Commercial loan growth was $114 million for the first 6 months of 2025, an annualized rate of 6.2%, despite $154 million in loan reductions primarily from asset sales.
Deposit base increased 13% year-over-year, reducing the loan-to-deposit ratio from 107% to just under 100%.
Effective tax rate was reduced to about 13% in Q2 2025 due to acquisition of transferable energy tax credits, lowering federal income tax expense by $1.5 million.
Mortgage banking income increased 23.4% for the first 6 months of 2025 compared to the same period in 2024.
Net income for Q2 2025 was $22.6 million or $1.39 per diluted share, up from $18.8 million or $1.17 per diluted share in Q2 2024.
Net income for the first 6 months of 2025 was $42.2 million or $2.60 per diluted share, compared to $40.3 million or $2.50 per diluted share in the prior year period.
Net interest income increased by $2.4 million in Q2 and $3.6 million in the first 6 months of 2025 compared to prior year periods.
Net interest margin declined 14 basis points year-over-year in Q2 2025 but improved sequentially from Q1 2025.
Noninterest expenses increased due to higher salary, benefits, data processing costs, and new product introductions.
Provision expense was $1.6 million in Q2 and $3.7 million in the first 6 months, reflecting increased allocations for stressed loans and economic forecast changes.
Dafinchi