Net income for the first quarter was $6.2 million, or $0.91 per diluted share, up from $6.1 million, or $0.90, in the fourth quarter of 2025 and $5.4 million, or $0.77, in the first quarter of 2025. Revenue totaled $33.5 million, with revenue net of interest expense at $21.3 million. Non-interest income grew over 15%, net interest margin widened 12 basis points to 3.63%, and credit loss provisions were reduced by $258,000 from the prior quarter.

Total assets declined 1.29% to $2.25 billion at March 31, driven by a $15.9 million drop in cash and cash equivalents and a $15.2 million decrease in investment securities, partially offset by a $2.7 million increase in loans. Deposits fell 1.70% to $1.93 billion, with certificates of deposit down $53.2 million and interest-bearing demand deposits down $25.3 million, while money market balances rose $26.5 million and non-interest demand deposits increased $17.2 million.

Stockholders’ equity rose 1.07%, increasing by $2.9 million to support an equity-to-assets ratio of 12.1%, up from 11.9% at year-end. The gain reflected $6.2 million in net income, offset by $2.4 million in cash dividends and an $845,000 increase in accumulated other comprehensive loss due to higher market interest rates.

Non-performing assets remained unchanged at $16.5 million, maintaining the coverage ratio of allowance for credit losses to period-end loans at 1.10%, signaling stable asset quality despite interest rate fluctuations.