RALEIGH, N.C. – Dogwood State Bank (OTC: DSBX) has announced its financial results for the three months ending March 31, 2025, reporting a significant increase in net income to $7.4 million ($0.39 per diluted share) compared to $1.8 million ($0.12 per diluted share) in Q1 2024.
Driving the performance, according to Dogwood, was an expanded net interest margin, higher SBA lending income, and the acquisition of Community First Bancorporation in Q3 2024.
Steve Jones, Chief Executive Officer, noted that the strong earnings are a testament to the dedication and expertise of his team, whose continued efforts are driving sustainable value for shareholders.
The bank’s net interest margin expanded to 4.20% in Q1 2025 from 3.41% in Q1 2024. Lower cost of funds and higher yields on interest-earning assets, coupled with a more favorable mix of those assets, contributed to the improved net interest margin.
Dogwood State Bank is a state-chartered community bank headquartered in Raleigh, North Carolina, providing a wide range of banking products and services through its online offerings and twenty-one branch offices in North Carolina, South Carolina, and Eastern Tennessee.
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