JEFFERSONVILLE, Ind., Oct. 29, 2025 (GLOBE NEWSWIRE) -- First Savings Financial Group, Inc. (NASDAQ: FSFG - news) (the "Company"), the holding company for First Savings Bank (the "Bank"), today reported net income of $23.2 million, or $3.32 per diluted share, for the year ended September 30, 2025, compared to net income of $13.6 million, or $1.98 per diluted share, for the year ended September 30, 2024. Excluding expenses related to the announced and pending merger with First Merchants Corporation, the Company reported net income of $23.8 million (non-GAAP measure)(1) and net income per diluted share of $3.41. (non-GAAP measure)(1) for the year ended September 30, 2025. Excluding all nonrecurring items, the Company reported net income of $22.7 million (non-GAAP measure)(1) and net income per diluted share of $3.25 (non-GAAP measure)(1) for the year ended September 30, 2025 compared to $11.7 million (non-GAAP measure)(1), or $1.70 per diluted share (non-GAAP measure)(1) for the year ended September 30, 2024.
Commenting on the Company's performance, Larry W. Myers, President and CEO, stated "We are pleased with the strong performance for the 2025 fiscal year and continually improving trends. Earnings per share, diluted, increased significantly from $1.98 for 2024 to $3.32 for 2025. Annualized return on average assets, return on average equity, and net interest margin (tax equivalent basis) improved 39 basis points, 450 basis points, and 26 basis points, respectively, when compared to the prior fiscal year. The efficiency, nonperforming loans, and nonperforming assets ratios decreased 723 basis points, 8 basis points, and 5 basis points, respectively, from September 2024. Additionally, customer deposits increased $118.2 million since September 2024 and the SBA Lending segment posted its third consecutive profitable quarter, which included a solid level of loans originations and sales. On September 25, 2025, we announced our agreement to merge with First Merchants Corporation. We are proud of what we've accomplished throughout our history and the 17 years since our public listing on Nasdaq Capital Markets. We will continue to execute and enhance shareholder value as we prepare for the planned 2026 integration and believe that the First Savings franchise will be a meaningful contributor to the future success of First Merchants."
(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.
Results of Operations for the Fiscal Years Ended September 30, 2025 and 2024
Net interest income increased $7.2 million, or 12.5%, to $65.3 million for the year ended September 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the year ended September 30, 2025 was 2.94% as compared to 2.68% for the same period in 2024. The increase in net interest income was due to a $5.5 million increase in interest income and a $1.7 million decrease in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.
The Company recognized a provision for unfunded lending commitments of $452,000 for the year ended September 30, 2025 and a reversal of provision for credit losses for loans and securities of $118,000 and $9,000, respectively, compared to provision for credit losses for loans and securities of $3.5 million and $21,000, respectively, and a reversal of provision for unfunded lending commitments of $421,000 for the same period in 2024. Provisions for the year ended September 30, 2025 were lower due to lower loan balances and a decrease in qualitative reserves. The Company recognized net charge-offs totaling $887,000 for the year ended September 30, 2025, of which $454,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $527,000 in 2024, of which $104,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $2.3 million from $16.9 million at September 30, 2024 to $14.6 million at September 30, 2025.
Noninterest income increased $6.3 million for the year ended September 30, 2025 as compared to the same period in 2024. The increase was due primarily to a $4.0 million net gain on sales of home equity lines of credit ("HELOC") in 2025 with no corresponding amount for 2024, a $1.2 million increase in net gain on sale of SBA loans, and increases in ATM and interchange fees and service charges on deposits of $374,000 and $277,000, respectively.
Noninterest expense increased $4.1 million for the year ended September 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $2.9 million and $1.2 million, respectively. The increase in compensation and benefits is primarily due to routine salary increases and increases in incentive and bonus compensation in 2025 related to stronger Company performance. The increase in other operating expenses was due primarily to a $395,000 accrued contingent liability associated with employee benefits recognized in the 2025 period with no corresponding amount in 2024 and a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period with no corresponding amount for 2025.
The Company recognized income tax expense of $3.7 million for the year ended September 30, 2025 compared to $1.0 million for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period. The effective tax rate for 2025 was 13.8% compared to 7.0%. The effective tax rate is below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.
Results of Operations for the Three Months Ended September 30, 2025 and 2024
The Company reported net income of $5.3 million, or $0.75 per diluted share, for the three months ended September 30, 2025, compared to net income of $3.7 million, or $0.53 per diluted share, for the three months ended September 30, 2024. Excluding expenses related to the announced and pending merger with First Merchants Corporation, the Company reported net income of $5.9 million (non-GAAP measure)(1) and net income per diluted share of $0.84. (non-GAAP measure)(1) for the three months ended September 30, 2025. Excluding all nonrecurring items, the Company reported net income of $5.8 million (non-GAAP measure)(1) and net income per diluted share of $0.82 (non-GAAP measure)(1) for the three months ended September 30, 2025 compared to $3.7 million (non-GAAP measure)(1), or $0.53 per diluted share (non-GAAP measure)(1) for the three months ended September 30, 2024.
Net interest income increased $2.1 million, or 13.6%, to $17.1 million for the three months ended September 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended September 30, 2025 was 3.07% as compared to 2.72% for the same period in 2024. The increase in net interest income was due to an increase of $67,000 in interest income and a decrease of $2.0 million in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.
The Company recognized a provision for credit losses for loans and unfunded lending commitments of $383,000 and $206,000, respectively, and a reversal of provision for credit losses on securities of $1,000 for the three months ended September 30, 2025, compared to a provision for credit losses for loans of $1.8 million and a reversal of provision for unfunded lending commitments and securities of $262,000 and $86,000, respectively, for the same period in 2024. The Company recognized net charge-offs totaling $616,000 during the three months ended September 30, 2025, of which $402,000 was related to unguaranteed portions of SBA loans. During the three months ended September 30, 2024, the Company recognized net charge-offs of $304,000, of which $120,000 was related to unguaranteed portions of SBA loans.
Noninterest income increased $1.8 million for the three months ended September 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in net gain on sales of HELOC and net gain on sales of SBA loans of $929,000 and $853,000, respectively. There was no gain on sales of HELOC in the 2024 period as sales of this product commenced in fiscal 2025.
Noninterest expense increased $2.0 million for the three months ended September 30, 2025 as compared to the same period in 2024. The increase in compensation and benefits is primarily due to routine salary increases and increases in incentive and bonus compensation in 2025 related to stronger Company performance.
The Company recognized income tax expense of $1.3 million for the three months ended September 30, 2025 compared to $145,000 for the same period in 2024. The increase is due primarily to higher taxable income in 2025 as compared to 2024. The effective tax rate for 2025 was 19.8% compared to 3.8% for 2024. The effective tax rate is below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.
Comparison of Financial Condition at September 30, 2025 and September 30, 2024
Total assets decreased $50.8 million, from $2.45 billion at September 30, 2024 to $2.40 billion at September 30, 2025. Net loans held for investment decreased $77.0 million during the year ended September 30, 2025, due primarily to an $87.2 million sale of HELOC during the year ended September 30, 2025 that were previously classified as held for investment at September 30, 2024. Total loans held for sale increased $25.7 million due primarily to an increase in HELOC loans held for sale of $36.1 million, partially offset by a decrease in SBA loans held for sale of $10.9 million.
Total liabilities decreased $67.2 million due primarily to a decrease in total deposits and subordinated debt and other borrowings of $171.0 and $19.8 million, respectively, partially offset by an increase in FHLB borrowings of $133.4 million. The decrease in total deposits was due to a decrease in brokered deposits of $289.2 million, which was due primarily to proceeds from the aforementioned HELOC sale and greater utilization of FHLB borrowings, partially offset by an increase in customer deposits of $118.2 million. The decrease in subordinated debt and other borrowings is due to the redemption of $20.0 million of subordinated notes during the quarter ended June 30, 2025. As of September 30, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 41.9% of total deposits and 25.6% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.
Total stockholders' equity increased $16.4 million, from $177.1 million at September 30, 2024 to $193.5 million at September 30, 2025, due primarily to a $18.8 million increase in retained net income, partially offset by a $3.9 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the year ended September 30, 2025, which resulted in a decrease in the fair value of securities available for sale. At September 30, 2025 and September 30, 2024, the Bank was considered "well-capitalized" under applicable regulatory capital guidelines.
First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization's vision, We Expect To Be The BEST community BANK, which fuels our success. The Company's common shares trade on The NASDAQ Stock Market under the symbol "FSFG."
This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions.
Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company's periodic filings with the Securities and Exchange Commission.
Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-072
| FIRST SAVINGS FINANCIAL GROUP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Years Ended | |||||||||||||||||||
| OPERATING DATA: | September 30, | September 30, | ||||||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Total interest income | $ | 32,290 | $ | 32,223 | $ | 127,527 | $ | 121,988 | ||||||||||||
| Total interest expense | 15,160 | 17,146 | 62,219 | 63,926 | ||||||||||||||||
| Net interest income | 17,130 | 15,077 | 65,308 | 58,062 | ||||||||||||||||
| Provision (credit) for credit losses - loans | 383 | 1,808 | (118 | ) | 3,492 | |||||||||||||||
| Provision (credit) for unfunded lending commitments | 206 | (262 | ) | 452 | (421 | ) | ||||||||||||||
| Provision (credit) for credit losses - securities | (1 | ) | (86 | ) | (9 | ) | 21 | |||||||||||||
| Total provision for credit losses | 588 | 1,460 | 325 | 3,092 | ||||||||||||||||
| Net interest income after provision for credit losses | 16,542 | 13,617 | 64,983 | 54,970 | ||||||||||||||||
| Total noninterest income | 4,659 | 2,842 | 18,842 | 12,530 | ||||||||||||||||
| Total noninterest expense | 14,628 | 12,642 | 56,962 | 52,890 | ||||||||||||||||
| Income before income taxes | 6,573 | 3,817 | 26,863 | 14,610 | ||||||||||||||||
| Income tax expense | 1,302 | 145 | 3,702 | 1,018 | ||||||||||||||||
| Net income | $ | 5,271 | $ | 3,672 | $ | 23,161 | $ | 13,592 | ||||||||||||
| Net income per share, basic | $ | 0.77 | $ | 0.54 | $ | 3.37 | $ | 1.99 | ||||||||||||
| Weighted average shares outstanding, basic | 6,881,658 | 6,833,376 | 6,871,242 | 6,830,466 | ||||||||||||||||
| Net income per share, diluted | $ | 0.75 | $ | 0.53 | $ | 3.32 | $ | 1.98 | ||||||||||||
| Weighted average shares outstanding, diluted | 6,998,118 | 6,877,518 | 6,976,901 | 6,856,520 | ||||||||||||||||
| Performance ratios (annualized) | ||||||||||||||||||||
| Return on average assets | 0.88 | % | 0.61 | % | 0.96 | % | 0.58 | % | ||||||||||||
| Return on average equity | 11.28 | % | 8.52 | % | 12.80 | % | 8.31 | % | ||||||||||||
| Return on average common stockholders' equity | 11.28 | % | 8.52 | % | 12.80 | % | 8.31 | % | ||||||||||||
| Net interest margin (tax equivalent basis) | 3.07 | % | 2.72 | % | 2.94 | % | 2.68 | % | ||||||||||||
| Efficiency ratio | 67.13 | % | 70.55 | % | 67.69 | % | 74.92 | % | ||||||||||||
| QTD | FYTD | |||||||||||||||||||
| FINANCIAL CONDITION DATA: | September 30, | June 30, | Increase | September 30, | Increase | |||||||||||||||
| (In thousands, except per share data) | 2025 | 2025 | (Decrease) | 2024 | (Decrease) | |||||||||||||||
| Total assets | $ | 2,399,532 | $ | 2,416,675 | $ | (17,143 | ) | $ | 2,450,368 | $ | (50,836 | ) | ||||||||
| Cash and cash equivalents | 31,851 | 52,123 | (20,272 | ) | 52,142 | (20,291 | ) | |||||||||||||
| Investment securities | 252,620 | 244,284 | 8,336 | 249,719 | 2,901 | |||||||||||||||
| Loans held for sale | 51,454 | 19,178 | 32,276 | 25,716 | 25,738 | |||||||||||||||
| Gross loans | 1,907,107 | 1,916,343 | (9,236 | ) | 1,985,146 | (78,039 | ) | |||||||||||||
| Allowance for credit losses | 20,289 | 20,522 | (233 | ) | 21,294 | (1,005 | ) | |||||||||||||
| Interest earning assets | 2,232,497 | 2,260,099 | (27,602 | ) | 2,277,512 | (45,015 | ) | |||||||||||||
| Goodwill | 9,848 | 9,848 | - | 9,848 | - | |||||||||||||||
| Core deposit intangibles | 234 | 275 | (41 | ) | 398 | (164 | ) | |||||||||||||
| Noninterest-bearing deposits | 187,564 | 202,649 | (15,085 | ) | 191,528 | (3,964 | ) | |||||||||||||
| Interest-bearing deposits (customer) | 1,302,378 | 1,253,525 | 48,853 | 1,180,196 | 122,182 | |||||||||||||||
| Interest-bearing deposits (brokered) | 219,940 | 280,020 | (60,080 | ) | 509,157 | (289,217 | ) | |||||||||||||
| Federal Home Loan Bank borrowings | 435,000 | 434,924 | 76 | 301,640 | 133,360 | |||||||||||||||
| Subordinated debt and other borrowings | 28,762 | 28,722 | 40 | 48,603 | (19,841 | ) | ||||||||||||||
| Total liabilities | 2,206,053 | 2,232,853 | (26,800 | ) | 2,273,253 | (67,200 | ) | |||||||||||||
| Accumulated other comprehensive loss | (15,087 | ) | (20,061 | ) | 4,974 | (11,195 | ) | (3,892 | ) | |||||||||||
| Total stockholders' equity | 193,479 | 183,822 | 9,657 | 177,115 | 16,364 | |||||||||||||||
| Book value per share | $ | 27.73 | $ | 26.35 | 1.38 | $ | 25.72 | 2.01 | ||||||||||||
| Tangible book value per share (non-GAAP) (1) | 26.28 | 24.90 | 1.39 | 24.23 | 2.05 | |||||||||||||||
| Non-performing assets: | ||||||||||||||||||||
| Nonaccrual loans - SBA guaranteed | $ | 2,699 | $ | 2,713 | $ | (14 | ) | $ | 5,036 | $ | (2,337 | ) | ||||||||
| Nonaccrual loans | 11,926 | 12,502 | (576 | ) | 11,906 | 20 | ||||||||||||||
| Total nonaccrual loans | $ | 14,625 | $ | 15,215 | $ | (590 | ) | $ | 16,942 | $ | (2,317 | ) | ||||||||
| Accruing loans past due 90 days | - | - | - | - | - | |||||||||||||||
| Total non-performing loans | 14,625 | 15,215 | (590 | ) | 16,942 | (2,317 | ) | |||||||||||||
| Foreclosed real estate | 1,093 | 1,113 | (20 | ) | 444 | 649 | ||||||||||||||
| Total non-performing assets | $ | 15,718 | $ | 16,328 | $ | (610 | ) | $ | 17,386 | $ | (1,668 | ) | ||||||||
| Asset quality ratios: | ||||||||||||||||||||
| Allowance for credit losses as a percent of total gross loans | 1.06 | % | 1.07 | % | (0.01 | %) | 1.07 | % | (0.01 | %) | ||||||||||
| Allowance for credit losses as a percent of nonperforming loans | 138.73 | % | 134.88 | % | 3.85 | % | 125.69 | % | 13.04 | % | ||||||||||
| Nonperforming loans as a percent of total gross loans | 0.77 | % | 0.79 | % | (0.03 | %) | 0.85 | % | (0.08 | %) | ||||||||||
| Nonperforming assets as a percent of total assets | 0.66 | % | 0.68 | % | (0.02 | %) | 0.71 | % | (0.05 | %) | ||||||||||
| (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item. | ||||||||||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED): | ||||||||||||||||||||
| The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company's | ||||||||||||||||||||
| performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to | ||||||||||||||||||||
| evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the | ||||||||||||||||||||
| Company's consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures. | ||||||||||||||||||||
| Three Months Ended | Fiscal Year Ended | |||||||||||||||||||
| Net Income | September 30, | September 30, | ||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net income attributable to the Company (non-GAAP) | $ | 5,771 | $ | 3,660 | $ | 22,680 | $ | 11,674 | ||||||||||||
| Plus: Insured recovery of legal fees previously recognized, net of tax | 157 | - | 157 | - | ||||||||||||||||
| Plus: Gain on life insurance | - | - | 255 | - | ||||||||||||||||
| Plus: Gain on lease termination, net of tax effect | - | - | 378 | - | ||||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | - | - | 313 | - | ||||||||||||||||
| Plus: Gain (loss) on premises and equipment, net of tax effect | - | - 3 | 35 | 87 | ||||||||||||||||
| Plus: Record Visa Class C shares, net of tax effect | - | 15 | - | 342 | ||||||||||||||||
| Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect | - | - | - | 492 | ||||||||||||||||
| Plus: Reversal of contingent liability, net of tax effect | - | - | - | 212 | ||||||||||||||||
| Plus: Adjustment to MSR valuation allowance, net of tax effect | - | - | - | 583 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | - | - | - | 117 | ||||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | - | - | - | 85 | ||||||||||||||||
| Less: Merger related professional fees, net of tax effect | (657 | ) | - | (657 | ) | - | ||||||||||||||
| Net income attributable to the Company (GAAP) | $ | 5,271 | $ | 3,672 | $ | 23,161 | $ | 13,592 | ||||||||||||
| Net Income per Share, Diluted | ||||||||||||||||||||
| Net income per share attributable to the Company, diluted (non-GAAP) | $ | 0.82 | $ | 0.53 | $ | 3.25 | $ | 1.70 | ||||||||||||
| Plus: Insured recovery of legal fees previously recognized, net of tax | 0.02 | - | - | - | 0.02 | - | ||||||||||||||
| Plus: Gain on life insurance | - | - | - | - | 0.04 | - | ||||||||||||||
| Plus: Gain on lease termination, net of tax effect | - | - | - | - | 0.05 | - | ||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | - | - | - | - | 0.04 | - | ||||||||||||||
| Plus: Gain (loss) on premises and equipment, net of tax effect | - | - | - | - | 0.01 | 0.01 | ||||||||||||||
| Plus: Record Visa Class C shares, net of tax effect | - | - | - | - | - | 0.05 | ||||||||||||||
| Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect | - | - | - | - | - | 0.07 | ||||||||||||||
| Plus: Reversal of contingent liability, net of tax effect | - | - | - | - | - | 0.03 | ||||||||||||||
| Plus: Adjustment to MSR valuation allowance, net of tax effect | - | - | - | - | - | 0.09 | ||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | - | - | - | - | - | 0.02 | ||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | - | - | - | - | - | 0.01 | ||||||||||||||
| Less: Merger related professional fees, net of tax effect | (0.09 | ) | - | - | - | (0.09 | ) | - | ||||||||||||
| Net income per share, diluted (GAAP) | $ | 0.75 | $ | 0.53 | $ | 3.32 | $ | 1.98 | ||||||||||||
| Core Bank Segment Net Income | ||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Net income attributable to the Core Bank (non-GAAP) | $ | 5,689 | $ | 4,081 | $ | 21,920 | $ | 15,941 | ||||||||||||
| Plus: Insured recovery of legal fees previously recognized, net of tax | 157 | - | - | - | 157 | - | ||||||||||||||
| Plus: Gain on life insurance | - | - | - | - | 255 | - | ||||||||||||||
| Plus: Gain on lease termination, net of tax effect | - | - | - | - | 378 | - | ||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | - | - | - | - | 313 | - | ||||||||||||||
| Plus: Gain (loss) on premises and equipment, net of tax effect | - | - | - 3 | - | 35 | 87 | ||||||||||||||
| Plus: Record Visa Class C shares, net of tax effect | - | - | 15 | - | - | 342 | ||||||||||||||
| Plus: Reversal of contingent liability, net of tax effect | - | - | - | - | - | 212 | ||||||||||||||
| Plus: Adjustment to MSR valuation allowance, net of tax effect | - | - | - | - | - | 583 | ||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | - | - | - | - | - | 117 | ||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | - | - | - | - | - | 85 | ||||||||||||||
| Less: Merger related professional fees, net of tax effect | (657 | ) | - | - | - | (657 | ) | - | ||||||||||||
| Net income attributable to the Core Bank (GAAP) | $ | 5,189 | $ | 4,093 | $ | 22,401 | $ | 17,367 | ||||||||||||
| Core Bank Segment Net Income per Share, Diluted | ||||||||||||||||||||
| Core Bank net income per share, diluted (non-GAAP) | $ | 0.82 | $ | 0.60 | $ | 3.14 | $ | 2.33 | ||||||||||||
| Plus: Insured recovery of legal fees previously recognized, net of tax | 0.02 | - | - | - | 0.02 | - | ||||||||||||||
| Plus: Gain on life insurance | - | - | - | - | 0.04 | - | ||||||||||||||
| Plus: Gain on lease termination, net of tax effect | - | - | - | - | 0.05 | - | ||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | - | - | - | - | 0.04 | - | ||||||||||||||
| Plus: Gain (loss) on premises and equipment, net of tax effect | - | - | - | - | 0.01 | 0.01 | ||||||||||||||
| Plus: Record Visa Class C shares, net of tax effect | - | - | - | - | - | 0.05 | ||||||||||||||
| Plus: Reversal of contingent liability, net of tax effect | - | - | - | - | - | 0.03 | ||||||||||||||
| Plus: Adjustment to MSR valuation allowance, net of tax effect | - | - | - | - | - | 0.09 | ||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | - | - | - | - | - | 0.02 | ||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | - | - | - | - | - | 0.01 | ||||||||||||||
| Less: Merger related professional fees, net of tax effect | (0.09 | ) | - | - | - | (0.09 | ) | - | ||||||||||||
| Core Bank net income per share, diluted (GAAP) | $ | 0.75 | $ | 0.60 | $ | 3.21 | $ | 2.54 | ||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED): | Three Months Ended | Fiscal Year Ended | ||||||||||||||||||
| Efficiency Ratio | September 30, | September 30, | ||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net interest income (GAAP) | $ | 17,130 | $ | 15,077 | $ | 65,308 | $ | 58,062 | ||||||||||||
| Noninterest income (GAAP) | 4,659 | 2,842 | 18,842 | 12,530 | ||||||||||||||||
| Noninterest expense (GAAP) | 14,628 | 12,642 | 56,962 | 52,890 | ||||||||||||||||
| Efficiency ratio (GAAP) | 67.13 | % | 70.55 | % | 67.69 | % | 74.92 | % | ||||||||||||
| Noninterest income (GAAP) | $ | 4,659 | $ | 2,842 | $ | 18,842 | $ | 12,530 | ||||||||||||
| Less: Gain on life insurance | - | - | (255 | ) | - | |||||||||||||||
| Less: Gain on lease termination | - | - | (487 | ) | - | |||||||||||||||
| Less: Gain on sale of equity securities | - | - | (403 | ) | - | |||||||||||||||
| Less: (Gain) loss on premises and equipment | - | 4 | (45 | ) | (116 | ) | ||||||||||||||
| Less: Record Visa Class C shares | - | (20 | ) | - | (456 | ) | ||||||||||||||
| Less: Adjustment to MSR valuation allowance | - | - | - | (777 | ) | |||||||||||||||
| Less: Distribution from equity investment | - | - | - | (113 | ) | |||||||||||||||
| Noninterest income (Non-GAAP) | 4,659 | 2,826 | 17,652 | 11,068 | ||||||||||||||||
| Noninterest expense (GAAP) | $ | 14,628 | $ | 12,642 | $ | 56,962 | $ | 52,890 | ||||||||||||
| Plus: Insured recovery of legal fees previously recognized | 203 | - | 203 | - | ||||||||||||||||
| Plus: Decrease in loss contingency for SBA-guaranteed loans | - | - | - | 656 | ||||||||||||||||
| Plus: Reversal of contingent liability | - | - | - | 283 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual | - | - | - | 156 | ||||||||||||||||
| Less: Merger related professional fees | (707 | ) | - | (707 | ) | - | ||||||||||||||
| Noninterest expense (Non-GAAP) | $ | 14,124 | $ | 12,642 | $ | 56,458 | $ | 53,985 | ||||||||||||
| Efficiency ratio (excluding nonrecurring items) (non-GAAP) | 64.82 | % | 70.61 | % | 68.05 | % | 78.09 | % | ||||||||||||
| QTD | FYTD | |||||||||||||||||||
| Tangible Book Value Per Share | September 30, | June 30, | Increase | September 30, | Increase | |||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2025 | (Decrease) | 2024 | (Decrease) | |||||||||||||||
| Stockholders' equity (GAAP) | $ | 193,479 | $ | 183,822 | $ | 9,657 | $ | 177,115 | $ | 16,364 | ||||||||||
| Less: goodwill and core deposit intangibles | (10,082 | ) | (10,123 | ) | 41 | (10,246 | ) | 164 | ||||||||||||
| Tangible stockholders' equity (non-GAAP) | $ | 183,397 | $ | 173,699 | $ | 9,698 | $ | 166,869 | $ | 16,528 | ||||||||||
| Outstanding common shares | 6,977,308 | 6,976,558 | $ | 750 | 6,887,106 | $ | 90,202 | |||||||||||||
| Tangible book value per share (non-GAAP) | $ | 26.28 | $ | 24.90 | $ | 1.39 | $ | 24.23 | $ | 2.05 | ||||||||||
| Book value per share (GAAP) | $ | 27.73 | $ | 26.35 | $ | 1.38 | $ | 25.72 | $ | 2.01 | ||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): | As of | |||||||||||||||||||
| Summarized Consolidated Balance Sheets | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands, except per share data) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Total cash and cash equivalents | $ | 31,851 | $ | 52,123 | $ | 28,683 | $ | 76,224 | $ | 52,142 | ||||||||||
| Total investment securities | 252,620 | 244,284 | 244,084 | 242,634 | 249,719 | |||||||||||||||
| Total loans held for sale | 51,454 | 19,178 | 61,239 | 24,441 | 25,716 | |||||||||||||||
| Total loans, net of allowance for credit losses | 1,886,818 | 1,895,821 | 1,880,176 | 1,884,514 | 1,963,852 | |||||||||||||||
| Loan servicing rights | 3,085 | 2,869 | 2,744 | 2,661 | 2,754 | |||||||||||||||
| Total assets | 2,399,532 | 2,416,675 | 2,376,230 | 2,388,735 | 2,450,368 | |||||||||||||||
| Customer deposits | $ | 1,489,942 | $ | 1,456,174 | $ | 1,392,411 | $ | 1,395,766 | $ | 1,371,724 | ||||||||||
| Brokered deposits | 219,940 | 280,020 | 396,770 | 437,008 | 509,157 | |||||||||||||||
| Total deposits | 1,709,882 | 1,736,194 | 1,789,181 | 1,832,774 | 1,880,881 | |||||||||||||||
| Federal Home Loan Bank borrowings | 435,000 | 434,924 | 325,310 | 295,000 | 301,640 | |||||||||||||||
| Common stock and additional paid-in capital | $ | 30,452 | $ | 30,090 | $ | 28,650 | $ | 28,382 | $ | 27,725 | ||||||||||
| Retained earnings - substantially restricted | 192,114 | 187,969 | 182,918 | 178,526 | 173,337 | |||||||||||||||
| Accumulated other comprehensive loss | (15,087 | ) | (20,061 | ) | (19,385 | ) | (17,789 | ) | (11,195 | ) | ||||||||||
| Unearned stock compensation | (1,829 | ) | (2,005 | ) | (862 | ) | (973 | ) | (901 | ) | ||||||||||
| Less treasury stock, at cost | (12,171 | ) | (12,171 | ) | (12,132 | ) | (12,119 | ) | (11,851 | ) | ||||||||||
| Total stockholders' equity | 193,479 | 183,822 | 179,189 | 176,027 | 177,115 | |||||||||||||||
| Outstanding common shares | 6,977,308 | 6,976,558 | 6,919,136 | 6,909,173 | 6,887,106 | |||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Summarized Consolidated Statements of Income | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands, except per share data) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Total interest income | $ | 32,290 | $ | 31,965 | $ | 30,823 | $ | 32,449 | $ | 32,223 | ||||||||||
| Total interest expense | 15,160 | 15,240 | 14,832 | 16,987 | 17,146 | |||||||||||||||
| Net interest income | 17,130 | 16,725 | 15,991 | 15,462 | 15,077 | |||||||||||||||
| Provision (credit) for credit losses - loans | 383 | 347 | (357 | ) | (491 | ) | 1,808 | |||||||||||||
| Provision (credit) for unfunded lending commitments | 206 | 77 | 123 | 46 | (262 | ) | ||||||||||||||
| Provision (credit) for credit losses - securities | (1 | ) | (1 | ) | (1 | ) | (6 | ) | (86 | ) | ||||||||||
| Total provision (credit) for credit losses | 588 | 423 | (235 | ) | (451 | ) | 1,460 | |||||||||||||
| Net interest income after provision (credit) for credit losses | 16,542 | 16,302 | 16,226 | 15,913 | 13,617 | |||||||||||||||
| Total noninterest income | 4,659 | 4,520 | 3,560 | 6,103 | 2,842 | |||||||||||||||
| Total noninterest expense | 14,628 | 13,693 | 13,698 | 14,943 | 12,642 | |||||||||||||||
| Income before income taxes | 6,573 | 7,129 | 6,088 | 7,073 | 3,817 | |||||||||||||||
| Income tax expense | 1,302 | 963 | 589 | 848 | 145 | |||||||||||||||
| Net income | 5,271 | 6,166 | 5,499 | 6,225 | 3,672 | |||||||||||||||
| Net income per share, basic | $ | 0.77 | $ | 0.90 | $ | 0.80 | $ | 0.91 | $ | 0.54 | ||||||||||
| Weighted average shares outstanding, basic | 6,881,658 | 6,881,077 | 6,875,826 | 6,851,153 | 6,832,626 | |||||||||||||||
| Net income per share, diluted | $ | 0.75 | $ | 0.88 | $ | 0.79 | $ | 0.89 | $ | 0.53 | ||||||||||
| Weighted average shares outstanding, diluted | 6,998,118 | 6,977,674 | 6,960,020 | 6,969,223 | 6,894,532 | |||||||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Noninterest Income Detail | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Service charges on deposit accounts | $ | 582 | $ | 537 | $ | 541 | $ | 567 | $ | 552 | ||||||||||
| ATM and interchange fees | 698 | 648 | 632 | 665 | 642 | |||||||||||||||
| Net unrealized gain (loss) on equity securities | (50 | ) | 15 | 47 | 78 | 28 | ||||||||||||||
| Net gain on equity securities | - | - | - | 403 | - | |||||||||||||||
| Net gain on sales of loans, Small Business Administration | 1,500 | 932 | 1,078 | 711 | 647 | |||||||||||||||
| Net gain on sales of loans, home equity lines of credit | 929 | 617 | - | 2,492 | - | |||||||||||||||
| Mortgage banking income | 79 | 96 | 104 | 78 | 6 | |||||||||||||||
| Increase in cash surrender value of life insurance | 404 | 358 | 380 | 361 | 363 | |||||||||||||||
| Gain on life insurance | - | 147 | - | 108 | - | |||||||||||||||
| Commission income | 197 | 184 | 255 | 210 | 294 | |||||||||||||||
| Real estate lease income | 16 | 132 | 122 | 121 | 122 | |||||||||||||||
| Net gain (loss) on premises and equipment | - | - | - | 45 | (4 | ) | ||||||||||||||
| Other income | 304 | 854 | 401 | 264 | 192 | |||||||||||||||
| Total noninterest income | $ | 4,659 | $ | 4,520 | $ | 3,560 | $ | 6,103 | $ | 2,842 | ||||||||||
| Three Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| Consolidated Performance Ratios (Annualized) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Return on average assets | 0.88 | % | 1.02 | % | 0.93 | % | 1.02 | % | 0.61 | % | ||||||||||
| Return on average equity | 11.28 | % | 13.66 | % | 12.24 | % | 14.07 | % | 8.52 | % | ||||||||||
| Return on average common stockholders' equity | 11.28 | % | 13.66 | % | 12.34 | % | 14.07 | % | 8.52 | % | ||||||||||
| Net interest margin (tax equivalent basis) | 3.07 | % | 2.99 | % | 2.93 | % | 2.75 | % | 2.72 | % | ||||||||||
| Efficiency ratio | 67.13 | % | 64.45 | % | 70.06 | % | 69.29 | % | 70.55 | % | ||||||||||
| As of or for the Three Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | ||||||||||||||||
| Consolidated Asset Quality Ratios | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Nonperforming loans as a percentage of total loans | 0.77 | % | 0.79 | % | 0.67 | % | 0.87 | % | 0.85 | % | ||||||||||
| Nonperforming assets as a percentage of total assets | 0.66 | % | 0.68 | % | 0.55 | % | 0.71 | % | 0.71 | % | ||||||||||
| Allowance for credit losses as a percentage of total loans | 1.06 | % | 1.07 | % | 1.08 | % | 1.09 | % | 1.07 | % | ||||||||||
| Allowance for credit losses as a percentage of nonperforming loans | 138.73 | % | 134.88 | % | 161.04 | % | 124.85 | % | 125.69 | % | ||||||||||
| Net charge-offs to average outstanding loans | 0.03 | % | 0.02 | % | -0.01 | % | 0.01 | % | 0.02 | % | ||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Segmented Statements of Income Information | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Core Banking Segment: | ||||||||||||||||||||
| Net interest income | $ | 15,402 | $ | 15,086 | $ | 14,259 | $ | 13,756 | $ | 14,083 | ||||||||||
| Provision (credit) for credit losses - loans | (481 | ) | 420 | (540 | ) | (745 | ) | 1,339 | ||||||||||||
| Provision (credit) for unfunded lending commitments | (51 | ) | 32 | 35 | (75 | ) | 78 | |||||||||||||
| Credit for credit losses - securities | (1 | ) | (1 | ) | (1 | ) | (7 | ) | (86 | ) | ||||||||||
| Total provision (credit) for credit losses | (533 | ) | 451 | (506 | ) | (827 | ) | 1,331 | ||||||||||||
| Net interest income after provision (credit) for credit losses | 15,935 | 14,635 | 14,765 | 14,583 | 12,752 | |||||||||||||||
| Noninterest income | 2,941 | 3,340 | 2,242 | 5,253 | 2,042 | |||||||||||||||
| Noninterest expense | 12,240 | 11,366 | 11,486 | 12,574 | 10,400 | |||||||||||||||
| Income before income taxes | 6,636 | 6,609 | 5,521 | 7,262 | 4,394 | |||||||||||||||
| Income tax expense | 1,447 | 835 | 452 | 893 | 301 | |||||||||||||||
| Net income | $ | 5,189 | $ | 5,774 | $ | 5,069 | $ | 6,369 | $ | 4,093 | ||||||||||
| SBA Lending Segment (Q2): | ||||||||||||||||||||
| Net interest income | $ | 1,728 | $ | 1,639 | $ | 1,732 | $ | 1,706 | $ | 994 | ||||||||||
| Provision (credit) for credit losses - loans | 864 | (73 | ) | 183 | 255 | 469 | ||||||||||||||
| Provision (credit) for unfunded lending commitments | 257 | 45 | 88 | 121 | (340 | ) | ||||||||||||||
| Total provision (credit) for credit losses | 1,121 | (28 | ) | 271 | 376 | 129 | ||||||||||||||
| Net interest income after provision (credit) for credit losses | 607 | 1,667 | 1,461 | 1,330 | 865 | |||||||||||||||
| Noninterest income | 1,718 | 1,180 | 1,318 | 850 | 800 | |||||||||||||||
| Noninterest expense | 2,388 | 2,327 | 2,212 | 2,369 | 2,242 | |||||||||||||||
| Income (loss) before income taxes | (63 | ) | 520 | 567 | (189 | ) | (577 | ) | ||||||||||||
| Income tax expense (benefit) | (145 | ) | 128 | 137 | (45 | ) | (156 | ) | ||||||||||||
| Net income (loss) | $ | 82 | $ | 392 | $ | 430 | $ | (144 | ) | $ | (421 | ) | ||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Segmented Statements of Income Information | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands, except percentage data) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Net Income (Loss) Per Share by Segment | ||||||||||||||||||||
| Net income per share, basic - Core Banking | $ | 0.75 | $ | 0.84 | $ | 0.74 | $ | 0.93 | $ | 0.60 | ||||||||||
| Net income (loss) per share, basic - SBA Lending (Q2) | 0.01 | 0.06 | 0.06 | (0.02 | ) | (0.06 | ) | |||||||||||||
| Total net income per share, basic | $ | 0.76 | $ | 0.90 | $ | 0.80 | $ | 0.91 | $ | 0.54 | ||||||||||
| Net Income (Loss) Per Diluted Share by Segment | ||||||||||||||||||||
| Net income per share, diluted - Core Banking | $ | 0.75 | $ | 0.82 | $ | 0.73 | $ | 0.91 | $ | 0.60 | ||||||||||
| Net income (loss) per share, diluted - SBA Lending (Q2) | 0.01 | 0.06 | 0.06 | (0.02 | ) | (0.06 | ) | |||||||||||||
| Total net income per share, diluted | $ | 0.76 | $ | 0.88 | $ | 0.79 | $ | 0.89 | $ | 0.53 | ||||||||||
| Return on Average Assets by Segment (annualized) | ||||||||||||||||||||
| Core Banking | 0.90 | % | 1.01 | % | 0.90 | % | 1.09 | % | 0.71 | % | ||||||||||
| SBA Lending | 0.30 | % | 1.36 | % | 1.58 | % | (0.55 | %) | (1.71 | %) | ||||||||||
| Efficiency Ratio by Segment (annualized) | ||||||||||||||||||||
| Core Banking | 66.73 | % | 61.68 | % | 69.61 | % | 66.15 | % | 64.50 | % | ||||||||||
| SBA Lending | 69.30 | % | 82.55 | % | 72.52 | % | 92.68 | % | 124.97 | % | ||||||||||
| Three Months Ended | ||||||||||||||||||||
| Noninterest Expense Detail by Segment | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Core Banking Segment: | ||||||||||||||||||||
| Compensation | $ | 6,986 | $ | 6,470 | $ | 6,637 | $ | 7,245 | $ | 5,400 | ||||||||||
| Occupancy | 1,476 | 1,533 | 1,648 | 1,577 | 1,554 | |||||||||||||||
| Advertising | 479 | 437 | 429 | 338 | 399 | |||||||||||||||
| Other | 3,299 | 2,926 | 2,772 | 3,414 | 3,047 | |||||||||||||||
| Total Noninterest Expense | $ | 12,240 | $ | 11,366 | $ | 11,486 | $ | 12,574 | $ | 10,400 | ||||||||||
| SBA Lending Segment (Q2): | ||||||||||||||||||||
| Compensation | $ | 1,853 | $ | 1,914 | $ | 1,892 | $ | 1,931 | $ | 1,854 | ||||||||||
| Occupancy | 53 | 92 | 50 | 59 | 55 | |||||||||||||||
| Advertising | 16 | 17 | 10 | 14 | 17 | |||||||||||||||
| Other | 466 | 304 | 260 | 365 | 316 | |||||||||||||||
| Total Noninterest Expense | $ | 2,388 | $ | 2,327 | $ | 2,212 | $ | 2,369 | $ | 2,242 | ||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| SBA Lending (Q2) Data | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands, except percentage data) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Final funded loans guaranteed portion sold, SBA | $ | 25,948 | $ | 18,019 | $ | 15,716 | $ | 10,785 | $ | 10,880 | ||||||||||
| Gross gain on sales of loans, SBA | $ | 2,443 | $ | 1,548 | $ | 1,508 | $ | 1,141 | $ | 1,029 | ||||||||||
| Weighted average gross gain on sales of loans, SBA | 9.41 | % | 8.59 | % | 9.60 | % | 10.58 | % | 9.46 | % | ||||||||||
| Net gain on sales of loans, SBA (2) | $ | 1,500 | $ | 932 | $ | 1,078 | $ | 711 | $ | 647 | ||||||||||
| Weighted average net gain on sales of loans, SBA | 5.78 | % | 5.17 | % | 6.86 | % | 6.59 | % | 5.95 | % | ||||||||||
| (2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment. | ||||||||||||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Summarized Consolidated Average Balance Sheets | September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
| (In thousands) | 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||||||
| Interest-earning assets | ||||||||||||||||||||
| Average balances: | ||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 14,385 | $ | 15,889 | $ | 11,851 | $ | 21,102 | $ | 16,841 | ||||||||||
| Loans | 1,978,946 | 1,992,567 | 1,946,338 | 2,010,082 | 1,988,997 | |||||||||||||||
| Investment securities - taxable | 107,698 | 104,169 | 102,744 | 101,960 | 99,834 | |||||||||||||||
| Investment securities - nontaxable | 162,070 | 162,017 | 161,579 | 160,929 | 158,917 | |||||||||||||||
| FRB and FHLB stock | 25,299 | 24,993 | 24,986 | 24,986 | 24,986 | |||||||||||||||
| Total interest-earning assets | $ | 2,288,398 | $ | 2,299,635 | $ | 2,247,498 | $ | 2,319,059 | $ | 2,289,575 | ||||||||||
| Interest income (tax equivalent basis): | ||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 175 | $ | 145 | $ | 168 | $ | 210 | $ | 209 | ||||||||||
| Loans | 29,263 | 29,214 | 27,998 | 29,617 | 29,450 | |||||||||||||||
| Investment securities - taxable | 1,000 | 947 | 921 | 914 | 910 | |||||||||||||||
| Investment securities - nontaxable | 1,732 | 1,733 | 1,719 | 1,715 | 1,685 | |||||||||||||||
| FRB and FHLB stock | 574 | 416 | 511 | 493 | 471 | |||||||||||||||
| Total interest income (tax equivalent basis) | $ | 32,744 | $ | 32,455 | $ | 31,317 | $ | 32,949 | $ | 32,725 | ||||||||||
| Weighted average yield (tax equivalent basis, annualized): | ||||||||||||||||||||
| Interest-bearing deposits with banks | 4.87 | % | 3.65 | % | 5.67 | % | 3.98 | % | 4.96 | % | ||||||||||
| Loans | 5.91 | % | 5.86 | % | 5.75 | % | 5.89 | % | 5.92 | % | ||||||||||
| Investment securities - taxable | 3.71 | % | 3.64 | % | 3.59 | % | 3.59 | % | 3.65 | % | ||||||||||
| Investment securities - nontaxable | 4.27 | % | 4.28 | % | 4.26 | % | 4.26 | % | 4.24 | % | ||||||||||
| FRB and FHLB stock | 9.08 | % | 6.66 | % | 8.18 | % | 7.89 | % | 7.54 | % | ||||||||||
| Total interest-earning assets | 5.72 | % | 5.65 | % | 5.57 | % | 5.68 | % | 5.72 | % | ||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||
| Interest-bearing deposits | $ | 1,524,714 | $ | 1,537,248 | $ | 1,653,058 | $ | 1,671,156 | $ | 1,563,258 | ||||||||||
| Federal Home Loan Bank borrowings | 446,039 | 437,371 | 266,975 | 315,583 | 378,956 | |||||||||||||||
| Subordinated debt and other borrowings | 28,735 | 35,070 | 48,656 | 48,616 | 48,576 | |||||||||||||||
| Total interest-bearing liabilities | $ | 1,999,488 | $ | 2,009,689 | $ | 1,968,689 | $ | 2,035,355 | $ | 1,990,790 | ||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 10,504 | $ | 10,601 | $ | 12,069 | $ | 13,606 | $ | 12,825 | ||||||||||
| Federal Home Loan Bank borrowings | 4,291 | 4,149 | 2,001 | 2,617 | 3,521 | |||||||||||||||
| Subordinated debt and other borrowings | 365 | 489 | 762 | 764 | 800 | |||||||||||||||
| Total interest expense | $ | 15,160 | $ | 15,239 | $ | 14,832 | $ | 16,987 | $ | 17,146 | ||||||||||
| Weighted average cost (annualized): | ||||||||||||||||||||
| Interest-bearing deposits | 2.76 | % | 2.76 | % | 2.92 | % | 3.26 | % | 3.28 | % | ||||||||||
| Federal Home Loan Bank borrowings | 3.85 | % | 3.79 | % | 3.00 | % | 3.32 | % | 3.72 | % | ||||||||||
| Subordinated debt and other borrowings | 5.08 | % | 5.58 | % | 6.26 | % | 6.29 | % | 6.59 | % | ||||||||||
| Total interest-bearing liabilities | 3.03 | % | 3.03 | % | 3.01 | % | 3.34 | % | 3.45 | % | ||||||||||
| Net interest income (taxable equivalent basis) | $ | 17,584 | $ | 17,216 | $ | 16,485 | $ | 15,962 | $ | 15,579 | ||||||||||
| Less: taxable equivalent adjustment | (454 | ) | (491 | ) | (494 | ) | (500 | ) | (502 | ) | ||||||||||
| Net interest income | $ | 17,130 | $ | 16,725 | $ | 15,991 | $ | 15,462 | $ | 15,077 | ||||||||||
| Interest rate spread (tax equivalent basis, annualized) | 2.69 | % | 2.62 | % | 2.56 | % | 2.34 | % | 2.27 | % | ||||||||||
| Net interest margin (tax equivalent basis, annualized) | 3.07 | % | 2.99 | % | 2.93 | % | 2.75 | % | 2.72 | % | ||||||||||
