Executive Summary

EPS and revenue beat: Diluted EPS was $1.07, above Wall Street consensus of $0.89; revenue was $22.23M vs $22.13M consensus. Net interest margin expanded to 3.69% and efficiency improved. Management raised the quarterly dividend to $0.26 per share. Bold beats driven by higher loan yields and stable funding costs . EPS consensus and revenue figures marked with an asterisk are from S&P Global.*
Net income rose to $6.9M vs $6.0M in Q2 and $5.8M in Q3’24 on stronger net interest income, lower provision vs the linked quarter, and modest noninterest income growth .
Balance sheet strengthened: deposits +$104.1M YTD to $1.68B; book value/share increased to $30.65; CET1 improved to 13.68% and Tier 1 RBC to 15.59% .
Asset quality stable: ACL/loans at 1.28%; non-accrual loans declined to $3.8M; net charge-offs remain low (0.08% YTD), despite a charge-off tied to one non-accrual C&I relationship .
Potential near-term catalysts: dividend increase to $0.26, sustained NIM expansion, and continued fee income resilience; shares closed Q3 at $36.77, up vs $29.84 in Q3’24 .

What Went Well and What Went Wrong

Margin expansion and operating efficiency: NIM (non-GAAP) rose to 3.69% and non-GAAP efficiency ratio improved to 56.97% vs 59.39% in Q2; management attributed strength to increased loan yields and stable funding costs .
Loan and mortgage production: $29.8M in commercial originations and $20.8M in residential originations, with a strong $50.4M commercial pipeline; management highlighted production despite high payoffs .
Dividend increase and cost discipline: Declared a $0.26 dividend; operating expenses remained stable vs linked quarter; CEO: “We are pleased to report another strong quarter, once again driven by increased net interest margin and expense control…” .

Elevated payoffs and charge-offs: Commercial amortization and payoffs were unusually high (~$29.4M), and a single non-accrual C&I relationship led to increased net charge-offs and a $0.5M provision .
Year-over-year noninterest expense: Up $0.7M YOY on higher salaries/benefits, data processing, and professional services; tax expense also rose YOY by $0.4M .
Deposit mix headwinds: Interest-bearing demand deposits (ICS) decreased slightly YTD due to seasonal municipal fluctuations; brokered CDs ($50M) added to fund overnight borrowing repayment .

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD Millions)*	$22.13	$24.87	$22.23
Net Interest Income ($USD Millions)	$15.23	$16.71	$17.40
Other Operating Income incl. Gains ($USD Millions)	$5.05	$5.09	$5.34
Provision for Credit Losses ($USD Millions)	$0.26	$0.86	$0.51
Diluted EPS ($)	$0.89	$0.92	$1.07
ROAA (YTD, %)	0.99	1.20	1.24
ROE (YTD, %)	11.52	12.78	13.23
NIM (Non-GAAP, %)	3.34	3.61	3.69
Efficiency Ratio (Non-GAAP, %)	62.46	59.66	56.97

Consensus vs Actual (Q3 2025):

Metric	Consensus*	Actual
EPS ($)	0.89	1.07
Revenue ($USD Millions)	22.13	22.23

Segment and Balance Sheet

Loans by Type (Period End, $USD Millions):

Deposits by Type (Change, $USD Millions):

KPIs and Asset Quality

KPI	Q3 2024	Q2 2025	Q3 2025
ACL / Loans (%)	1.23	1.27	1.28
Non-Accrual Loans ($USD Millions)	$4.93	$3.81	$3.83
NPLs + 90dpd / Loans (%)	0.39	0.29	0.31
NPAs / Assets (%)	0.59	0.51	0.51
Net (Charge-Offs)/Recoveries ($000, quarter)	($362)	($151)	($435)
Book Value / Share ($)	$26.90	$29.43	$30.65

Metric	Period	Previous Guidance	Current Guidance	Change
Dividend per share	Q4 2025 payable Nov 3	$0.22 (Q2 2025 dividend)	$0.26 (declared Sept 24, 2025)	Raised
Financial guidance (revenue/margins/OpEx, tax rate)	N/A	Not provided	Not provided	Maintained N/A

Note: No Q3 2025 earnings call transcript could be located; themes compiled from Q1/Q2/Q3 press releases and investor presentation.

Topic	Previous Mentions (Q1 & Q2 2025)	Current Period (Q3 2025)	Trend
NIM and funding costs	NIM improved to 3.56% (Q1) and 3.65% (Q2); controlled funding costs	NIM reached 3.69%; funding costs remained stable	Positive
Loan production and pipelines	Q1: modest production; pipelines $56.0M; Q2: commercial originations $65.1M; pipeline $32.3M	Q3: commercial originations $29.8M; pipeline $50.4M; residential originations $20.8M	Stable to positive
Deposits and mix	Q1: +$48.7M deposits; brokered CDs $50M; ICS seasonal declines	YTD +$104.1M deposits; ICS down slightly; MMAs +$42.0M	Improving balances; mix shift
Technology/AI initiatives	Q2: focus on tech to improve efficiencies; CEO commentary	Investor presentation highlights digital upgrades and AI initiative	Building
Asset quality	Q1/Q2: stable ACL ~1.25–1.27%; declining non-accruals	ACL 1.28%; non-accruals $3.83M; one C&I charge-off	Stable
Capital and liquidity	Q2 CET1 13.32%; liquidity sources robust	CET1 13.68%; Tier 1 15.59%; $650M funding capacity	Strengthening

CEO Carissa Rodeheaver: “We are pleased to report another strong quarter, once again driven by increased net interest margin and expense control… The strong income allowed us to increase our dividend this quarter.” .
Strategic pillars emphasize resource optimization, technology, AI, and diversified revenue to enhance efficiency and customer experience .
Risk management focus: asset sensitivity positioning, deposit pricing discipline, and robust liquidity access via FHLB, correspondent lines, and Fed .

No Q3 2025 earnings call transcript was available; Q&A highlights are not available.

Q3 2025 beats: EPS $1.07 vs consensus $0.89; revenue $22.23M vs consensus $22.13M. # of estimates: 1 for EPS and revenue (limited coverage) [GetEstimates].*
Implications: Continued margin expansion and stable funding costs suggest upward bias to forward EPS; revenue trajectory may be modestly recalibrated near-term given high payoffs offsetting production .

Clear EPS and revenue beat; operating leverage supported by NIM expansion to 3.69% and improved efficiency ratio to 56.97% .*
Dividend raised to $0.26; book value/share increased to $30.65, reflecting capital strength and earnings retention .
Deposit growth (+$104.1M YTD) and diversified funding (brokered CDs, FHLB capacity) underpin conservative liquidity posture .
Loan production remains healthy with strong pipelines, but elevated payoffs can mute net growth; watch C&I charge-offs and provision cadence .
Asset quality stable (ACL/loans 1.28%; non-accruals $3.83M), supporting steady provisioning and confidence in credit risk management .
Capital ratios strengthened (CET1 13.68%, Tier 1 15.59%); supports dividend, selective buybacks, and growth initiatives .
Medium-term thesis: sustained net interest income growth via repricing and selective production, complemented by fee income resiliency and tech-driven efficiency gains .

Footnote: *Values retrieved from S&P Global.