Kearny Financial(KRNY) - 2025 Q3 - Quarterly Results

Executive Summary & Dividend Declaration This section summarizes the company's third-quarter fiscal 2025 results, dividend declaration, and CEO commentary Third Quarter Fiscal 2025 Results Kearny Financial Corp. reported stable net income for the third quarter of fiscal 2025 compared to the previous quarter, with a slight increase in diluted earnings per share Net Income and EPS (QoQ) | Metric | Quarter Ended March 31, 2025 | Quarter Ended December 31, 2024 | | :------------------- | :--------------------------- | :------------------------------ | | Net Income | $6.6 million | $6.6 million | | Diluted EPS | $0.11 | $0.10 | Dividend Declaration The Board of Directors declared a quarterly cash dividend of $0.11 per share, consistent with the previous quarter - A quarterly cash dividend of $0.11 per share was declared, payable on May 21, 2025, to stockholders of record as of May 7, 2025[2] CEO Commentary President and CEO Craig L. Montanaro highlighted a $1.4 million quarter-over-quarter growth in net interest income and an 8 basis point expansion in net interest margin, driven by loan and deposit growth and a decrease in the cost of funds. He expressed confidence in sustaining performance despite market volatility - Net interest income grew by $1.4 million quarter over quarter, leading to an eight basis point net interest margin expansion[3] - Margin expansion was attributed to growth in net loans and deposits, coupled with a 24 basis point decrease in the cost of funds[3] - The Company anticipates continued strong margin expansion into the June quarter and is confident in its ability to sustain performance despite volatile market conditions[3] Financial Performance Highlights This section details the company's financial performance, including balance sheet, earnings, asset quality, and capital Balance Sheet Highlights As of March 31, 2025, total assets slightly increased, driven by growth in loans receivable and deposits, while investment securities and borrowings decreased Key Balance Sheet Changes (QoQ) | Metric | March 31, 2025 | December 31, 2024 | Change ($M) | Change (%) | | :--------------------- | :------------- | :---------------- | :---------- | :--------- | | Total Assets | $7.73 billion | $7.73 billion | $1.8 | 0.0% | | Investment Securities | $1.13 billion | $1.15 billion | ($17.3) | -1.5% | | Loans Receivable | $5.85 billion | $5.79 billion | $54.4 | 0.9% | | Deposits | $5.71 billion | $5.67 billion | $36.3 | 0.6% | | Borrowings | $1.21 billion | $1.26 billion | ($45.0) | -3.6% | - Growth in loans receivable was primarily due to non-residential mortgage loans[5] - Deposit increase was driven by interest-bearing demand and consumer savings deposits, partially offset by a decrease in non-interest-bearing demand deposits (excluding a single large outflow, non-interest bearing deposits increased 2.5%)[5] - Borrowings decreased due to reductions in Federal Home Loan Bank (FHLB) overnight borrowings[5] Earnings Overview The Company experienced an increase in net interest income and a decrease in non-interest income, while non-interest expenses rose, leading to a slight increase in net income Net Interest Income and Net Interest Margin Net interest income increased by $1.4 million, and net interest margin expanded by eight basis points to 1.90%, primarily due to lower cost deposits and reduced borrowings Net Interest Income and Margin (QoQ) | Metric | Quarter Ended March 31, 2025 | Quarter Ended December 31, 2024 | Change ($M) | Change (bps) | | :----------------- | :--------------------------- | :------------------------------ | :---------- | :----------- | | Net Interest Income| $34.0 million | $32.6 million | $1.4 | - | | Net Interest Margin| 1.90% | 1.82% | - | 8 | - The increase in net interest margin was driven by the paydown of borrowings resulting from growth in lower cost deposits and broad-based decreases in deposit rates, partially offset by reduced yields on interest-earning assets[10] Non-Interest Income Non-interest income decreased by $311,000, or 6.4%, primarily due to lower gains on sale of loans and electronic banking fees Non-Interest Income Changes (QoQ) | Metric | Quarter Ended March 31, 2025 | Quarter Ended December 31, 2024 | Change ($) | Change (%) | | :-------------------------- | :--------------------------- | :------------------------------ | :--------- | :--------- | | Total Non-Interest Income | $4.6 million | $4.9 million | ($311,000) | -6.4% | | Gain on Sale of Loans | $112,000 | $304,000 | ($192,000) | -63.2% | | Electronic Banking Fees | $391,000 | $493,000 | ($102,000) | -20.7% | - The decrease in gain on sale of loans largely reflected a seasonal decrease in residential mortgage loans sold[10] - The decrease in electronic banking fees and charges largely reflected the absence of a non-recurring increase recorded in the prior period[10] Non-Interest Expense Non-interest expense increased by $829,000, or 2.8%, driven by higher salary and benefits, net occupancy, advertising, and other expenses Non-Interest Expense Changes (QoQ) | Metric | Quarter Ended March 31, 2025 | Quarter Ended December 31, 2024 | Change ($) | Change (%) | | :-------------------------- | :--------------------------- | :------------------------------ | :--------- | :--------- | | Total Non-Interest Expense | $30.4 million | $29.6 million | $829,000 | 2.8% | | Salary and Benefits | $17.7 million | $17.6 million | $121,000 | 0.7% | | Net Occupancy Expense | $3.1 million | $2.8 million | $244,000 | 8.6% | | Advertising and Marketing | $609,000 | $311,000 | $298,000 | 95.8% | | Other Expense | $3.3 million | $3.1 million | $225,000 | 7.3% | - Salary and benefits increased primarily due to higher payroll taxes and employee benefits associated with the start of a new calendar year, partially offset by a non-recurring decrease in stock-based compensation[10] - Net occupancy expense increased due to seasonally higher snow removal expenses[10] - Advertising and marketing expense increased due to marketing campaigns supporting loan and deposit growth initiatives[10] Income Taxes Income tax expense slightly decreased, resulting in a lower effective tax rate for the quarter Income Tax Expense and Effective Rate (QoQ) | Metric | Quarter Ended March 31, 2025 | Quarter Ended December 31, 2024 | | :-------------------- | :--------------------------- | :------------------------------ | | Income Tax Expense | $1.2 million | $1.3 million | | Effective Tax Rate | 15.3% | 16.0% | Asset Quality Asset quality remained stable with non-performing assets consistent quarter-over-quarter. Net charge-offs decreased, but the provision for credit losses increased Asset Quality Metrics (QoQ) | Metric | March 31, 2025 | December 31, 2024 | | :----------------------------------- | :------------- | :---------------- | | Non-performing Assets | $37.7 million | $37.7 million | | Non-performing Assets (% of total assets) | 0.49% | 0.49% | | Net Charge-offs | $368,000 | $573,000 | | Net Charge-off Rate (annualized) | 0.03% | 0.04% | | Provision for Credit Losses | $366,000 | $107,000 | | ACL | $44.5 million | $44.5 million | | ACL (% of total loans) | 0.76% | 0.77% | - The provision for credit loss expense for the quarter ended March 31, 2025, was primarily driven by the charge-offs[15] Capital The Company's capital position remained strong, with increases in both book value and tangible book value per share, and regulatory capital ratios exceeding 'well-capitalized' levels Capital Metrics (QoQ) | Metric | March 31, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------------- | :------------- | :---------------- | :--------- | :--------- | | Book Value Per Share | $11.58 | $11.53 | $0.05 | 0.4% | | Tangible Book Value Per Share | $9.80 | $9.75 | $0.05 | 0.5% | | Tangible Equity to Tangible Assets Ratio | 8.31% | - | - | - | - Total stockholders' equity included after-tax net unrealized losses on securities available for sale of $80.1 million, partially offset by after-tax unrealized gains on derivatives of $10.7 million[15] - The Company and the Bank maintained regulatory capital ratios in excess of the levels required to be classified as 'well-capitalized'[15] Comparative Financial Analysis - Linked-Quarter This section provides a detailed quarter-over-quarter comparison of consolidated financial statements and performance ratios Consolidated Balance Sheets (Linked-Quarter) This section provides a detailed comparison of the Company's consolidated balance sheets for the quarters ended March 31, 2025, and December 31, 2024, highlighting changes in assets, liabilities, and stockholders' equity Consolidated Balance Sheets (QoQ) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | Variance or Change | Variance or Change Pct. | | :--------------------- | :------------- | :---------------- | :----------------- | :---------------------- | | Cash and cash equivalents | $126,095 | $141,554 | ($15,459) | -10.9 % | | Securities available for sale | $1,003,393 | $1,018,279 | ($14,886) | -1.5 % | | Loans receivable | $5,846,175 | $5,791,758 | $54,417 | 0.9 % | | Total assets | $7,733,141 | $7,731,385 | $1,756 | 0.0 % | | Non-interest-bearing deposits | $587,118 | $601,510 | ($14,392) | -2.4 % | | Interest-bearing deposits | $5,120,230 | $5,069,550 | $50,680 | 1.0 % | | Total deposits | $5,707,348 | $5,671,060 | $36,288 | 0.6 % | | Borrowings | $1,213,976 | $1,258,949 | ($44,973) | -3.6 % | | Total liabilities | $6,985,028 | $6,986,532 | ($1,504) | -0.0 % | | Total stockholders' equity | $748,113 | $744,853 | $3,260 | 0.4 % | | Equity to assets | 9.67 % | 9.63 % | 0.04 % | - | | Book value per share | $11.58 | $11.53 | $0.05 | 0.4 % | Consolidated Statements of Income (Linked-Quarter) This section presents a comparative analysis of the Company's consolidated statements of income for the quarters ended March 31, 2025, and December 31, 2024, detailing changes in interest income, interest expense, non-interest income, and non-interest expense Consolidated Statements of Income (QoQ) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | Variance or Change | Variance or Change Pct. | | :--------------------- | :------------- | :---------------- | :----------------- | :---------------------- | | Total interest income | $79,334 | $81,485 | ($2,151) | -2.6 % | | Total interest expense | $45,292 | $48,873 | ($3,581) | -7.3 % | | Net interest income | $34,042 | $32,612 | $1,430 | 4.4 % | | Provision for credit losses | $366 | $107 | $259 | 242.1 % | | Total non-interest income | $4,562 | $4,873 | ($311) | -6.4 % | | Total non-interest expense | $30,390 | $29,561 | $829 | 2.8 % | | Income before income taxes | $7,848 | $7,817 | $31 | 0.4 % | | Income taxes | $1,200 | $1,251 | ($51) | -4.1 % | | Net income | $6,648 | $6,566 | $82 | 1.2 % | | Diluted EPS | $0.11 | $0.10 | $0.01 | - | | Cash dividends declared per common share | $0.11 | $0.11 | — | - | Average Balance Sheet Data (Linked-Quarter) This section provides average balance sheet data for the quarters ended March 31, 2025, and December 31, 2024, detailing average interest-earning assets, interest-bearing liabilities, and their respective components Average Balance Sheet Data (QoQ) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | Variance or Change | Variance or Change Pct. | | :--------------------- | :------------- | :---------------- | :----------------- | :---------------------- | | Total interest-earning assets | $7,176,528 | $7,173,918 | $2,610 | 0.0 % | | Loans receivable, including loans held for sale | $5,805,045 | $5,762,053 | $42,992 | 0.7 % | | Total interest-bearing deposits | $5,103,596 | $4,973,900 | $129,696 | 2.6 % | | Total borrowings | $1,122,347 | $1,241,977 | ($119,630) | -9.6 % | | Total interest-bearing liabilities | $6,225,943 | $6,215,877 | $10,066 | 0.2 % | | Total assets | $7,633,734 | $7,633,900 | ($166) | -0.0 % | | Stockholders' equity | $745,225 | $747,850 | ($2,625) | -0.4 % | Performance Ratio Highlights (Linked-Quarter) This section highlights key performance ratios for the quarters ended March 31, 2025, and December 31, 2024, including yields on assets, costs of liabilities, interest rate spread, net interest margin, and profitability ratios Performance Ratio Highlights (QoQ) | Metric | March 31, 2025 | December 31, 2024 | Variance or Change | | :----------------------------------- | :------------- | :---------------- | :----------------- | | Average yield on total interest-earning assets | 4.42 % | 4.54 % | -0.12 % | | Average cost of total interest-bearing liabilities | 2.91 % | 3.15 % | -0.24 % | | Interest rate spread | 1.51 % | 1.39 % | 0.12 % | | Net interest margin | 1.90 % | 1.82 % | 0.08 % | | Non-interest income to average assets (annualized) | 0.24 % | 0.26 % | -0.02 % | | Non-interest expense to average assets (annualized) | 1.59 % | 1.55 % | 0.04 % | | Efficiency ratio | 78.72 % | 78.86 % | -0.14 % | | Return on average assets (annualized) | 0.35 % | 0.34 % | 0.01 % | | Return on average equity (annualized) | 3.57 % | 3.51 % | 0.06 % | | Return on average tangible equity (annualized) | 4.28 % | 4.21 % | 0.07 % | Five-Quarter Financial Trend Analysis This section offers a comprehensive five-quarter trend analysis of financial statements, loan portfolio, funding, and key ratios Consolidated Balance Sheets (Five-Quarter Trend) This section provides a five-quarter trend analysis of the Company's consolidated balance sheets, offering a broader perspective on asset, liability, and equity movements from March 2024 to March 2025 Consolidated Balance Sheets (Five-Quarter Trend) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :--------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Total assets | $7,733,141 | $7,731,385 | $7,772,379 | $7,683,461 | $7,841,972 | | Loans receivable | $5,846,175 | $5,791,758 | $5,784,246 | $5,732,787 | $5,758,336 | | Total deposits | $5,707,348 | $5,671,060 | $5,470,512 | $5,158,123 | $5,209,050 | | Borrowings | $1,213,976 | $1,258,949 | $1,479,888 | $1,709,789 | $1,722,178 | | Total stockholders' equity | $748,113 | $744,853 | $751,537 | $753,571 | $849,078 | | Equity to assets | 9.67 % | 9.63 % | 9.67 % | 9.81 % | 10.83 % | | Book value per share | $11.58 | $11.53 | $11.64 | $11.70 | $13.18 | Supplemental Balance Sheet Highlights - Loan Portfolio & Asset Quality (Five-Quarter Trend) This section details the composition of the loan portfolio and key asset quality metrics over the past five quarters, showing trends in commercial, residential, and consumer loans, as well as non-performing assets and credit loss allowances Loan Portfolio Composition (Five-Quarter Trend) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :--------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Total commercial loans | $4,036,426 | $3,985,261 | $3,970,269 | $3,945,910 | $3,987,517 | | One- to four-family residential mortgage | $1,761,465 | $1,765,160 | $1,768,230 | $1,756,051 | $1,741,644 | | Total consumer loans | $52,558 | $49,879 | $47,706 | $46,789 | $45,929 | | Total loans, excluding yield adjustments | $5,850,449 | $5,800,300 | $5,786,205 | $5,748,750 | $5,775,090 | Asset Quality Metrics (Five-Quarter Trend) | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :----------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Total nonperforming assets | $37,683 | $37,697 | $39,854 | $39,882 | $39,546 | | Nonperforming assets (% total assets) | 0.49 % | 0.49 % | 0.51 % | 0.52 % | 0.50 % | | ACL to total loans | 0.76 % | 0.77 % | 0.78 % | 0.78 % | 0.78 % | | Net charge-offs | $368 | $573 | $124 | $3,518 | $286 | Supplemental Balance Sheet Highlights - Funding Composition (Five-Quarter Trend) This section provides a five-quarter overview of the Company's funding composition, including trends in various deposit types, borrowings, and the proportion of uninsured deposits Funding Composition (Five-Quarter Trend) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :--------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Non-interest-bearing deposits | $587,118 | $601,510 | $592,099 | $598,367 | $586,089 | | Interest-bearing deposits | $5,120,230 | $5,069,550 | $4,878,413 | $4,559,757 | $4,622,961 | | Total deposits | $5,707,348 | $5,671,060 | $5,470,512 | $5,158,124 | $5,209,050 | | Total borrowings | $1,213,976 | $1,258,949 | $1,479,888 | $1,709,789 | $1,722,178 | | Deposits as a % of total funding | 82.5 % | 81.8 % | 78.7 % | 75.1 % | 75.2 % | | Borrowings as a % of total funding | 17.5 % | 18.2 % | 21.3 % | 24.9 % | 24.8 % | | Uninsured deposits (reported) | $1,959,070 | $1,935,607 | $1,799,726 | $1,772,623 | $1,760,740 | Consolidated Statements of Income (Loss) (Five-Quarter Trend) This section provides a five-quarter trend analysis of the Company's consolidated statements of income (loss), illustrating the evolution of interest income, interest expense, non-interest income, non-interest expense, and net income Consolidated Statements of Income (Loss) (Five-Quarter Trend) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :--------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Total interest income | $79,334 | $81,485 | $83,252 | $82,990 | $82,085 | | Total interest expense | $45,292 | $48,873 | $50,806 | $49,714 | $47,766 | | Net interest income | $34,042 | $32,612 | $32,446 | $33,276 | $34,319 | | Provision for credit losses | $366 | $107 | $108 | $3,527 | $349 | | Total non-interest income | $4,562 | $4,873 | $4,626 | $5,806 | $4,203 | | Total non-interest expense | $30,390 | $29,561 | $29,786 | $126,551 | $29,059 | | Net income (loss) | $6,648 | $6,566 | $6,092 | ($90,079) | $7,397 | | Diluted EPS | $0.11 | $0.10 | $0.10 | ($1.45) | $0.12 | | Dividend payout ratio | 104.3 % | 105.6 % | 113.2 % | -7.7 % | 92.5 % | Average Balance Sheet Data (Five-Quarter Trend) This section provides average balance sheet data over five quarters, offering insights into the trends of average interest-earning assets, interest-bearing liabilities, and their components Average Balance Sheet Data (Five-Quarter Trend) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :--------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Total interest-earning assets | $7,176,528 | $7,173,918 | $7,220,763 | $7,228,543 | $7,274,310 | | Loans receivable, including loans held-for-sale | $5,805,045 | $5,762,053 | $5,761,593 | $5,743,008 | $5,752,477 | | Total interest-bearing deposits | $5,103,596 | $4,973,900 | $4,706,437 | $4,555,941 | $4,719,570 | | Total borrowings | $1,122,347 | $1,241,977 | $1,562,594 | $1,735,653 | $1,639,790 | | Total assets | $7,633,734 | $7,633,900 | $7,688,433 | $7,695,080 | $7,851,721 | | Stockholders' equity | $745,225 | $747,850 | $750,678 | $751,070 | $844,782 | Performance Ratio Highlights (Five-Quarter Trend) This section presents a five-quarter trend analysis of key performance ratios, including average yields, costs, interest rate spread, net interest margin, and profitability metrics, providing a historical view of the Company's operational efficiency and financial health Performance Ratio Highlights (Five-Quarter Trend) | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :----------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Average yield on total interest-earning assets | 4.42 % | 4.54 % | 4.61 % | 4.59 % | 4.51 % | | Average cost of total interest-bearing liabilities | 2.91 % | 3.15 % | 3.24 % | 3.16 % | 3.00 % | | Interest rate spread | 1.51 % | 1.39 % | 1.37 % | 1.43 % | 1.51 % | | Net interest margin | 1.90 % | 1.82 % | 1.80 % | 1.84 % | 1.89 % | | Efficiency ratio | 78.72 % | 78.86 % | 80.35 % | 323.81 % | 75.43 % | | Return on average assets (annualized) | 0.35 % | 0.34 % | 0.32 % | -4.68 % | 0.38 % | | Return on average equity (annualized) | 3.57 % | 3.51 % | 3.25 % | -47.97 % | 3.50 % | Reconciliation of GAAP to Non-GAAP Measures This section reconciles GAAP financial metrics to non-GAAP adjusted measures for core performance analysis Adjusted Net Income and Pre-tax, Pre-provision Net Revenue This section reconciles GAAP net income to adjusted net income and calculates pre-tax, pre-provision net revenue by adjusting for non-recurring transactions like goodwill impairment and the net effect of bank-owned life insurance restructure Adjusted Net Income and Pre-tax, Pre-provision Net Revenue (Five-Quarter Trend) | (Dollars in Thousands) | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :--------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Net income (loss) (GAAP) | $6,648 | $6,566 | $6,092 | ($90,079) | $7,397 | | Adjusted net income | $6,648 | $6,566 | $6,092 | $5,596 | $7,397 | | Pre-tax, pre-provision net revenue (non-GAAP) | $8,214 | $7,924 | $7,286 | ($87,469) | $9,463 | Adjusted Earnings Per Share This section provides the reconciliation of GAAP earnings per share to adjusted earnings per share, reflecting the impact of non-recurring items on per-share metrics Adjusted Earnings Per Share (Five-Quarter Trend) | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :----------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Earnings per share - basic (GAAP) | $0.11 | $0.11 | $0.10 | ($1.45) | $0.12 | | Adjusted earnings per share - basic (non-GAAP) | $0.11 | $0.11 | $0.10 | $0.09 | $0.12 | | Earnings per share - diluted (GAAP) | $0.11 | $0.10 | $0.10 | ($1.45) | $0.12 | | Adjusted earnings per share - diluted (non-GAAP) | $0.11 | $0.10 | $0.10 | $0.09 | $0.12 | Adjusted Return on Average Assets and Equity This section reconciles GAAP return on average assets and equity to their adjusted non-GAAP counterparts, providing a clearer view of core profitability by excluding the effects of non-recurring items Adjusted Return on Average Assets and Equity (Five-Quarter Trend) | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :----------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Return on average assets (GAAP) | 0.35 % | 0.34 % | 0.32 % | -4.68 % | 0.38 % | | Adjusted return on average assets (non-GAAP) | 0.35 % | 0.34 % | 0.32 % | 0.29 % | 0.38 % | | Return on average equity (GAAP) | 3.57 % | 3.51 % | 3.25 % | -47.97 % | 3.50 % | | Adjusted return on average equity (non-GAAP) | 3.57 % | 3.51 % | 3.25 % | 2.98 % | 3.50 % | | Return on average tangible equity (non-GAAP) | 4.28 % | 4.21 % | 3.89 % | 3.33 % | 4.68 % | | Adjusted return on average tangible equity (non-GAAP) | 4.28 % | 4.21 % | 3.89 % | 3.58 % | 4.68 % | Adjusted Non-Interest Expense Ratio and Efficiency Ratio This section provides the reconciliation of GAAP non-interest expense ratio and efficiency ratio to their adjusted non-GAAP equivalents, offering a normalized view of operational efficiency by excluding specific non-recurring expenses Adjusted Non-Interest Expense Ratio and Efficiency Ratio (Five-Quarter Trend) | Metric | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | March 31, 2024 | | :----------------------------------- | :------------- | :---------------- | :----------------- | :------------ | :------------- | | Non-interest expense (GAAP) | $30,390 | $29,561 | $29,786 | $126,551 | $29,059 | | Non-interest expense (non-GAAP) | $30,390 | $29,561 | $29,786 | $29,181 | $29,059 | | Non-interest expense ratio (GAAP) | 1.59 % | 1.55 % | 1.55 % | 6.58 % | 1.48 % | | Adjusted non-interest expense ratio (non-GAAP) | 1.59 % | 1.55 % | 1.55 % | 1.52 % | 1.48 % | | Efficiency ratio (GAAP) | 78.72 % | 78.86 % | 80.35 % | 323.81 % | 75.43 % | | Adjusted efficiency ratio (non-GAAP) | 78.72 % | 78.86 % | 80.35 % | 73.92 % | 75.43 % |