Q1 Revenue Reaches $93.4M, CEO Emphasizes Financial Strength
Reports Q1 revenue $93.4M vs. $58.2M last quarter. Net interest margin increased 9 basis points to 3.75%. Tangible book value per share increased 41c, or 1.6%, to $26.59. Tier 1 leverage ratio was 9.33% and Common Equity Tier 1 ratio was 14.20%. CEO Priscilla Sims Brown commented, "Overall, we delivered a very strong first quarter that underscores the strength of our balance sheet and purpose-driven model. We grew net revenue to $93.4M, expanded net interest margin 9 basis points to 3.75%, increased on-balance sheet deposits to $8.2B, and maintained strong Tier 1 capital at above 9.3%. Included in our results was an incremental $9.2M provision tied to a single-borrower multifamily relationship that moved to nonaccrual during the quarter. We believe the underlying collateral supports our position and we are aggressively pursuing resolution options to preserve and maximize value. We view this as an isolated event with one borrower, which does not change our performance outlook. With the momentum we saw in the quarter, we are focused on executing and delivering on our revenue and earnings targets over the balance of the year."
