Noninterest income declined 8% from last year’s first quarter to $381,000. The majority of the decline resulted from a $297,000 loss on sale of investment securities.
Earnings were helped by reductions in the provision for loan losses from strong credit metrics. The efficiency ratio in the first quarter of 2019 was 49.6%, while annualized return on average equity was 14.8% and annualized return on average assets was 1.4%.
Total assets were $865.9 million, up 11%. Gross loans increased 13%, and deposits grew 9%. Shareholders’ equity rose to $80.6 million, 9.3% of assets. The tangible book value increased $1.80, or 16%, to $13.02 at the end of the quarter.