Financial Data and Key Metrics Changes - Net income grew nearly 20% quarter-over-quarter and 43% year-over-year, driven by resilient margins and a sharp decline in provision charges [4][28] - ROE expanded by 288 basis points during the period, reaching 20.4% [5][28] - Grupo Cibest's standalone double leverage ratio was 106%, indicating strong creditworthiness and room for further leverage [5] Business Line Data and Key Metrics Changes - Nominal loan growth was flat during the quarter, but adjusted for effects, loan growth would have reached 1.2% quarter-over-quarter [4][14] - Consumer loans were the main driver of growth, with a notable increase in credit card usage and strong performance from Nequi [14][22] - Mortgages registered an annual growth of 11% [14] Market Data and Key Metrics Changes - The Colombian economy sustained its recovery through the third quarter, with economic activity likely expanding at an annual rate of 2.4% [10] - Central American operations showed notable resilience, with El Salvador expected to grow 2.2% and Guatemala projected to expand 3.6% [12] Company Strategy and Development Direction - The company is well-positioned to deliver sustained value creation for shareholders through a new corporate structure under the holding company [6] - The share buyback program launched in mid-July is enhancing ROE performance and boosting key valuation metrics [7][8] - The launch of Breve was completed smoothly, with Bancolombia and Nequi accounting for 52% of all digital keys registered [9] Management Comments on Operating Environment and Future Outlook - Management anticipates continued improvements in asset quality and a cost of risk in the range of 1.5%-1.7% for 2025 [31] - The company expects loan growth of approximately 3.5% for 2025, with a net interest margin estimated at 6.5% [30][31] - The management is confident that Nequi will reach profitability by 2026, following its separation from Bancolombia [81] Other Important Information - Net provisions amounted to COP 800 billion, a 24% quarterly drop and close to 48% annual contraction [24][25] - Operating expenses decreased by 2.4% during the quarter, driven by efficiency strategies [27] Q&A Session Summary Question: Sustainability of funding costs and potential upward revisions to ROE - Management emphasized a structural advantage in managing funding costs through a robust digital offer and physical presence [36] - ROE guidance for 2025 is around 17%, with potential for improvement [37] Question: Update on presidential elections and efficiency guidance - Management noted that clarity on candidates will emerge closer to the elections, with January and March being key months for assessment [44] - Efficiency guidance for 2026 is around 50%, with ongoing efforts to optimize expenses [46][48] Question: Loan growth breakdown and sustainable levels for new PDL - Loan growth for 2026 is guided at 7%, with consumer loans expected to grow around 10% [54] - Management indicated a cost of risk range of 1.6%-1.8% for 2026, reflecting improved credit risk behavior [55] Question: Model recalibration and tax rates - The model recalibration applies to all banks within Grupo Cibest, reflecting improved credit risk across countries [64] - The effective tax rate for Grupo Cibest is around 28%, varying by country [66] Question: Buyback program and Nequi's profitability roadmap - Management is satisfied with the buyback program's progress and remains flexible regarding future capital allocation [80] - Nequi is expected to continue its growth trajectory, with profitability anticipated in 2026 [81]

Financial Data and Key Metrics Changes - Net income grew nearly 20% quarter-over-quarter and 43% year-over-year, driven by resilient margins and a sharp decline in provision charges [4][28] - Return on equity (ROE) expanded by 288 basis points during the period, reaching 20.4% [5][28] - The standalone double leverage ratio was 106%, indicating strong creditworthiness and room for further leverage [5] Business Line Data and Key Metrics Changes - Nominal loan growth was flat during the quarter, but adjusted for effects, loan growth would have reached 1.2% quarter-over-quarter and 5.9% annually [4][12] - Consumer loans were the main driver of growth, with credit card usage stimulated by marketing campaigns [12][22] - Mortgages registered strong growth, with an annual increase of 11% [12] Market Data and Key Metrics Changes - The Colombian economy sustained a recovery with an expected annual growth rate of 2.4% for the third quarter [9] - Economic activity in Central America showed resilience, with El Salvador expected to grow 2.2% and Guatemala projected to expand 3.6% [11] Company Strategy and Development Direction - The company is well-positioned to deliver sustained value creation for shareholders, supported by a new corporate structure under a holding company [5][30] - The share buyback program is progressing well, enhancing ROE performance and boosting key valuation metrics [6][28] - The launch of Nequi is seen as a significant step towards sustained profitability, with expectations of breakeven by Q1 of next year [5][56] Management's Comments on Operating Environment and Future Outlook - Management highlighted the effectiveness of the business model and operational capabilities in navigating a competitive market [4] - The company anticipates continued improvements in asset quality and a stable cost of risk, with projections for loan growth revised to approximately 3.5% for 2025 [30][31] - The cost of risk is expected to be in the range of 1.5-1.7%, indicating ongoing improvements [31] Other Important Information - The company processed approximately 70 million transactions amounting to COP 7.2 trillion in flows within the new digital key system [8] - The asset quality continued to improve, with a significant reduction in past due loans and a 24% quarterly drop in net provisions [24][25] Q&A Session Summary Question: Sustainability of funding costs and potential upward revisions to ROE - Management emphasized a structural advantage in funding costs due to a robust digital offer and physical presence, with guidance for ROE around 17% for 2025 [33][34] Question: Update on presidential elections and efficiency guidance - Management noted that clarity on candidates will improve by January, with efficiency guidance for 2026 set around 50% [37][40] Question: Loan growth breakdown and sustainable levels for new past due loans - Loan growth for 2026 is projected at 7%, with consumer loans expected to grow around 10% [42][44] Question: Model recalibration and tax rates - The model recalibration reflects improved credit risk across all countries, with an effective tax rate for Grupo Bancolombia around 28% [48][49] Question: Buyback program and Nequi's profitability roadmap - The buyback program is progressing well, and Nequi is expected to achieve profitability in 2026, with a strong performance in its loan book [56][58]

Financial Performance Highlights - Private Wealth Management (PWM) assets under management and administration (AUM&A) increased by 12% to a record $3.814 billion[5] - PWM fee income totaled $3.7 million for Q3 2025, a 13% increase compared to Q3 2024[5] - Operating revenue increased by 16.3% from Q3 2024[5] - Pre-tax, pre-provision (PTPP) earnings grew by 20% year-to-date (YTD)[6, 7] - Net income grew by 25% for the first nine months of 2025 compared to the prior-year period[7] Loan and Deposit Growth - Core deposits grew 9.3% annualized from the linked quarter and 8.8% from Q3 2024[5] - Loan growth was 10.4% annualized from the linked quarter and 9.4% from Q3 2024[5] - The company aims for 10% annual deposit and loan growth[10] Net Interest Margin (NIM) - The net interest margin (NIM) was 3.68%, compared to 3.67% for the linked quarter and 3.64% for the prior-year quarter[5] - Floating rate loans totaled $1.933 billion[17] - Floating rate deposits totaled $1.890 billion[17] Asset Quality and Liquidity - As of September 30, 2025, 93% of the loan portfolio was classified in Category I[32] - Total liquidity was $2.068 billion as of September 30, 2025[35] - 69% of total deposits are insured or collateralized[36] Capital Strength - Tangible book value per share (TBVPS) grew 16.8% annualized from the linked quarter and 15.6% from Q3 2024[5]

Financial Data and Key Metrics Changes - The company reported earnings of $0.73 per share for Q3 2025, with net interest income reaching a record $305 million, up 16% compared to Q3 2024 [7][8][9] - Total loans grew by 1% quarter-over-quarter and 3% year-over-year, with a 5.5% growth when adjusting for a loan sale completed in January [7][8] - The CET1 capital ratio increased by 30 basis points year-to-date, with an additional 13 basis points added in Q3 [5][21] Business Line Data and Key Metrics Changes - C&I loans grew by nearly $300 million in Q3 and by almost $1 billion year-to-date, leading the loan growth [8][12] - Core customer deposits increased by over $600 million in Q3, up 2% from Q2 and over 4% or $1.2 billion compared to the same period last year [8][13] - Non-interest income for Q3 was $81 million, a 21% increase from the prior quarter, driven by capital markets revenue and wealth fees [9][19] Market Data and Key Metrics Changes - The company experienced strong seasonal deposit inflows, with core customer deposits enabling a reduction in wholesale funding [8][13] - The overall wholesale funding sources decreased by 2% versus Q2 [13] Company Strategy and Development Direction - The company is focused on organic growth, enhancing customer relationships, and improving profitability through a strategic remix of its balance sheet [4][6][10] - Plans to take market share in commercial lending and deposit acquisition by hiring talented relationship managers in underpenetrated metro markets [10][14] - The company aims to continue reducing reliance on wholesale funding by growing low-cost core customer deposits [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategy despite macroeconomic uncertainties, indicating strong momentum heading into 2026 [6][7] - The company expects to maintain a stable net interest margin and continue to grow net interest income by 14% to 15% in 2025, assuming further Fed rate cuts [17][66] Other Important Information - The company reported flat delinquencies and non-accruals at 34 basis points of total loans, indicating stable asset quality [9][24] - The allowance for credit losses increased by $3 million to $415 million, reflecting growth in commercial and business lending [22] Q&A Session Summary Question: C&I growth and future expectations - Management expects C&I growth to accelerate as more relationship managers come off non-compete agreements, with production up 12% and pipeline up 31% [32] Question: Fee income expectations - Management noted that Q3 fee income included a one-time asset gain, and while Q4 may see a decline, underlying capital markets and commercial production trends remain positive [34] Question: Return on average tangible common equity - Management indicated that the return on average tangible common equity is expected to continue improving, with a target of 15% in the near future [35] Question: Deposit costs and competition - Management clarified that the increase in deposit costs was due to seasonal factors and higher-end pricing accounts, not necessarily increased competition [41] Question: Future hiring plans - Management remains open to hiring quality relationship managers year-round, with no specific target but will be opportunistic based on market conditions [45][47] Question: Loan growth headwinds - Management acknowledged that while residential real estate is a headwind for balances, the purposeful runoff is beneficial, and they expect to offset it with increased commercial lending [52] Question: Margin outlook with potential rate cuts - Management believes that the margin will remain stable or slightly improve due to remixing strategies, despite potential fluctuations from market behaviors [64][66]

Financial Data and Key Metrics Changes - The company reported earnings of $0.73 per share for Q3 2025, with net interest income reaching a record $305 million, up 16% compared to Q3 2024 [6][8] - Total loans grew by 1% quarter-over-quarter and 3% year-over-year, with C&I loans leading the growth, increasing by nearly $1 billion year-to-date [6][11] - The CET1 capital ratio increased by 30 basis points year-to-date, reaching 10.33% in Q3 [5][20] Business Line Data and Key Metrics Changes - C&I lending saw significant growth, with nearly $300 million added in Q3 alone, contributing to a year-to-date increase of nearly $1 billion [7][11] - Core customer deposits increased by over $600 million in Q3, up 2% from Q2 and over 4% or $1.2 billion compared to the same period last year [12][14] - Non-interest income rose to $81 million in Q3, a 21% increase from the prior quarter, driven by capital markets revenue and wealth fees [8][18] Market Data and Key Metrics Changes - The company experienced strong seasonal deposit inflows, with core customer deposits up 2% or $628 million from Q2 [7][12] - The overall wholesale funding sources decreased by 2% versus Q2, indicating a shift towards lower-cost core deposits [12][14] - The company expects total bank loan growth of 5% to 6% for the year, despite challenges in the CRE sector [11][45] Company Strategy and Development Direction - The company is focused on organic growth and deepening customer relationships, with a strategy to hire talented relationship managers in underpenetrated metro markets [9][10] - The strategic investments are aimed at enhancing profitability and capital generation while maintaining a conservative credit culture [5][9] - The company plans to continue refining its focus on commercial deposits and enhancing its consumer value proposition [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow and deepen its customer base despite macroeconomic uncertainties [6][10] - The outlook for 2026 remains positive, with expectations for continued strong C&I growth and improved deposit production [30][31] - Management highlighted the importance of maintaining credit discipline and proactive portfolio management in the current economic environment [5][22] Other Important Information - The company reported flat delinquencies and non-accruals at 34 basis points of total loans, indicating stable asset quality [8][24] - The efficiency ratio improved to below 55%, reflecting positive operating leverage [19][20] - The company is preparing for product upgrades and enhancements in late Q4 2025 and into 2026 to attract and retain customers [12][14] Q&A Session Summary Question: What happens when the remaining RMs come off their non-compete? - Management expects C&I growth to accelerate as more relationship managers become available, with production up 12% and pipelines up 31% [30] Question: Can you discuss the fee income and expectations for Q4? - Management noted that Q3 included a one-time asset gain, and while Q4 may see a decline, underlying capital markets and commercial production trends remain positive [32] Question: How does the company view the margin outlook with potential rate cuts? - Management believes there is an opportunity for continued margin improvement, despite potential fluctuations due to market behavior [33][51] Question: What drove the modest increase in deposit costs in Q3? - The increase was attributed to seasonal factors and higher-end pricing accounts, but management remains comfortable with the overall deposit pricing [37] Question: What is the company's approach to hiring new relationship managers? - The company is open to hiring quality relationship managers year-round and will be opportunistic in seizing opportunities as they arise [40] Question: How does the company view the interplay between C&I growth and headwinds in other areas? - Management acknowledged that while RESI is a headwind in terms of balances, it is a purposeful strategy, and they expect to offset CRE payoffs with increased production in other areas [44]

Core Viewpoint - South Atlantic Bancshares, Inc. reported strong financial performance for the third quarter of 2025, with net income increasing significantly compared to both the previous quarter and the same quarter last year, reflecting the strength of its core banking operations and effective execution across markets [1][2][5]. Financial Performance - Consolidated net income for Q3 2025 was $4.4 million, or $0.57 per diluted share, up 18.9% from $3.7 million, or $0.48 per diluted share in Q2 2025 [1][5]. - For the nine months ended September 30, 2025, net income totaled $11.4 million, a 65.6% increase from $6.9 million in the same period of 2024 [5][11]. - Total assets increased by $104.2 million to $1.9 billion, representing a 5.8% increase since December 31, 2024 [11][12]. Loan and Deposit Activity - Total loans decreased slightly by 2.2% quarter-over-quarter to $1.43 billion, while total deposits fell by 6.6% to $1.59 billion, attributed to seasonal factors and reduced brokered funding [3][11]. - Year-over-year, total loans grew by 11.2% and total deposits increased by 8.0% compared to the same period in 2024 [3][11]. Interest Income and Expense - Net interest income rose by $3.1 million, or 27.2%, to $14.6 million for Q3 2025 compared to $11.5 million in Q3 2024, driven by increased loan yields [4][6]. - Interest expense decreased by $1.3 million, or 11.1%, due to lower interest rates on deposits and reduced short-term borrowings [6][15]. Noninterest Income and Expense - Noninterest income increased by $212,000, or 13.4%, for Q3 2025, primarily from higher secondary mortgage income and service charges [7][8]. - Noninterest expense rose by $1.4 million, or 15.7%, driven by increased salaries and employee benefits, as well as higher data processing costs [7][8]. Credit Quality - The company reported excellent credit quality with no loans classified as non-accrual and only one loan past due greater than 30 days as of September 30, 2025 [16][17]. - A provision for credit losses of $450,000 was recorded for Q3 2025, down from $625,000 in Q2 2025 [17][19]. Shareholder Equity - Shareholders' equity increased to $128.6 million, a 13.0% rise from December 31, 2024, primarily due to retained earnings and stock repurchases [12][14]. - Tangible book value per share increased by $1.02, or 6.6%, to $16.49 as of September 30, 2025 [5][12].

Core Insights - Bogota Financial Corp. reported a net income of $224,000 for Q2 2025, a significant turnaround from a net loss of $432,000 in Q2 2024, marking a 151.9% increase [1][4] - For the first half of 2025, net income reached $955,000, compared to a net loss of $873,000 in the same period last year, driven by a one-time death benefit of approximately $543,000 [1][17] - The company aims to grow its commercial portfolio while managing risks and is focused on increasing consumer and commercial deposits to lower funding costs [3] Financial Performance - Net interest income increased by $951,000, or 34.7%, to $3.7 million for Q2 2025, reflecting a 48 basis point increase in the net interest rate spread [12] - Interest income for Q2 2025 was $10.5 million, a slight increase of $31,000, or 0.3%, compared to Q2 2024 [5] - Total assets decreased by $49.7 million, or 5.1%, to $921.8 million as of June 30, 2025, primarily due to a reduction in cash and cash equivalents and loans [31] Loan and Deposit Trends - Net loans decreased by $18.5 million, or 2.6%, to $693.2 million, attributed to declines in residential mortgages and construction loans [31] - Total deposits decreased by $14.0 million, or 2.2%, to $628.2 million, with notable declines in certificates of deposit and NOW accounts [33][34] - Delinquent loans increased to $20.4 million, or 2.94% of total loans, primarily due to one commercial real estate loan [32] Non-Interest Income and Expenses - Non-interest income rose by $29,000, or 9.4%, to $332,000 for Q2 2025, driven by increases in bank-owned life insurance income and fees [14] - Non-interest expenses increased by $129,000, or 3.5%, primarily due to higher professional fees and occupancy costs [15] - The efficiency ratio improved to 95.73% for Q2 2025, down from 122.28% in Q2 2024, indicating better cost management [46] Balance Sheet Highlights - Total liabilities decreased by $50.8 million, or 6.1%, to $783.4 million, mainly due to a reduction in deposits and borrowings [33] - Stockholders' equity increased by $1.2 million to $138.4 million, supported by the net income for the period [35] - The company's ratio of average stockholders' equity to total assets improved to 14.96% from 13.99% at the end of 2024 [35]

Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000, while corporate customers grew by 20,000, totaling an annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5] - Cash loans saw a 13% year-on-year increase, marking one of the best quarters in the bank's history [6] - Corporate loans grew by only 1.3% quarter-on-quarter and 3% year-on-year, with SMEs showing faster growth compared to larger corporations [7] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors like Romania and Hungary [10][11] - Household savings rates are solid, higher than pre-pandemic levels, which supports the bank's business model [12] - Investment in the construction sector is expected to rise slowly, with public investment beginning to increase [14][15] Company Strategy and Development Direction - The bank is focusing on increasing market share through active customer growth and digitization of processes [4][5] - A revision of the bank's strategy is underway, with plans to present it on November 19, emphasizing improved customer service and reduced reliance on physical branches [51][52] - The bank aims to enhance private banking services and mutual fund sales while maintaining a conservative approach to risk [54] Management's Comments on Operating Environment and Future Outlook - Management noted that while corporate lending is facing challenges, there is optimism for a rebound in the second half of the year [63] - The bank is prepared for potential impacts from interest rate changes, with a belief that their sensitivity to these changes is low due to effective risk management [46][47] - The outlook for mortgage lending remains positive, despite demographic challenges, with a significant demand for residential properties still expected [60][61] Other Important Information - The bank's interest margin is stable despite fluctuations in interest rates, supported by effective management of interest rate risk [34][33] - The bank is actively participating in discussions for a model mortgage loan contract to enhance consumer protection and simplify processes [69][71] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking data but acknowledged that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - Expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and operational efficiency [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to market volatility and effective trading management [56] Question: Cost of hedging remaining flat - The impact of hedging on financial performance should be analyzed over a longer time perspective rather than quarterly [57] Question: Mortgage loans as a fundamental product - The bank views mortgage loans as essential and plans to continue offering them despite market challenges [59][60]

Financial Data and Key Metrics Changes - The bank reported a net profit of PLN 1,035 million, representing an 18% year-on-year growth for Q2 2025, and a 10% growth year-on-year for the first six months [26] - The cost of risk decreased by 39% year-on-year, indicating improved risk management and lower provisions [27][39] - The total assets and liabilities showed consistent growth across all segments, contributing positively to the net result [27] Business Line Data and Key Metrics Changes - Retail customer base increased by nearly 80,000 in Q2, with a total annual increase of 155,000 clients [3][4] - Mortgage loans reached a total value of €5 billion in Q2, with a market share of 21% for new production [5][6] - Cash loans grew by 13% year-on-year, marking one of the best quarters in the bank's history [6] - Corporate loans saw a modest growth of 1.3% quarter-on-quarter and 3% year-on-year, with a notable increase in loans to SMEs [7][8] Market Data and Key Metrics Changes - The Polish economy is projected to grow by 3.5% in 2025, outperforming regional neighbors [10][11] - Household savings rates in Poland are solid, higher than pre-pandemic levels, which supports the bank's business model [12][13] - The bank's market share in mortgage loans is strong, but competition from alternative funding sources is impacting corporate lending margins [8][25] Company Strategy and Development Direction - The bank is focused on increasing market share through real growth based on active customers, emphasizing the importance of customer engagement [4] - A revision of the bank's strategy is underway, with plans to enhance customer service and reduce reliance on physical branches [52][53] - The bank aims to improve its private banking services and mutual fund offerings, reflecting a cautious yet optimistic approach to growth [54][55] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the retail segment, despite challenges in corporate lending due to competitive pressures [25][66] - The bank anticipates a rebound in corporate lending, supported by public sector investments and lower interest rates [22][25] - Inflation is expected to stabilize around 2.8%, which may influence interest rate sensitivity and profitability [19][20] Other Important Information - The bank's cost-to-deposit ratio improved to 76.3%, one of the highest in the sector [35] - The non-performing loan (NPL) ratio remains stable at 3.9%, below the sector average, indicating strong asset quality [41][42] - Capital adequacy ratio stands at 15.66%, reflecting a solid financial position despite recent loan sales [44] Q&A Session Summary Question: Future evolution of profitability of interest assets - Management refrained from commenting on forward-looking profitability but noted that lower interest rates would impact net profit sensitivity [46][47] Question: Impact of obligatory provision on performance - The expected impact on the banking sector is between PLN 1.5 billion and PLN 2 billion, proportional to each bank's market share [48] Question: Interest in fixed-rate mortgage loans - The share of fixed-rate loans has decreased from 80% to 60%, as customers prefer floating rates amid declining interest expectations [49][50] Question: Strategic priorities for the near future - A revised strategy will be presented on November 19, focusing on customer service improvements and private banking initiatives [51][52] Question: Improvement in derivatives and FX - The growth in derivatives and FX was attributed to effective management and market volatility, leading to a 95% increase [56] Question: Cost of hedging and its impact - The cost of hedging remained flat despite rate reductions, with a focus on long-term analysis rather than short-term quarterly impacts [57][58] Question: Mortgage loans as a fundamental product - Management affirmed the importance of mortgage loans, citing ongoing demand despite demographic challenges [60][61] Question: Corporate lending margins and future expectations - Management expressed hope for a pickup in corporate lending in the second half of the year, influenced by regulatory factors and market conditions [62][66]

Financial Performance - South Atlantic Bancshares, Inc. reported consolidated net income of $3.7 million, or $0.48 per diluted common share, for Q2 2025, an increase of 10.5% from Q1 2025 and a 62.0% increase from Q2 2024 [1][5] - For the six months ended June 30, 2025, net income totaled $7.0 million, or $0.91 per diluted common share, compared to $4.3 million, or $0.56 per diluted common share for the same period in 2024 [1][4] Balance Sheet Highlights - Total assets increased to $1.87 billion as of June 30, 2025, a 0.5% increase from March 31, 2025, and a 7.0% increase from June 30, 2024 [4][14] - Total loans grew by $53.7 million during Q2 2025, a 15.5% increase from Q1 2025, and by $213.8 million, or 17.5%, compared to June 30, 2024 [4][14] - Total deposits increased by $47.6 million in Q2 2025, a 12.1% increase from Q1 2025, and by $203.5 million, or 14.4%, compared to June 30, 2024 [4][15] Interest Income and Expense - Net interest income for Q2 2025 increased by $2.9 million, or 27.5%, to $13.4 million compared to Q2 2024 [7] - For the six months ended June 30, 2025, net interest income rose by $5.6 million, or 27.1%, to $26.2 million compared to the same period in 2024 [8] Noninterest Income and Expense - Noninterest income increased by $322.0 thousand, or 22.5%, in Q2 2025 compared to Q2 2024, driven by higher secondary mortgage income and service charges [9] - Noninterest expense rose by $1.1 million, or 12.0%, in Q2 2025 compared to Q2 2024, primarily due to increased other noninterest expenses [10] Credit Quality - The company reported no loans classified as non-accrual and only one loan past due greater than 30 days as of June 30, 2025 [22] - The provision for credit losses was $625 thousand for Q2 2025, compared to $397 thousand for Q1 2025 [22] Capital Position - Shareholders' equity totaled $121.1 million as of June 30, 2025, an increase of 6.4% from December 31, 2024, primarily due to retained earnings [16] - The company maintains a total risk-based capital ratio of 11.68% and a leverage ratio of 8.73% as of June 30, 2025, indicating a strong capital position [26][27]