Loading...
01/11 04:03
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture: EPS increased slightly, but loan growth is uncertain and there's a decline in commercial deposits. The increase in credit loss allowance due to a pessimistic economic forecast and competitive pressures are concerns. However, the stable noninterest income and expenses, along with a robust share repurchase program, provide some positive aspects. The Q&A revealed uncertainties in loan growth and economic conditions, further supporting a neutral sentiment. Given the mid-cap status, the stock is likely to remain stable, with limited short-term movement.
Earnings Per Share (EPS) $0.47, an increase from $0.46 year-over-year due to better-than-expected performance.
Net Interest Income $160.5 million, an increase of $1.8 million from the prior quarter, driven by lower deposit costs and investment portfolio restructuring.
Total Loans Declined by $115 million or 0.8% from the prior quarter, primarily due to payoffs in commercial real estate loans.
Total Deposits Slight decline in total deposits; retail deposits increased by $105 million while commercial deposits fell by $167 million due to fluctuations in larger accounts.
Cost of Deposits Fell by 11 basis points, benefiting from Q4 rate cuts and repricing trends from $1.4 billion of CDs.
Noninterest Income $50.5 million, stable compared to the prior quarter.
Noninterest Expenses $123.6 million, stable with no significant nonrecurring items.
Allowance for Credit Losses (ACL) Increased by $6.2 million to $166.6 million, reflecting a more pessimistic economic forecast.
Classified Assets Decreased by $3 million due to paydowns.
Net Charge-Offs Year-to-date net charge-offs were $3.8 million with a charge-off rate of 11 basis points.
Nonperforming Assets Came in at 17 basis points, down 2 basis points from the prior quarter.
Net Interest Income: Net interest income was $160.5 million, $1.8 million higher than the prior quarter.
Cost of Deposits: Total cost of deposits fell by 11 basis points as the benefit from the Q4 rate cuts was fully priced in.
Credit Quality: Credit risk remains low, stable and well within expectations.
Share Repurchase: During the first quarter, we repurchased about 974,000 shares at a total cost of $25 million.
NIM Outlook: We anticipate that the NIM in the second quarter will increase a few basis points to 3.10.
Economic Uncertainty: Increased macroeconomic uncertainty affecting the company's outlook.
Credit Risk: While credit risk remains low, the bank has increased its allowance for credit losses due to a more pessimistic economic forecast.
Deposit Fluctuations: Decline in commercial deposits by $167 million attributed to normal fluctuations in larger accounts, not indicative of larger trends.
Competitive Pressures: Weakness around international rivals impacting local economic stability.
Consumer Confidence: Lack of clarity regarding consumer confidence may affect future business performance.
Stock Repurchase: During the first quarter, we repurchased about 974,000 shares at a total cost of $25 million and we have $75 million in remaining authorization under the approved 2025 stock repurchase plan.
Credit Quality: Credit risk remains low, stable and well within our expectations. We’re not observing any broad signs of weakness across either the consumer or the commercial books.
Provision for Credit Losses: The bank recorded a $10.5 million provision in the first quarter, reflecting a more pessimistic forecast available to the economic forecasting component of our CECL model.
Net Interest Margin (NIM) Outlook: We anticipate that the NIM in the second quarter will increase a few basis points to 3.10.
Economic Uncertainty: Given the current macro environment, the level of uncertainty around our outlook has increased.
Noninterest Income and Expenses Outlook: Our full year outlook for both noninterest income and expenses remains the same.
Share Repurchase Program: During the first quarter, we repurchased about 974,000 shares at a total cost of $25 million and we have $75 million in remaining authorization under the approved 2025 stock repurchase plan.
The earnings call presents a mixed outlook. While strong core deposit growth and optimistic guidance on loan growth and fee income are positive, concerns about substandard loans and management's lack of clarity on M&A and specific financial metrics temper the sentiment. Additionally, the company's strategies to manage deposit costs and NIM amid potential Fed rate cuts show cautious optimism. Given the market cap of $2.6 billion, the stock is likely to experience minimal movement, resulting in a neutral sentiment over the next two weeks.
The earnings call presents a mixed picture. Basic financial performance shows stable but unremarkable growth, with some concerns about tariffs and loan yields. Product development and market strategies seem steady but lack strong catalysts. The Q&A reveals uncertainties in long-term growth and competition, while financial health appears stable with some credit risk concerns. Shareholder returns are positive with planned repurchases. Overall, the sentiment is neutral, with no strong positive or negative drivers evident, and the market cap suggests a moderate reaction.
The earnings call presents a mixed picture: EPS increased slightly, but loan growth is uncertain and there's a decline in commercial deposits. The increase in credit loss allowance due to a pessimistic economic forecast and competitive pressures are concerns. However, the stable noninterest income and expenses, along with a robust share repurchase program, provide some positive aspects. The Q&A revealed uncertainties in loan growth and economic conditions, further supporting a neutral sentiment. Given the mid-cap status, the stock is likely to remain stable, with limited short-term movement.
The earnings call shows mixed signals: a slight decline in loans and deposits, but an increase in net interest income and strong NIM. The Q&A highlights concerns about tariffs and economic uncertainty, but also a positive outlook on expenses and credit performance. Share repurchase plans are a positive factor, but the cautious economic outlook and potential risks from tariffs temper enthusiasm. Given the market cap, the stock price is likely to remain stable, resulting in a neutral rating.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
