Shares rose 4.0% following a quarter that showed clear upside from margin expansion and the Presence Bank acquisition, which fueled net income growth despite a $7.7 million charge-off linked to a customer bankruptcy.
- Net income increased 41% year-over-year to $26.8 million, driven by organic growth and acquisition contributions.
- Net interest margin expanded by 47 basis points to 3.9%, reflecting favorable interest rate movement.
- Adjusted net income and earnings per share improved 48% and 25%, respectively, with higher returns on assets and tangible equity.
- Recorded a $7.7 million net charge-off due to bankruptcy of a customer owing $22 million in loans; bankruptcy process remains ongoing.
- Completed planned integration of Presence Bank, enhancing operational consistency and setting a foundation for future acquisitions.
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