Financial Performance - The company reported net income of $19.1 million, or $0.21 per share, for Q1 2025, an increase from $17.5 million, or $0.20 per share, in Q4 2024, and $14.7 million, or $0.16 per share, in Q1 2024 [2][29] - Operating earnings after tax were $20.0 million, or $0.22 per share, for Q1 2025, compared to $20.7 million, or $0.23 per share, in Q4 2024, and $14.7 million, or $0.16 per share, in Q1 2024 [2][29] - The company declared a quarterly dividend of $0.135 per share [20][29] Balance Sheet Highlights - Total assets decreased to $11.5 billion as of March 31, 2025, down from $11.9 billion at December 31, 2024, primarily due to reductions in cash and cash equivalents and loans [3][29] - Total loans and leases were $9.6 billion, a decrease of $136.6 million from December 31, 2024, and a decrease of $12.4 million from March 31, 2024 [4][29] - Total deposits increased to $8.9 billion, up $9.8 million from December 31, 2024, and up $192.8 million from March 31, 2024 [6][29] Income and Expense Analysis - Net interest income rose to $85.8 million in Q1 2025, an increase from $85.0 million in Q4 2024, with a net interest margin of 3.22%, up from 3.12% [9][29] - Total non-interest income decreased to $5.7 million in Q1 2025 from $6.6 million in Q4 2024, primarily due to a decline in loan level derivative income [11][29] - Non-interest expense decreased to $60.0 million in Q1 2025 from $63.7 million in Q4 2024, driven by lower merger and acquisition expenses [16][29] Credit Quality and Provisions - The company recorded a provision for credit losses of $6.0 million in Q1 2025, up from $4.1 million in Q4 2024, largely due to deterioration in a single commercial credit [12][29] - Total net charge-offs were $7.6 million in Q1 2025, compared to $7.3 million in Q4 2024, with a charge-off of $7.1 million in commercial loans [13][29] - The allowance for loan and lease losses was 1.29% of total loans and leases as of March 31, 2025, slightly up from 1.28% at December 31, 2024 [14][29] Asset Quality - The ratio of nonperforming loans and leases to total loans and leases was 0.65% as of March 31, 2025, down from 0.71% at December 31, 2024 [15][29] - Total nonperforming assets decreased to $64.0 million, or 0.56% of total assets, down from $70.5 million, or 0.59% of total assets, at December 31, 2024 [15][29] Capital Ratios - The ratio of stockholders' equity to total assets was 10.77% as of March 31, 2025, compared to 10.26% at December 31, 2024 [8][29] - Tangible book value per common share increased to $11.03 as of March 31, 2025, up from $10.81 at December 31, 2024 [8][29]