Total Revenue

+0.6% (Q1 2025 vs Q1 2024)

Total revenue grew modestly from $71.72 million to $72.16 million, driven by a slight improvement in income from core banking operations. This follows previous periods where higher net interest income and non‐interest income underpinned revenue growth, albeit with competitive market pressures. " "

Net Income

+1.3% (Q1 2025 vs Q1 2024)

Net income increased modestly from $22,723 thousand to $23,009 thousand, reflecting benefits from improved NII and cost efficiencies. Earlier, the absence of credit loss provisions and enhanced non‐interest income contributed to stable earnings, and further reductions in funding costs in Q1 2025 built upon these trends. " "

Net Interest Income

+2.8% (Q1 2025 vs Q1 2024)

Net interest income rose from $51,713 thousand to $53,141 thousand, as higher loan yields and more effective deposit cost management offset prior pressures from increasing funding costs. In FY 2024, a rapid increase in interest expense eroded gains, but in Q1 2025, a more favorable balance between asset yields and liability costs helped enhance NII. " "

Interest Expense

-6% (Q1 2025 vs Q1 2024)

Interest expense declined significantly from $14,928 thousand to $13,997 thousand, indicating an easing in the cost of deposit funding. After the steep increases in FY 2024 driven by higher deposit rates, improved competitive positioning and potentially lower deposit rates in Q1 2025 helped reduce these expenses. " "

Total Cash and Cash Equivalents

-17.7% (Q1 2025 vs Q1 2024)

Total cash and equivalents dropped from $738,397 thousand to $607,254 thousand, reflecting strategic cash deployment. Previously, significant cash was used to fund loan growth and securities acquisitions; in Q1 2025 these trends continued as the firm leveraged its strong balance sheet to support asset expansion, thereby reducing liquidity. " "