2025-04-15 13:06Financial Performance - The company reported a net income of $39.4 million and an adjusted net income of $40.1 million for 1Q25[8,9] - Return on average assets (ROAA) was 1.21%, with an adjusted ROAA of 1.23%[8] - Diluted earnings per share were $0.84, and adjusted diluted earnings per share were $0.85[8,9] - Pre-Tax Pre-Provision Net Revenue was $51.1 million, with an adjusted figure of $52.1 million[8] Balance Sheet and Credit Quality - Loans held for investment (HFI) grew at an annualized rate of 7.14%, representing an increase of $169 million[8] - The allowance for credit losses (ACL) coverage ratio stood at 1.54%[8] - The ratio of non-performing assets to total assets decreased by 9 basis points to 0.84%[8] - Tangible Common Equity to Tangible Assets ratio was 10.5%[8] Net Interest Margin and Deposits - Net interest margin (NIM) expanded by 5 basis points to 3.55%[8] - The company experienced growth in core deposits amidst a managed runoff of higher-cost deposits[8] Merger and Acquisition - On March 31, 2025, the company announced its merger with Southern States Bancshares Inc[8]