Q1 net income up 54% to $5.0M as net interest margin expands 57bp on lower deposit costs

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 14, 2025 · ~2 min read

Key Changes

• high

  Net interest margin expanded 57 basis points to 2.98% as Fed rate cuts reduced deposit costs while adjustable-rate loans continued repricing higher; cost of time deposits fell 77bp to 3.38%, interest-bearing demand fell 41bp to 1.72%.

  MD&A: Net Interest Margin verify on EDGAR →
• high

  Net income rose 54% to $5.0 million from $3.2 million; return on average assets improved from 0.72% to 1.11%, return on average equity from 8.14% to 10.88%.

  MD&A: Net Income verify on EDGAR →
• high

  Nonaccrual loans fell 84% to $344 thousand from $2.2 million; allowance for credit losses decreased to 0.98% of loans from 1.05%, with ACLL coverage of nonperforming loans rising to 2,831% from 483%.

  MD&A: Credit Quality verify on EDGAR →