Reports Q1 net interest income increased by $23.8M, or 20%, to $144.4M for the six months ended March 31., compared to $120.6M for the six months ended March 31, 2022, driven by loan growth and a higher interest rate environment. The interest rate spread was 1.66% for the six months ended March 31, 2023 compared to 1.63% for the six months ended March 31, 2022. The net interest margin was 1.86% for the six months ended March 31, 2023 compared to 1.76% for the prior year period. "We live by our mission of helping customers achieve the dream of homeownership and financial security, and we are built to withstand changes in the economy," said Chairman and CEO Marc A. Stefanski. "Our retail deposits from individuals in the communities we serve, and our first mortgage loan portfolio with an average credit score of 761 and with a loan-to-value ratio of 66%, are a result of the success we have found by focusing on that mission. We continue to expand our product offerings to attract new customers from around the country, and saw a strong net gain in savings of $140 million in March alone. Our strength and stability is further recognized through our Tier 1 capital leverage ratio of 11 percent – more than double the regulatory requirement, and our ongoing quarterly 5-star rating from independent rating agency Bauer Financial."
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