Reports return on average assets of 1.16%, return on average equity of 15.26%. Net interest margin improved to 3.45% from 2.95%. Book value per share was $21.60, compared to $20.94 as of September 30, 2022 and $25.31 as of December 31, 2021. President and CEO John H. Montgomery stated, "In closing out what was a successful 2022, our fourth quarter results continued to benefit from margin expansion on top of consistent loan growth. Two years ago we undertook a long term strategy that consisted of first driving down our expenses in a durable manner by rationalizing our physical branch footprint while also working to make sure our operations were optimized and efficient. This effort set the stage for the reduced the non-interest expenses we enjoyed throughout 2022. With our branch optimization largely completed, in 2022 we turned our attention to driving growth through smart additions of key leadership on both the retail and commercial sides of our business. Those investments helped drive growth in our loan portfolio through 2022 which coupled with rising interest rates to yield growth in our net interest income."
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