ 30,791
$ 87,207
$ 89,834
Interest-bearing time deposits in other banks
160
177
406
675
Debt securities, taxable
266
303
827
2,266
Debt securities, tax-exempt
60
69
187
214
Other interest and dividend income
2,317
2,148
7,315
6,221
Total interest income
33,717
33,488
95,942
99,210
Interest Expense
Deposits
10,691
12,271
30,334
34,752
Total interest expense
10,691
12,271
30,334
34,752
Net Interest Income
23,026
21,217
65,608
64,458
