Total Revenue

-5.3% (from $38.47M to $36.445M)

Total Revenue declined as a combined effect of a modest 3.7% drop in Interest Income and a sharp 27% fall in Noninterest Income. This indicates that lower fee‐based gains and reduced lending margins, compared to Q1 2024, weighed on overall revenues. " "

Interest Income

-3.7%

Interest Income experienced a slight decline, suggesting that either lower loan yields or decreased loan balances contributed to the drop, even as core lending activities remained relatively steady compared to Q1 2024. " "

Noninterest Income

-27%

Noninterest Income fell significantly, likely driven by reduced gains on asset sales and lower fee-based or other operating income from investments. This steep decline shows the sensitivity of noncore revenues to both market conditions and transaction volumes. " "

Net Income

+33% (from 4,707k to 6,293k USD)

Despite lower revenues, Net Income jumped by 33% as improved operational efficiency—reflected in a 6.6% increase in Net Interest Income and a 13% reduction in Total Interest Expense—more than compensated for the revenue decline. The result is a higher Basic EPS (increasing from $0.48 to $0.64) and stronger profitability margins relative to Q1 2024. " "

Net Interest Income

+6.6% (from 17,216k to 18,345k USD)

Net Interest Income increased thanks to a more favorable cost structure; lower funding costs (evidenced by strategic reductions in deposit and borrowing expenses) helped drive a boost in net margin from core lending even though overall Interest Income dipped slightly. " "

Provision for Credit Losses

Expanded from (1,419)k to (3,596)k (over 150% increase)

The significant expansion in the Provision for Credit Losses is largely attributable to substantial net recoveries—especially on a loan impacted by Hurricane Ida—and an annual recalibration of the CECL model amid an improved economic forecast. These factors reduced expected future losses and led to a more negative provision compared to Q1 2024. " "

Total Interest Expense

-13% (from 18,506k to 16,089k USD)

Total Interest Expense declined markedly, driven primarily by a dramatic drop in interest on borrowings (down from 3,661k to 1,449k USD) and a modest reduction in deposit interest costs. This reflects active cost management and a shift toward lower-cost funding sources relative to Q1 2024. " "

Operating Cash Flow

-43% (from 7,830k to 4,478k USD)

Operating Cash Flow dropped significantly, which may stem from lower revenue collections, changes in working capital, or timing differences in cash flows when compared to Q1 2024—indicating potential short-term liquidity pressures. " "

Total Deposits

+6.4% (from 2,207,828k to 2,347,357k USD)

Total Deposits grew due to organic expansion in nonbrokered products such as interest-bearing demand, money market, and savings deposits, while the removal of brokered demand deposits (formerly $47.3M) underscores a strategic shift toward lower-cost deposits. This overall mix improvement has bolstered the deposit base year-over-year. " "