Executive Summary

Q1 2025 delivered solid profitability with net income of $23.0M and diluted EPS of $32.86, up 9.9% sequentially and 7.6% YoY, aided by lower deposit costs and disciplined loan pricing .
Net interest margin expanded to 4.20% from 4.09% in Q4 2024; efficiency ratio improved to 43.86% vs 46.57% in Q4 2024, indicating operating leverage despite modest loan contraction .
Deposits rose $278.8M QoQ to $5.0B, driven by $250.0M of brokered deposits; core deposits increased $28.8M QoQ, while checking mix fell to 45.76% from 51.08% in Q4 .
Credit quality remained strong: non-accruals just $193K, net charge-offs $160K; ACL on loans 2.10% with a $300K provision in the quarter .
No formal quantitative guidance was provided; management emphasized conservative underwriting given the inverted yield curve and noted potential export tailwinds from tariffs and a weaker USD for certain ag products .

What Went Well and What Went Wrong

Net interest margin expanded to 4.20% on reduced deposit costs and disciplined loan pricing; “pricing discipline on loans and leases… has collectively resulted in an increase in the net interest margin” .
Operating efficiency improved: efficiency ratio declined to 43.86% from 46.57% in Q4 and 44.94% YoY .
Tangible book value per share increased 13.49% YoY to $843.33, reflecting capital accretion and strong earnings power .

Gross loans and leases declined 2.57% QoQ (-$94.7M), partly seasonal in ag and reflecting conservative underwriting amid an inverted curve .
Deposit mix shifted less favorably: checking proportion fell to 45.76% from 51.08% in Q4, contributing to funding mix changes; $250.0M brokered deposits were added .
Provision for credit losses of $300K vs no provision in Q4 2024 and Q1 2024; management highlighted stress in certain ag commodities due to export headwinds, though potential relief from tariffs and weaker USD was noted .

Metric	Q3 2024	Q4 2024	Q1 2025
Net interest income ($USD Thousands)	$51,993	$52,189	$53,141
Noninterest income ($USD Thousands)	$6,280	$4,578	$5,021
Net income ($USD Thousands)	$22,121	$21,846	$23,009
Diluted EPS ($USD)	$29.96	$29.89	$32.86
Return on average assets (%)	1.65%	1.62%	1.70%
Return on average equity (%)	15.03%	15.30%	15.65%
Net interest margin - tax equivalent (%)	4.07%	4.09%	4.20%
Loan yield (%)	6.13%	6.08%	6.07%
Cost of average total deposits (%)	1.39%	1.23%	1.17%
Efficiency ratio (%)	47.63%	46.57%	43.86%

Metric	Q1 2024	Q1 2025
Net interest income ($USD Thousands)	$51,713	$53,141
Noninterest income ($USD Thousands)	$5,075	$5,021
Net income ($USD Thousands)	$22,723	$23,009
Diluted EPS ($USD)	$30.56	$32.86
ROA (%)	1.71%	1.70%
ROE (%)	16.33%	15.65%
Net interest margin - tax equivalent (%)	4.14%	4.20%
Loan yield (%)	6.09%	6.07%
Cost of average total deposits (%)	1.27%	1.17%
Efficiency ratio (%)	44.94%	43.86%

KPI	Q3 2024	Q4 2024	Q1 2025
Total assets ($USD Thousands)	$5,418,132	$5,370,196	$5,680,024
Cash & cash equivalents ($USD Thousands)	$293,250	$212,563	$607,254
Total investment securities ($USD Thousands)	$1,182,073	$1,233,857	$1,255,204
Available-for-sale ($USD Thousands)	$401,563	$464,414	$495,433
Held-to-maturity ($USD Thousands)	$780,510	$769,443	$759,771
Gross loans & leases ($USD Thousands)	$3,713,735	$3,690,221	$3,595,511
Total deposits ($USD Thousands)	$4,708,682	$4,699,139	$4,977,968
Loan-to-deposit ratio (%)	78.87%	78.53%	72.23%
% Checking to total deposits (%)	50.01%	51.08%	45.76%
Tangible book value per share ($USD)	$799.04	$800.52	$843.33
Total shareholders’ equity ($USD Thousands)	$602,696	$573,072	$602,306

Metric	Period	Previous Guidance	Current Guidance	Change
Overall financial guidance	FY/Q2+	None provided	None provided	Maintained (no formal guidance)

Note: The Q1 2025 earnings press release and 8-K did not include formal quantitative guidance (revenue, EPS, margins, tax rate, or segment targets) .

(Company did not publish a Q1 2025 earnings call transcript; themes reflect management commentary across press releases and 8-Ks.)

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Net interest margin (NIM)	NIM 4.07%; improvement driven by lower deposit costs	Full-year NIM 4.05%	NIM 4.20% on lower deposit costs and pricing discipline	Improving
Deposit costs/mix	Avg cost 1.39%; stable deposit base	Avg cost 1.35% for FY; demand deposits 51.08%	Avg cost 1.17%; deposits +$278.8M QoQ; $250M brokered; checking 45.76%	Cost down; mix less favorable
Credit quality	Non-accruals $677K; ACL 2.11%	Non-performing loans $0.9M; net charge-offs $0.7M FY	Non-accruals $193K; net charge-offs $160K; ACL loans 2.10%; provision $300K	Strong; modest provisioning
Capital & TBV	Risk-based capital 14.95%; TCE 10.91%; TBV $799.04	Risk-based capital 14.51%; TCE 10.46%; TBV $800.52	Risk-based capital 15.23%; TCE 10.40%; TBV $843.33	Strengthening; TBV rising
Ag sector/macro	Notes ag stress from strong USD and rates	Strategy: shorter-duration loans amid inverted curve	Potential ag relief from tariffs + weaker USD; continued conservative underwriting	Cautiously constructive

“We achieved these impressive results while continuing to maintain a strong liquidity position… $607.3 million in cash, $1.3 billion in investment securities… and access to $2.1 billion in borrowing capacity” .
“Core deposits increased $28.8 million in the first quarter… Gross loans and leases were $3.6 billion… down 2.56%… due in part to seasonality in agricultural lending and… conservative underwriting given the inverted yield curve” .
“The recent tariffs coupled with the weakened US dollar may improve export market opportunities for [ag] products and may provide financial relief to affected customers” .

No Q1 2025 earnings call transcript was available; management’s commentary is drawn from the press release and 8-K .

Metric	Period	S&P Global Consensus Mean	Actual Reported	Beat/Miss
EPS (diluted) ($USD)	Q1 2025	N/A (no published consensus)	$32.86	N/A
Revenue ($USD)	Q1 2025	N/A (no published consensus)	$57.862M*	N/A

Values retrieved from S&P Global for revenue actual; consensus estimates were unavailable at the time of writing.
*Values retrieved from S&P Global.

NIM expansion and lower deposit costs drove a clean sequential EPS beat vs Q4 2024; operating efficiency improved, signaling positive earnings trajectory into mid-2025 .
Loan balances contracted QoQ on ag seasonality and underwriting discipline; watch for lending trends as tariffs/weaker USD potentially support certain ag exports .
Deposit growth was strong but partially brokered; mix shift (lower checking %) is a watchpoint for funding costs even as absolute costs fell .
Credit remains pristine (non-accruals de minimis), with modest provisioning; ACL coverage still robust at ~2.10% of loans .
Capital strengthened (risk-based 15.23%); TBVPS accretion continues, supporting valuation resilience in volatile rate scenarios .
With no formal guidance, focus on management’s pricing discipline, deposit gathering, and conservative duration posture in an inverted curve environment .
Near-term trading: favorable setup on NIM and efficiency; monitor brokered deposit roll-off and loan growth inflection. Medium-term thesis: durable ROA/ROE profile, disciplined risk management, and TBV compounding underpin value .