Net interest income for Q1 was $19.6M vs. $21.7M for 4Q22, and $25.8M for 1Q22. Q1 net charge-offs were $5.0M vs. $0.2m in 4Q22. Q1 provision for loan losses in the first quarter was $7.2M vs. $2.1M in 4Q22. Tangible book value per share was $39.43, down from $39.74 as of December 31, 2022 and up from $38.21 as of March 31, 2022. "Our active management of liquidity, capital and revenue streams in preparation for a dynamic economic environment positioned us to effectively withstand the recent challenges to the banking system," said David Becker, CEO. "Early in Q1, we focused on growing deposits and building liquidity, which we successfully accomplished despite intense competition amid the overall decline in system-wide deposits. While we experienced a modest decline in deposits from mid-March through quarter-end, balances have rebounded and are up $135M thus far in April….New origination yields were up significantly during the quarter, positioning us to achieve stronger earnings and profitability once deposit costs stabilize. In addition, our SBA lending team generated a very strong quarter with gain on sale revenue up over 40% compared to Q4. Despite an issue late in the quarter on one commercial participation loan, our exposure to similar-type loans is very limited and all others are performing well. Our overall asset quality remains solid, and our capital levels are strong."
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