Increase in Net Income
Net income for the third quarter totaled $4.9 million or $0.85 per diluted share, reflecting a 24.1% increase in diluted earnings per share compared to the same period last year.
Improved Return Metrics
Return on average assets improved to 1.21% and return on average equity improved to 13.0%.
Credit Quality Improvement
Nonperforming loans declined by almost $7 million, mostly due to resolution of a large commercial loan on nonaccrual status.
Increase in Tangible Book Value
Tangible book value per share increased to $20.96, up 6.6% on a linked-quarter basis and 15.7% from the end of the third quarter of 2024.
Consistent Dividend Payout
Declared a cash dividend of $0.21 per share and a 5% stock dividend, marking the 97th consecutive quarterly cash dividend.
Net Interest Margin Stability
Net interest margin on a tax equivalent basis held steady at 3.83%, improving by 53 basis points compared to the third quarter of 2024.
Efficiency Ratio Improvement
Efficiency ratio improved to 60.7% in the third quarter compared to 66.5% in the third quarter of 2024.