Prnewswire·2025-04-24 11:00Core Insights - Loan growth was muted at the beginning of 2025 due to market turbulence, leading to project delays by customers [1] - The company received the 'Best Community Banks to Work For' Award at the ICBA's Live Conference in March 2025 [1] Loan Portfolio - Total loans amounted to $166.1 million as of March 31, 2025, a decrease of $1.0 million, or less than 1%, from December 31, 2024 [1][2] - Real estate loans totaled $138.7 million, with one- to four-family residential loans increasing by $928, or 1%, while commercial real estate loans remained stable [2] - Other loans decreased by $979, or 3%, primarily due to a decline in commercial and industrial loans [2] Credit Quality - Non-performing assets (NPAs) were $1.7 million, down $103,000, or 6%, from $1.8 million at the end of 2024, with NPAs to total assets ratio at 0.63% [5] - Non-performing loans (NPLs) comprised 0.99% of total loans, with 98% of NPLs being one- to four-family residential mortgage loans [5] Deposits - Total deposits were $180.6 million, down $5.1 million, or 3%, from December 31, 2024, with fluctuations mainly due to public funds [7][8] - Non-interest-bearing demand deposits decreased by 8%, while savings deposits increased by 13% [8] Capital and Share Repurchases - Consolidated shareholders' equity was $80.6 million, or 29.7% of total assets, as of March 31, 2025 [10] - The company repurchased 72,949 shares at an average cost of $11.86 during the first quarter of 2025, totaling 1,084,799 shares repurchased since January 2023 [11] Net Interest Income - The net interest margin for the first quarter of 2025 was 3.89%, down three basis points from the previous quarter [12] - Net interest income was $2.4 million, a decrease of $107,000, or 4%, compared to the fourth quarter of 2024 [13] Non-Interest Income and Expenses - Non-interest income totaled $553,000, up $216,000, or 64%, compared to the previous quarter, including insurance proceeds for foreclosed properties [18] - Non-interest expense was $2.2 million, an increase of $160,000, or 8%, primarily due to foreclosed assets expense [19][20] Financial Performance - Net income for the first quarter of 2025 was $586,000, compared to $626,000 in the previous quarter [27] - The efficiency ratio was 75.31%, indicating the company's operational efficiency [28]