Reports Q1 net interest income totaled $29.9M in the first quarter of 2023, compared to $33.4M in the prior quarter and $29.9M in the first quarter of 2022. The $3.5M decrease from the prior quarter was primarily related to an increase in the cost of deposits and higher average borrowing balances. Net interest income was close to that of first quarter 2022, as the increase in interest income on investments offset the increases in interest expense on deposits and borrowings. "Given industry volatility in mid-March, we expanded strategic pricing conversations already underway with customers to alleviate concerns and reinforce their confidence in our financial strength, ample liquidity and robust capital levels," said Tim Myers, President and Chief Executive Officer. "While it is not unusual for us to experience a decline in deposits in the first quarter, customer insights and daily transaction monitoring helped us to understand this year’s more-pronounced activity. We are pleased to report that our deposit balances have been stable since March 22nd, which we believe is a reflection of our effective relationship management and strong, diversified deposit franchise."
Published first on TheFly
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