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First Reliance Bancshares Reports Second Quarter 2025 Results
FLORENCE, S.C., July 25, 2025 /PRNewswire/ -- First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, "First Reliance" or the "Company"), today announced its financial results for the second quarter of 2025.
Second Quarter 2025 Highlights
- Net income increased 88.1% for the second quarter of 2025 to $3.7 million, or $0.44 per diluted share, compared to $1.9 million, or $0.24 per diluted share, for the second quarter of 2024. For the six months ended June 30, 2025, net income totaled $5.3 million, or $0.63 per diluted share, compared to $3.2 million, or $0.39 per diluted share for the same period in 2024. Operating earnings (Non-GAAP) were $2.2 million, or $0.27 per diluted share, for the second quarter of 2025, compared to $1.9 million, or $0.24 per diluted share, for the second quarter of 2024. For the first half of 2025, operating earnings (Non-GAAP) totaled $3.9 million or $0.47 per diluted share, compared to $3.2 million, or $0.39 per diluted share, for the first half of 2024.
- Book value per share increased $1.58, or 17.1%, from $9.22 per share at June 30, 2024, to $10.80 per share at June 30, 2025. Tangible book value per share (Non-GAAP) increased $1.58, or 17.3%, from $9.13 per share at June 30, 2024, to $10.71 per share at June 30, 2025.
- Net interest income for the second quarter of 2025 was $9.1 million, which represents an increase of $1.4 million, or 18.8%, compared to the same quarter one year ago. Compared to the first quarter of 2025, the increase was $344,000, or 3.9%.
- Net interest margin increased during the second quarter of 2025 to 3.53%, compared to 3.49% in the first quarter of 2025, and increased 33 basis points compared to the second quarter of 2024.
- Total loans held for investment increased $280 thousand, or 0.14% annualized, to $784.7 million at June 30, 2025, from $784.5 million at March 31, 2025. For the year, loan growth totaled $31.0 million, or 8.3% annualized.
- Unfunded commitments increased during the quarter by $22.3 million, primarily in construction loans. This resulted in an increase in the unfunded commitment reserve of $154 thousand to $925 thousand from $771 thousand at March 31, 2025.
- Total deposits decreased $28.3 million, or 11.6% annualized, to $950.3 million at June 30, 2025, from $978.7 million at March 31, 2025. This was primarily the result of the sale of the two North Carolina branches with $55.9 million in deposits in May 2025 to Carter Bank.
- Asset quality remained strong with nonperforming assets falling to $205 thousand, or 0.02% of total assets at June 30, 2025, compared to $933 thousand, or 0.09% of total assets at March 31, 2025. This decline was largely the result of the full collection on one loan and fully charging off another loan.
- In June 2025, the Company's Board approved a stock repurchase program authorizing the purchase of up to $3.0 million of outstanding common stock through expiration of the program on June 30, 2026. In determining stock repurchases, management will consider the following factors: the Company's stock price, expected growth, capital position, alternative uses of capital, liquidity, financial performance, current and expected macroeconomic environment, regulatory requirements and any other relevant factors.
Rick Saunders, Chief Executive Officer, commented: "Tangible book value per share improved by $1.58 per share over the past year to $10.71, an increase of 17.3%. We grew deposit balances by $27.6 million, or 11.3% annualized, excluding the deposits sold to Carter Bank. Loan growth was muted in the second quarter of 2025, however, loan commitments will be funding over the next several quarters. Our margin expanded by four basis points to 3.53% in the second quarter of 2025 from 3.49% last quarter, as the yield on loans improved to 5.79%. Our return on average equity was 10.98%, excluding nonrecurring items. We remain focused on growing the markets in South Carolina with our bank and mortgage products and providing high-touch and quality service to our customers."
| Financial Summary | ||||||||||
| | | |||||||||
| | Three Months Ended | | Six Months Ended | | ||||||
| | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | | Jun 30 | | Jun 30 | |
| ($ in thousands, except per share data) | 2025 | 2025 | 2024 | 2024 | 2024 | | 2025 | | 2024 | |
| Earnings: | | | | | | | | | | |
| Net income available to common shareholders | $ 3,653 | $ 1,613 | $ 918 | $ 1,825 | $ 1,942 | | $ 5,266 | | $ 3,180 | |
| Operating earnings (Non-GAAP) | 2,248 | 1,665 | 1,698 | 1,950 | 1,942 | | 3,913 | | 3,180 | |
| Earnings per common share, diluted (GAAP) | 0.44 | 0.19 | 0.11 | 0.22 | 0.24 | | 0.63 | | 0.39 | |
| Operating earnings per common share, diluted (Non-GAAP) | 0.27 | 0.20 | 0.21 | 0.24 | 0.24 | | 0.47 | | 0.39 | |
| Total revenue(1) | 13,920 | 11,158 | 9,809 | 9,855 | 10,226 | | 25,078 | | 19,916 | |
| Net interest margin | 3.53 % | 3.49 % | 3.38 % | 3.27 % | 3.20 % | | 3.54 % | | 3.16 % | |
| Return on average assets(2) | 1.32 % | 0.59 % | 0.35 % | 0.69 % | 0.75 % | | 0.97 % | | 0.63 % | |
| Return on average assets - Operating Non-GAAP(2) | 0.81 % | 0.61 % | 0.64 % | 0.74 % | 0.75 % | | 0.72 % | | 0.63 % | |
| Return on average equity(2) | 17.84 % | 8.15 % | 4.66 % | 9.60 % | 10.69 % | | 13.14 % | | 8.93 % | |
| Return on average equity - Operating Non-GAAP(2) | 10.98 % | 8.41 % | 8.62 % | 10.26 % | 10.69 % | | 9.76 % | | 8.93 % | |
| Efficiency ratio(3) | 64.61 % | 75.52 % | 86.42 % | 76.90 % | 75.21 % | | 69.46 % | | 80.81 % | |
| Adjusted efficiency ratio - Non-GAAP(3) | 74.03 % | 75.04 % | 78.29 % | 75.66 % | 75.21 % | | 74.52 % | | 80.81 % | |
| | As of | | ||||
| | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | |
| ($ in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 | |
| Balance Sheet: | | | | | | |
| Total assets | $ 1,102,203 | $ 1,097,389 | $ 1,067,104 | $ 1,071,480 | $ 1,058,395 | |
| Total loans receivable | 784,749 | 784,469 | 753,738 | 739,219 | 739,433 | |
| Total deposits | 950,339 | 978,667 | 951,411 | 951,948 | 899,799 | |
| Total transaction deposits(4) to total deposits | 39.50 % | 39.46 % | 38.64 % | 38.82 % | 39.18 % | |
| Loans to deposits | 82.58 % | 80.16 % | 79.22 % | 77.65 % | 82.18 % | |
| Bank Capital Ratios: | | | | | | |
| Total risk-based capital ratio | 12.88 % | 12.99 % | 13.48 % | 13.56 % | 13.34 % | |
| Tier 1 risk-based capital ratio | 11.84 % | 11.92 % | 12.43 % | 12.51 % | 12.28 % | |
| Tier 1 leverage ratio | 9.74 % | 9.80 % | 9.96 % | 9.87 % | 10.01 % | |
| Common equity tier 1 capital ratio | 11.84 % | 11.92 % | 12.43 % | 12.51 % | 12.28 % | |
| Asset Quality Ratios: | | | | | | |
| Nonperforming assets as a percentage of | 0.02 % | 0.09 % | 0.11 % | 0.09 % | 0.03 % | |
| Allowance for credit losses as a percentage of total loans receivable | 1.09 % | 1.10 % | 1.12 % | 1.13 % | 1.15 % | |
| Annualized net charge-offs as a percentage of average total loan receivables | 0.03 % | 0.08 % | 0.00 % | 0.03 % | 0.05 % | |
| CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited | ||||||||
| | ||||||||
| | Three Months Ended | Six Months Ended | | |||||
| | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Jun 30 | | |
| ($ in thousands, except per share data) | 2025 | 2025 | 2024 | 2024 | 2024 | 2025 | 2024 | |
| Interest income | | | | | | | | |
| Loans | $ 11,657 | $ 11,293 | $ 11,053 | $ 10,930 | $ 10,746 | $ 22,950 | $ 20,831 | |
| Investment securities | 2,145 | 2,166 | 2,015 | 1,969 | 1,875 | 4,311 | 3,847 | |
| Other interest income | 505 | 318 | 512 | 623 | 419 | 823 | 710 | |
| Total interest income | 14,307 | 13,777 | 13,580 | 13,522 | 13,040 | 28,084 | 25,388 | |
| Interest expense | | | | | | | | |
| Deposits | 4,703 | 4,468 | 4,613 | 4,833 | 4,652 | 9,171 | 8,984 | |
| Other interest expense | 495 | 544 | 564 | 585 | 722 | 1,039 | 1,530 | |
| Total interest expense | 5,198 | 5,012 | 5,177 | 5,418 | 5,374 | 10,210 | 10,514 | |
| Net interest income | 9,109 | 8,765 | 8,403 | 8,104 | 7,666 | 17,874 | 14,874 | |
| Provision for credit losses | 88 | 707 | 141 | (83) | 55 | 795 | 262 | |
| Net interest income after provision for credit losses | 9,021 | 8,058 | 8,262 | 8,187 | 7,611 | 17,079 | 14,612 | |
| Noninterest income | | | | | | | | |
| Mortgage banking income | 1,586 | 1,351 | 1,207 | 805 | 1,416 | 2,937 | 2,791 | |
| Service fees on deposit accounts | 299 | 319 | 327 | 327 | 307 | 618 | 643 | |
| Debit card and other service charges, | 543 | 529 | 550 | 528 | 568 | 1,072 | 1,087 | |
| Income from bank owned life insurance | 104 | 102 | 108 | 105 | 103 | 206 | 205 | |
| Loss on sale of securities, net | - | (182) | (146) | (162) | - | (182) | - | |
| Gain on sale of branches | 2,313 | - | - | - | - | 2,313 | - | |
| Gain on early extinguishment of debt | - | 140 | - | - | - | 140 | - | |
| Gain (loss) on disposal /write down of fixed assets | (200) | - | (838) | - | - | (200) | 20 | |
| Other income | 166 | 134 | 198 | 148 | 166 | 300 | 296 | |
| Total noninterest income | 4,811 | 2,393 | 1,406 | 1,751 | 2,560 | 7,204 | 5,042 | |
| Noninterest expense | | | | | | | | |
| Compensation and benefits | 5,574 | 5,281 | 5,028 | 4,682 | 4,693 | 10,855 | 9,571 | |
| Occupancy and equipment | 770 | 791 | 890 | 848 | 837 | 1,561 | 1,678 | |
| Data processing, technology, and communications | 1,143 | 1,156 | 1,184 | 994 | 1,119 | 2,299 | 2,158 | |
| Professional fees | 248 | 153 | 268 | 265 | 96 | 401 | 206 | |
| Marketing | 175 | 123 | 103 | 66 | 102 | 298 | 262 | |
| Other | 1,083 | 923 | 1,003 | 723 | 844 | 2,006 | 1,670 | |
| Total noninterest expense | 8,993 | 8,427 | 8,476 | 7,578 | 7,691 | 17,420 | 15,545 | |
| Income before provision for income taxes | 4,839 | 2,024 | 1,192 | 2,360 | 2,480 | 6,863 | 4,109 | |
| Income tax expense | 1,186 | 411 | 273 | 535 | 538 | 1,597 | 929 | |
| Net income available to common shareholders | $ 3,653 | $ 1,613 | $ 919 | $ 1,825 | $ 1,942 | $ 5,266 | $ 3,180 | |
| Addback loss on fixed assets, net of tax | 151 | - | 646 | - | - | 151 | - | |
| Subtract gain on sale of branches, net of tax | (1,746) | - | - | - | - | (1,746) | - | |
| Subtract gain on early extinguishment of debt, net of tax | - | (111) | - | - | - | (111) | - | |
| Addback expenses related to branch sale, net of tax | 190 | 18 | 21 | - | - | 208 | - | |
| Addback securities losses, net of tax | - | 145 | 113 | 125 | - | 145 | - | |
| Operating net income (non-GAAP) | 2,248 | 1,665 | 1,699 | 1,950 | 1,942 | 3,913 | 3,180 | |
| Weighted average common shares - basic | 7,892 | 7,868 | 7,851 | 7,847 | 7,851 | 7,880 | 7,844 | |
| Weighted average common shares - diluted | 8,350 | 8,331 | 8,274 | 8,221 | 8,260 | 8,342 | 8,273 | |
| Basic net income per common share* | $ 0.46 | $ 0.21 | $ 0.12 | $ 0.23 | $ 0.25 | $ 0.67 | $ 0.41 | |
| Diluted net income per common share* | $ 0.44 | $ 0.19 | $ 0.11 | $ 0.22 | $ 0.24 | $ 0.63 | $ 0.39 | |
| Operating basic net income per common share (nonGAAP)* | $ 0.28 | $ 0.21 | $ 0.22 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.41 | |
| Operating diluted net income per common share (nonGAAP)* | $ 0.27 | $ 0.20 | $ 0.21 | $ 0.24 | $ 0.24 | $ 0.47 | $ 0.39 | |
| |
| *Note that the sum of the quarter may not equal the YTD result due to rounding of earnings per share each quarter, given the weighted average shares outstanding basic and diluted. |
Footnotes to table located at the end of this release.
Net income for the three months ended June 30, 2025, was $3.7 million, or $0.44 per diluted common share, compared to $1.9 million, or $0.24 per diluted common share, for the three months ended June 30, 2024. Operating net income (Non-GAAP), for the three months ended June 30, 2025, was $2.2 million, or $0.27 per diluted common share, compared to $1.9 million, or $0.24 per diluted common share for the three months ended June 30, 2024. Net income for the six months ended June 30, 2025, totaled $5.3 million, or $0.63 per diluted common share, compared to $3.2 million, or $0.39 per diluted common share. On an operating basis, diluted EPS (Non-GAAP) was $0.47 per diluted common share, for the six months ended June 30, 2025, which includes adding back the impact of securities losses, net of tax, the impact of fixed asset write downs, net of tax, and the impact of expenses related to the branch sales, net of tax, offset by subtracting the gain recognized on the sale of branches, net of tax and the gain from the early extinguishment of debt, net of tax, compared to $0.39 per diluted common share, for the six months ended June 30, 2024.
Noninterest income, for the three months ended June 30, 2025, was $4.8 million, an increase of $2.2 million from $2.6 million for the same period in 2024. Noninterest income was primarily driven by mortgage banking income and totaled $1.6 million in the second quarter of 2025 compared to $1.4 million in the second quarter of 2024. In the second quarter of 2025, the Company sold its two branches in NC recognizing a gain of $2.3 million and wrote down a parcel of land by $200 thousand.
For the six months ended June 30, 2025, noninterest income increased by $2.2 million, driven by improved mortgage banking income of $146 thousand, gain on sale of branches of $2.3 million offset by the write down of fixed asset of $200 thousand, compared to the same period in 2024.
Noninterest expense, for the three months ended June 30, 2025, was $9.0 million, an increase of $1.3 million from $7.7 million for the same period in 2024. This increase in expense was primarily driven by an increase in compensation and benefits of $881 thousand due primarily to mortgage commissions, salaries and stock compensation expense, an increase of $152 thousand related to additional professional fees related to audit expense associated with Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) compliance, and $239 thousand in other expense primarily associated with costs related to the sale of the two branches in North Carolina (NC).
Noninterest expense, for the six months ended June 30, 2025, was $17.4 million and increased $1.9 million over the same period one year ago. This increase in noninterest expense was primarily related to compensation and benefits of $1.3 million attributable to mortgage commissions and stock compensation expense, and an increase in professional fees related to audit expense associated with FDICIA compliance, and $336 thousand of other expense primarily associated with cost related to the sale of the two branches in NC.
Operating adjustments – 2Q 2025
During the second quarter of 2025, the Company sold the two North Carolina locations to Carter Bank from Virginia. This sale resulted in a gain of $2.3 million on the deposits assumed by Carter Bank, before expenses. Expenses directly related to the branches sold totaled $252 thousand in the second quarter of 2025. Operating net income reflects the removal of these two items. Total deposits assumed by Carter Bank were $55.9 million. No loans were acquired in this transaction by Carter Bank.
Additionally, the Company wrote down a parcel of land in North Charleston by $200 thousand. This parcel remains for sale. Operating net income reflects the add back of this item, net of tax, totaling $151 thousand.
Operating adjustments - 1Q 2025
During the first quarter of 2025, the Company recorded the following non-recurring transactions:
- Paid off subordinated indebtedness of $1.0 million with $860 thousand, resulting in a pre-tax gain of $140 thousand,
- Recorded pre-tax securities losses of $182 thousand, and
- Recorded pre-tax branch disposal related costs of $23 thousand.
| NET INTEREST INCOME AND MARGIN – Unaudited - QTD | ||||||||||||
| | ||||||||||||
| | For the Three Months Ended | | ||||||||||
| | June 30, 2025 | | March 31, 2025 | | June 30, 2024 | | ||||||
| | Average | Income/ | Yield/ | | Average | Income/ | Yield/ | | Average | Income/ | Yield/ | |
| ($ in thousands) | Balance | Expense | Rate | | Balance | Expense | Rate | | Balance | Expense | Rate | |
| Assets | | | | | | | | | | | | |
| Interest-earning assets | | | | | | | | | | | | |
| Federal funds sold and interest- | $ 46,216 | $ 478 | 4.15 % | | $ 37,230 | $ 292 | 3.18 % | | $ 29,743 | $ 379 | 5.13 % | |
| Investment securities | 186,573 | 2,145 | 4.61 % | | 180,710 | 2,166 | 4.86 % | | 168,826 | 1,875 | 4.47 % | |
| Nonmarketable equity securities | 1,665 | 28 | 6.65 % | | 1,496 | 26 | 7.06 % | | 2,037 | 40 | 7.82 % | |
| Loans held for sale | 16,269 | 353 | 8.70 % | | 23,551 | 364 | 6.27 % | | 24,965 | 446 | 7.19 % | |
| Loans | 783,489 | 11,304 | 5.79 % | | 775,652 | 10,929 | 5.71 % | | 736,944 | 10,300 | 5.62 % | |
| Total interest-earning assets | 1,034,212 | 14,307 | 5.55 % | | 1,018,639 | 13,777 | 5.49 % | | 962,515 | 13,040 | 5.45 % | |
| Allowance for credit losses | (8,652) | | | | (8,616) | | | | (8,508) | | | |
| Noninterest-earning assets | 80,987 | | | | 81,136 | | | | 79,658 | | | |
| Total assets | $ 1,106,547 | | | | $ 1,091,159 | | | | $ 1,033,665 | | | |
| | | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | | |
| Interest-bearing liabilities | | | | | | | | | | | | |
| NOW accounts | $ 158,726 | $ 242 | 0.61 % | | $ 158,710 | $ 230 | 0.59 % | | $ 140,821 | $ 247 | 0.70 % | |
| Savings & money market | 435,548 | 3,127 | 2.88 % | | 429,861 | 2,872 | 2.71 % | | 366,431 | 2,712 | 2.98 % | |
| Time deposits | 158,378 | 1,334 | 3.38 % | | 156,527 | 1,366 | 3.54 % | | 179,539 | 1,694 | 3.79 % | |
| Total interest-bearing deposits | 752,652 | 4,703 | 2.51 % | | 745,098 | 4,468 | 2.43 % | | 686,792 | 4,652 | 2.72 % | |
| FHLB advances and other | 17,913 | 191 | 4.29 % | | 15,162 | 213 | 5.70 % | | 26,917 | 356 | 5.32 % | |
| Subordinated debentures | 23,228 | 304 | 5.25 % | | 24,761 | 331 | 5.42 % | | 25,737 | 366 | 5.72 % | |
| Total interest-bearing | 793,793 | 5,198 | 2.63 % | | 785,021 | 5,012 | 2.59 % | | 739,446 | 5,374 | 2.92 % | |
| Noninterest bearing deposits | 217,979 | | | | 214,733 | | | | 207,573 | | | |
| Other liabilities | 12,885 | | | | 12,185 | | | | 13,971 | | | |
| Shareholders' equity | 81,890 | | | | 79,220 | | | | 72,674 | | | |
| Total liabilities and | $ 1,106,547 | | | | $ 1,091,159 | | | | $ 1,033,665 | | | |
| | | | | | | | | | | | | |
| Net interest income (tax | | $ 9,109 | 2.92 % | | | $ 8,765 | 2.90 % | | | $ 7,666 | 2.53 % | |
| Net Interest Margin | | | 3.53 % | | | | 3.49 % | | | | 3.20 % | |
| | | | | | | | | | | | | |
| Cost of funds, including | | | 2.06 % | | | | 2.03 % | | | | 2.28 % | |
Net interest income, for the three months ended June 30, 2025, was $9.1 million compared to $7.7 million for the three months ended June 30, 2024. This increase was the result of an increase in interest income of $1.3 million and a decrease in interest expense of $176,000. This resulted in an improved net interest margin to 3.53% from 3.20% one year ago. Loans and securities had the largest gains in income and in yields compared to the prior year. While lower yields in all categories of interest-bearing liabilities contributed to the improved net interest margin. In addition, the total cost of funds, including noninterest-bearing deposits, decreased to 2.06% in the second quarter of 2025, compared to 2.28% in the second quarter of 2024.
| NET INTEREST INCOME AND MARGIN – Unaudited - YTD | ||||||||
| | ||||||||
| | For the Six Months Ended | | ||||||
| | June 30, 2025 | | June 30, 2024 | | ||||
| | Average | Income/ | Yield/ | | Average | Income/ | Yield/ | |
| (dollars in thousands) | Balance | Expense | Rate | | Balance | Expense | Rate | |
| Assets | | | | | | | | |
| Interest-earning assets | | | | | | | | |
| Federal funds sold and interest-bearing deposits | $ 39,262 | $ 769 | 3.95 % | | $ 29,419 | $ 645 | 4.40 % | |
| Investment securities | 183,408 | 4,311 | 4.74 % | | 169,084 | 3,847 | 4.56 % | |
| Nonmarketable equity securities | 1,676 | 54 | 6.45 % | | 2,093 | 65 | 6.21 % | |
| Loans held for sale | 17,937 | 717 | 8.06 % | | 20,025 | 700 | 7.01 % | |
| Loans | 776,521 | 22,233 | 5.77 % | | 723,620 | 20,131 | 5.58 % | |
| Total interest-earning assets | 1,018,804 | 28,084 | 5.56 % | | 944,241 | 25,388 | 5.39 % | |
| Allowance for credit losses | (8,593) | | | | (8,450) | | | |
| Noninterest-earning assets | 80,765 | | | | 79,850 | | | |
| Total assets | $ 1,090,976 | | | | $ 1,015,641 | | | |
| | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | |
| Interest-bearing liabilities | | | | | | | | |
| NOW accounts | $ 152,565 | $ 473 | 0.62 % | | $ 142,005 | $ 538 | 0.76 % | |
| Savings & money market | 427,502 | 5,998 | 2.83 % | | 352,219 | 5,156 | 2.94 % | |
| Time deposits | 157,773 | 2,700 | 3.45 % | | 176,923 | 3,290 | 3.73 % | |
| Total interest-bearing deposits | 737,840 | 9,171 | 2.51 % | | 671,147 | 8,984 | 2.68 % | |
| FHLB advances and other borrowings | 18,732 | 404 | 4.35 % | | 28,538 | 793 | 5.57 % | |
| Subordinated debentures | 24,111 | 635 | 5.31 % | | 25,731 | 737 | 5.75 % | |
| Total interest-bearing liabilities | 780,683 | 10,210 | 2.64 % | | 725,416 | 10,514 | 2.91 % | |
| Noninterest bearing deposits | 217,556 | | | | 205,301 | | | |
| Other liabilities | 12,585 | | | | 13,694 | | | |
| Shareholders' equity | 80,152 | | | | 71,230 | | | |
| Total liabilities and shareholders' equity | $ 1,090,976 | | | | $ 1,015,641 | | | |
| | | | | | | | | |
| Net interest income (tax equivalent) / interest | | $ 17,874 | 2.92 % | | | $ 14,874 | 2.49 % | |
| Net Interest Margin | | | 3.54 % | | | | 3.16 % | |
| | | | | | | | | |
| Cost of funds,including noninterest bearing deposits | | | 2.06 % | | | | 2.27 % | |
Net interest income for the six months ended June 30, 2025, totaled $17.9 million compared to $14.9 million in the first six months of 2024, an increase of $3.0 million. The net interest margin was 3.54% for the first six months of 2025 compared to 3.16% for the same period in 2024. All of the yields on interest-earning assets, except fed funds sold increased. Yields on all interest-bearing liabilities have also declined in all categories. The total cost of funds, including noninterest-bearing deposits was 2.06% compared to 2.27% in 2024.
| CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited | |||||
| | |||||
| | As of | ||||
| | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 |
| ($ in thousands) | 2025 | 2025 | 2024 | 2024 | 2024 |
| Assets | | | | | |
| Cash and cash equivalents: | | | | | |
| Cash and due from banks | $ 4,066 | $ 5,011 | $ 4,604 | $ 4,730 | $ 5,669 |
| Interest-bearing deposits with banks | 29,487 | 32,922 | 42,623 | 61,934 | 41,391 |
| Total cash and cash equivalents | 33,553 | 37,933 | 47,227 | 66,664 | 47,060 |
| Investment securities: | | | | | |
| Investment securities available for sale | 194,136 | 181,596 | 175,846 | 177,641 | 173,298 |
| Other investments | 2,497 | 950 | 886 | 883 | 2,788 |
| Total investment securities | 196,633 | 182,546 | 176,732 | 178,524 | 176,086 |
| Mortgage loans held for sale | 14,944 | 22,424 | 20,974 | 19,929 | 25,776 |
| Loans receivable: | | | | | |
| Loans | 784,749 | 784,469 | 753,738 | 739,219 | 739,433 |
| Less allowance for credit losses | (8,535) | (8,654) | (8,434) | (8,317) | (8,498) |
| Loans receivable, net | 776,214 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | ||||