Financial Performance - Net income for Q1 2025 was $3.997 million, with diluted EPS of $0.51, compared to $2.597 million and $0.34 in Q1 2024[6] - Net income for Q1 2025 was $3,997 thousand, a decrease from $4,232 thousand in Q4 2024 but an increase from $2,597 thousand in Q1 2024, showing a year-over-year growth of 54.0%[27] - Return on average assets for Q1 2025 was 0.82%, down from 0.86% in Q4 2024 but up from 0.56% in Q1 2024[27] - Return on average common equity for Q1 2025 was 11.05%, a decrease from 11.71% in Q4 2024 but an increase from 7.91% in Q1 2024[27] - Pre-tax, pre-provision earnings for Q1 2025 were $5,618 thousand, compared to $3,456 thousand in Q1 2024, representing a year-over-year increase of 62.7%[29] Revenue and Income - Non-interest income for Q1 2025 was $3.982 million, up from $3.184 million in Q1 2024[15] - Total non-interest income for Q1 2025 was $3,982 thousand, up from $3,608 thousand in Q4 2024 and $3,184 thousand in Q1 2024, indicating a year-over-year growth of 24.9%[27] - Investment advisory revenue was $1.806 million, with assets under management (AUM) at $892.8 million[17] - Interest income for Q1 2025 was $23,082 thousand, a slight increase from $23,074 thousand in Q4 2024 and a significant increase from $21,256 thousand in Q1 2024, representing a year-over-year growth of 8.6%[27] - Net interest income after provision for credit losses for Q1 2025 was $13,953 thousand, compared to $13,615 thousand in Q4 2024 and $11,948 thousand in Q1 2024, reflecting a year-over-year increase of 16.7%[27] Asset and Deposit Growth - Total deposits increased by $49.8 million to $1.726 billion, reflecting a 12.1% annualized growth rate[12] - Total deposits rose to $1,725,718 thousand as of March 31, 2025, compared to $1,675,901 thousand as of December 31, 2024, reflecting an increase of 2.9%[24] - Total assets increased to $2,039,371 thousand as of March 31, 2025, up from $1,958,021 thousand as of December 31, 2024, representing a growth of 4.9%[24] - Average total assets for the three months ended March 31, 2025, were $1,981,493 thousand, up from $1,954,772 thousand for the three months ended December 31, 2024, indicating a growth of 1.4%[25] Loan Performance - Total loans grew by $31.4 million to $1.252 billion, representing a 10.4% annualized growth rate[11] - The yield on the loan portfolio increased to 5.71% in Q1 2025, compared to 5.65% in Q4 2024[11] - Average loans (including loans held-for-sale) for the three months ended March 31, 2025, were $1,239,225 thousand, up from $1,211,880 thousand for the three months ended December 31, 2024, reflecting a growth of 2.2%[25] - The loan to deposit ratio (including loans held-for-sale) was 72.96% as of March 31, 2025, slightly down from 73.41% as of December 31, 2024[24] Asset Quality - Non-performing assets were 0.03% of total assets, with net recoveries of $11 thousand during Q1 2025[9] - Nonperforming assets decreased to $658 thousand as of March 31, 2025, from $810 thousand as of December 31, 2024, showing a decline of 18.8%[25] - The allowance for credit losses on loans was $13,608 thousand as of March 31, 2025, compared to $13,135 thousand as of December 31, 2024, an increase of 3.6%[24] Capital and Efficiency - The Tier 1 capital ratio was 12.90% as of March 31, 2025, unchanged from December 31, 2024[24] - The equity to assets ratio was 7.35% as of March 31, 2025, slightly down from 7.38% as of December 31, 2024[24] - The efficiency ratio for Q1 2025 was 69.23%, compared to 66.67% in Q4 2024 and 77.15% in Q1 2024, indicating improved operational efficiency year-over-year[27] Dividends and Shareholder Value - Cash dividend of $0.15 per common share was declared, marking the 93rd consecutive quarter of dividends[7] - Book value per common share increased to $19.52 as of March 31, 2025, from $18.90 as of December 31, 2024, a rise of 3.3%[24] - The tangible book value per common share increased to $17.56 in Q1 2025 from $15.51 in Q1 2024, reflecting a year-over-year increase of 13.3%[29] Profitability Metrics - Net interest margin expanded by 13 basis points to 3.13% in Q1 2025, compared to 2.79% in Q1 2024[13] - The net interest margin (non-taxable equivalent) for Q1 2025 was 3.12%, up from 2.78% in Q1 2024, indicating improved profitability on earning assets[28] - Non-interest expense rose to $12.754 million, an increase of $928 thousand from Q4 2024[19]
First munity (FCCO) - 2025 Q1 - Quarterly Results