As of September 30, 2023, assets were $3.07 billion, $39.0 million, or 1.3%, higher than June 30, 2023. Total assets were impacted by a $95.7 million increase in deposits, partially offset by the payoff of $60.0 million of Federal Home Loan Bank advances. Blake Chatelain, President and Chief Executive Officer stated, “In the third quarter of 2023, we had core deposit growth, improved liquidity, and higher capital ratios. As expected, net income was lower than the prior quarter due to the impact of the interest rate environment on net interest income. While total loans remained consistent, we were pleased with new loan origination activity and rates on new and renewing loans. Total loans were impacted by several customers selling their businesses, which resulted in loan payoffs. We are pleased that lending activity and requests have increased, and the loan pipeline has expanded. For deposits, our commercial and public entity deposit customers increased their deposit balances while maintaining normal operating activity. Our consumer deposit customers moved funds from lower yielding categories to higher yielding time deposits. Overall, our balance sheet is in a solid position with higher liquid asset levels and no borrowings or brokered deposits.”
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