Total Interest Income

-5.6% (from $57.72M to $54.46M)

Lower loan yield and reduced asset growth in Q1 2025 contributed to a decline in interest income compared to the strong performance in Q4 2024. While prior periods benefited from loan portfolio expansion and higher market yields, the slowdown, as well as potential seasonal shifts, impacted income. " "

Total Interest Expense

-8.2% (from $35.14M to $32.24M)

Interest expense fell as the cost structure adjusted following the previous quarter’s higher liabilities cost, possibly due to a reduction in balances or effective repricing. This decrease, compared to Q4 2024’s higher expense from elevated rates on deposits, suggests a more conservative funding mix in Q1 2025. " "

Net Interest Income

-1.6% (from $22.58M to $22.22M)

The net interest income showed only a modest decline because the lower interest income was partially offset by lower interest expenses. This balance indicates that while asset yields softened, the cost of liabilities also decreased relative to Q4 2024. " "

Provision for Credit Losses

+141% (from $6.02M to $14.55M)

A substantial increase in credit loss provisions was observed in Q1 2025 driven by a dramatic rise related to the sale of two commercial real estate loans, reflecting higher expected losses versus the prior quarter’s lower levels. " " This sharp adjustment underlines heightened credit risk compared to Q4 2024.

Net (Loss) Income

Swing from +$1.01M to -$6.17M

Net income turned negative primarily because the significant jump in credit loss provisions and higher charge-offs overwhelmed the modest operating income seen in Q4 2024. The deterioration in credit quality and increased risk adjustments are key factors behind this shift. " "

Net Income Available to Common Shareholders

From +$427K to -$6.75M

Earnings available to common shareholders deteriorated sharply, a result of both the swing to an overall net loss and increased provisions. The decline connected directly to the adverse impacts of higher non-performing assets and provision increases compared to Q4 2024’s break-even level. " "

Total Assets

-3.6% (from $3.97B to $3.83B)

Total assets declined as the institution possibly reduced its investment securities or rebalanced its portfolio, reversing the previous quarter’s asset accumulation seen in Q4 2024. This suggests a strategic or market-driven contraction in asset holdings. " "

Shareholders’ Equity

Slight decline (from $255.05M to $251.45M)

The minor drop in shareholders’ equity reflects the cumulative impact of lower net income and increased losses during Q1 2025 compared to Q4 2024. Despite relatively steady equity from previous periods, the recent challenges in earnings and credit losses have begun to erode the capital base. " "