First Pacific Bancorp Reports First Quarter 2025 Results
First Pacific Bancorp (FPBC) reported strong Q1 2025 results, marking its eighth consecutive profitable quarter. The bank's total assets reached $456 million, up $23 million from Q4 2024, while deposits grew to $390 million, a $39 million increase. Total loans rose to $294 million, up $17 million.
The company achieved a net income of $393 thousand in Q1 2025, significantly higher than $162 thousand in Q1 2024. The bank maintains excellent asset quality with minimal non-performing assets and a 1.08% allowance for credit losses. With a leverage capital ratio of 9.0% and total risk-based capital ratio of 12.7%, First Pacific remains well-capitalized with strong liquidity, including $47 million in cash and cash equivalents and $187 million in unused borrowing capacity.
First Pacific Bancorp (FPBC) ha riportato risultati solidi nel primo trimestre del 2025, segnando il suo ottavo trimestre consecutivo in utile. Gli attivi totali della banca hanno raggiunto 456 milioni di dollari, in aumento di 23 milioni rispetto al quarto trimestre del 2024, mentre i depositi sono cresciuti fino a 390 milioni di dollari, con un incremento di 39 milioni. I prestiti totali sono saliti a 294 milioni di dollari, con un aumento di 17 milioni.
L'azienda ha registrato un utile netto di 393 mila dollari nel primo trimestre del 2025, significativamente superiore ai 162 mila dollari del primo trimestre del 2024. La banca mantiene un'eccellente qualità degli attivi con un numero minimo di crediti deteriorati e una copertura per perdite su crediti dell'1,08%. Con un rapporto di capitale di leva del 9,0% e un rapporto totale di capitale basato sul rischio del 12,7%, First Pacific resta ben capitalizzata con una forte liquidità, inclusi 47 milioni di dollari in contanti e equivalenti e 187 milioni di dollari di capacità di indebitamento non utilizzata.
First Pacific Bancorp (FPBC) reportó sólidos resultados en el primer trimestre de 2025, marcando su octavo trimestre consecutivo con ganancias. Los activos totales del banco alcanzaron los 456 millones de dólares, aumentando 23 millones desde el cuarto trimestre de 2024, mientras que los depósitos crecieron a 390 millones de dólares, un incremento de 39 millones. Los préstamos totales aumentaron a 294 millones de dólares, subiendo 17 millones.
La compañía logró un ingreso neto de 393 mil dólares en el primer trimestre de 2025, significativamente superior a los 162 mil dólares del primer trimestre de 2024. El banco mantiene una excelente calidad de activos con mínimos activos improductivos y una provisión para pérdidas crediticias del 1,08%. Con un ratio de capital apalancado del 9,0% y un ratio total de capital basado en riesgos del 12,7%, First Pacific sigue bien capitalizado y con fuerte liquidez, incluyendo 47 millones en efectivo y equivalentes, y 187 millones en capacidad de endeudamiento no utilizada.
퍼스트 퍼시픽 뱅코프(FPBC)는 2025년 1분기 강력한 실적을 보고하며 8분기 연속 흑자를 기록했습니다. 은행의 총 자산은 4억 5,600만 달러로 2024년 4분기 대비 2,300만 달러 증가했으며, 예금은 3억 9,000만 달러로 3,900만 달러 증가했습니다. 총 대출금은 2억 9,400만 달러로 1,700만 달러 증가했습니다.
회사는 2025년 1분기에 순이익 39만 3천 달러를 기록했으며, 이는 2024년 1분기 16만 2천 달러에 비해 크게 증가한 수치입니다. 은행은 부실 자산이 거의 없고, 신용 손실 충당금 비율이 1.08%로 우수한 자산 품질을 유지하고 있습니다. 레버리지 자본 비율 9.0%와 총 위험 기반 자본 비율 12.7%를 보유한 퍼스트 퍼시픽은 4,700만 달러의 현금 및 현금성 자산과 1억 8,700만 달러의 미사용 차입 한도를 포함해 충분한 자본과 강력한 유동성을 유지하고 있습니다.
First Pacific Bancorp (FPBC) a publié de solides résultats pour le premier trimestre 2025, marquant son huitième trimestre consécutif bénéficiaire. Les actifs totaux de la banque ont atteint 456 millions de dollars, en hausse de 23 millions par rapport au quatrième trimestre 2024, tandis que les dépôts ont augmenté à 390 millions de dollars, soit une hausse de 39 millions. Les prêts totaux ont progressé à 294 millions de dollars, en hausse de 17 millions.
La société a réalisé un revenu net de 393 000 dollars au premier trimestre 2025, nettement supérieur aux 162 000 dollars du premier trimestre 2024. La banque maintient une excellente qualité d’actifs avec un minimum d’actifs non performants et une provision pour pertes sur crédits de 1,08%. Avec un ratio de capital d’effet de levier de 9,0% et un ratio total de capital basé sur les risques de 12,7%, First Pacific reste bien capitalisée avec une forte liquidité, comprenant 47 millions de dollars en liquidités et équivalents, ainsi que 187 millions de dollars de capacité d’emprunt non utilisée.
First Pacific Bancorp (FPBC) meldete starke Ergebnisse für das erste Quartal 2025 und verzeichnete damit das achte aufeinanderfolgende profitable Quartal. Die Gesamtaktiva der Bank erreichten 456 Millionen US-Dollar, ein Anstieg um 23 Millionen gegenüber dem vierten Quartal 2024, während die Einlagen auf 390 Millionen US-Dollar wuchsen, ein Zuwachs von 39 Millionen. Die Gesamtkredite stiegen auf 294 Millionen US-Dollar, ein Plus von 17 Millionen.
Das Unternehmen erzielte im ersten Quartal 2025 einen Nettoeinkommen von 393.000 US-Dollar, deutlich höher als die 162.000 US-Dollar im ersten Quartal 2024. Die Bank hält eine ausgezeichnete Vermögensqualität mit minimalen notleidenden Krediten und einer Rückstellung für Kreditverluste von 1,08%. Mit einer Hebelkapitalquote von 9,0% und einer risikobasierten Gesamtkapitalquote von 12,7% bleibt First Pacific gut kapitalisiert und verfügt über eine starke Liquidität, darunter 47 Millionen US-Dollar in Bargeld und Zahlungsmitteln sowie 187 Millionen US-Dollar an ungenutzter Kreditlinie.
- Net income increased to $393,000 in Q1 2025, up 142.6% from $162,000 in Q1 2024
- Total assets grew by $23 million to $456 million in Q1 2025
- Deposits increased by $39 million to $390 million
- Strong loan growth with $17 million increase to $294 million
- Excellent asset quality with zero loan losses and minimal non-performing assets
- Robust liquidity position with $47 million in cash and $187 million in unused borrowing capacity
- Pre-tax, pre-provision profit decreased to $550,000 in Q1 2025 from $702,000 in Q4 2024
WHITTIER, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- First Pacific Bancorp (the “Company”) (OTC Pink: FPBC), the holding company for First Pacific Bank (the “Bank”), today reported consolidated results for the first quarter ending March 31, 2025, marking its eighth consecutive quarter of profitability. The Company remains well-capitalized, with a healthy liquidity position supported by a stable core deposit base and access to substantial sources of liquidity.
Highlights for the first quarter of 2025 include:
- Total assets ended the first quarter 2025 at
$456 million , up$23 million from$433 million at year end 2024. - Total deposits ended the first quarter 2025 at
$390 million , up$39 million since year end 2024. - Total loans ended the first quarter 2025 at
$294 million , up$17 million from year end 2024. - Asset quality remains excellent with minimal levels of classified or non-performing assets.
- The Bank ended the first quarter with a strong capital position, with a leverage capital ratio of
9.0% and a total risk-based capital ratio of12.7% . - As of March 31, 2025, cash and cash equivalents totaled
$47 million , including funds invested overnight, up$6 million since year end 2024. - Unused borrowing capacity from credit facilities on March 31, 2025, totaled
$187 million .
For the first quarter ending March 31, 2025, the Company realized a pre-tax, pre-provision profit of
Asset quality remains excellent with minimal non-performing assets, an allowance for credit losses of
“We are pleased with the momentum we’ve carried into 2025. Our diversified business model, prudent risk management, and focus on operational discipline continue to position us for sustained performance in a dynamic environment,” said Joe Matranga, Chairman of the Board.
“We delivered strong first quarter results, driven by consistent performance across our markets and continued growth in both loans and deposits,” said Nathan Rogge, President and Chief Executive Officer. “As we execute our client-focused strategy and invest in infrastructure and technology, we are well positioned for long-term success. Our recent move to a larger San Diego regional office reflects our confidence in future growth and our ongoing commitment to serving our clients."
ABOUT FIRST PACIFIC BANK
First Pacific Bank is a wholly owned subsidiary of First Pacific Bancorp (OTC Pink: FPBC) and is a growing community bank catering to individuals, professionals, and small-to-medium sized businesses throughout Southern California. Since opening in 2006, the Bank has offered a personalized approach, access to decision makers, a broad range of solutions, and a commitment to delivering an exceptional customer experience. First Pacific Bank operates locations in Los Angeles County, Orange County, San Diego County, and the Inland Empire. For more information, visit firstpacbank.com or call 888.BNK.AT.FPB.
FORWARD-LOOKING STATEMENTS
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and First Pacific Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements relate to, among other things, our business plan, and strategies, and can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Factors that might cause such differences include, but are not limited to: successfully realizing the benefits of our business strategy and plans,; changes in general economic and financial market conditions, either nationally or locally, in areas in which First Pacific Bank conducts its operations; effects of inflation and changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; impact of any natural disasters, including earthquakes; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect First Pacific Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events, or circumstances after the date of such statements except as required by law.
| Contacts | |
| Investor Relations Contact | Media Relations Contact |
| Jim Burgess | Amanda Conover |
| 858.461.7302 | 858.461.7308 |
| jburgess@firstpacbank.com | aconover@firstpacbank.com |
--- Summary Financial Tables Follow ---
| First Pacific Bancorp | |||||||||||||||
| Consolidated Balance Sheets | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | |||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 8,042,164 | $ | 4,708,926 | $ | 23,584,084 | $ | 4,671,483 | $ | 7,317,500 | |||||
| Fed funds sold & int-bearing balances | 39,250,000 | 36,290,000 | 25,520,000 | 37,860,000 | 37,575,000 | ||||||||||
| Total cash and cash equivalents | 47,292,164 | 40,998,926 | 49,104,084 | 42,531,483 | 44,892,500 | ||||||||||
| Debt securities (AFS) | 1,859,740 | 1,866,022 | 3,041,852 | 3,077,666 | 5,138,340 | ||||||||||
| Debt securities (HTM) | 99,099,346 | 100,257,560 | 101,260,391 | 102,202,926 | 103,474,749 | ||||||||||
| Total debt securities | 100,959,086 | 102,123,582 | 104,302,243 | 105,280,592 | 108,613,089 | ||||||||||
| Construction & land development | 25,245,823 | 23,320,351 | 23,067,204 | 24,651,513 | 25,480,398 | ||||||||||
| 1-4 Family residential | 63,536,698 | 58,588,090 | 58,082,570 | 68,588,393 | 68,521,663 | ||||||||||
| Multifamily residential | 30,452,183 | 28,561,276 | 28,966,811 | 26,800,829 | 26,947,419 | ||||||||||
| Nonfarm, nonresidential real estate | 105,299,777 | 100,066,570 | 99,715,860 | 94,643,169 | 97,893,840 | ||||||||||
| Commercial & industrial | 64,956,570 | 62,322,690 | 57,342,017 | 53,504,969 | 54,785,564 | ||||||||||
| Consumer & Other | 4,572,607 | 4,525,108 | 780,639 | 1,831,036 | 1,123,918 | ||||||||||
| Total loans | 294,063,658 | 277,384,085 | 267,955,101 | 270,019,909 | 274,752,802 | ||||||||||
| Allowance for credit losses (loans) | (3,179,637 | ) | (3,179,637 | ) | (3,109,975 | ) | (3,109,975 | ) | (3,109,975 | ) | |||||
| Total loans, net | 290,884,021 | 274,204,448 | 264,845,126 | 266,909,934 | 271,642,827 | ||||||||||
| Premises, equipment, and ROU net | 2,822,403 | 1,328,964 | 1,452,886 | 1,714,833 | 1,992,588 | ||||||||||
| Goodwill, core deposit & other intangibles | 1,259,139 | 1,273,134 | 1,287,129 | 1,298,084 | 1,313,367 | ||||||||||
| Bank owned life insurance | 5,317,491 | 5,287,738 | 5,257,550 | 5,227,763 | 5,198,654 | ||||||||||
| Accrued interest and other assets | 7,703,693 | 7,755,355 | 7,505,380 | 7,476,554 | 7,415,609 | ||||||||||
| Total Assets | $ | 456,237,997 | $ | 432,972,147 | $ | 433,754,398 | $ | 430,439,243 | $ | 441,068,634 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 143,205,484 | $ | 131,515,568 | $ | 129,473,091 | $ | 144,240,187 | $ | 133,945,262 | |||||
| Interest-bearing transaction accounts | 39,203,360 | 28,454,639 | 24,660,000 | 24,797,108 | 28,166,207 | ||||||||||
| Money market and savings | 162,563,677 | 146,423,126 | 143,270,628 | 143,497,864 | 148,732,230 | ||||||||||
| Time deposits | 44,568,676 | 44,302,867 | 44,388,137 | 41,060,590 | 38,662,227 | ||||||||||
| Total deposits | 389,541,197 | 350,696,200 | 341,791,856 | 353,595,749 | 349,505,926 | ||||||||||
| Borrowings | 23,000,000 | 40,000,000 | 50,000,000 | 35,000,000 | 50,000,000 | ||||||||||
| Accrued interest and other liabilities | 3,952,095 | 3,122,902 | 3,430,132 | 3,781,444 | 3,936,909 | ||||||||||
| Total liabilities | 416,493,292 | 393,819,102 | 395,221,988 | 392,377,193 | 403,442,835 | ||||||||||
| Shareholders' Equity: | |||||||||||||||
| Capital stock and APIC | 37,389,068 | 37,272,567 | 37,117,627 | 36,970,386 | 36,788,606 | ||||||||||
| Retained earnings | 3,043,502 | 2,650,877 | 2,151,305 | 1,902,788 | 1,705,174 | ||||||||||
| Accum other comprehensive income | (687,865 | ) | (770,399 | ) | (736,522 | ) | (811,124 | ) | (867,981 | ) | |||||
| Total shareholders' equity | 39,744,705 | 39,153,045 | 38,532,410 | 38,062,050 | 37,625,799 | ||||||||||
| Total Liabilities and Shareholders' Equity | $ | 456,237,997 | $ | 432,972,147 | $ | 433,754,398 | $ | 430,439,243 | $ | 441,068,634 | |||||
| First Pacific Bancorp | |||||||||||||||
| Consolidated Income Statements - Quarterly | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | |||||||||||
| INTEREST INCOME | |||||||||||||||
| Loans, including fees | $ | 4,788,107 | $ | 4,814,128 | $ | 4,817,174 | $ | 4,655,844 | $ | 4,700,535 | |||||
| Debt securities | 462,472 | 484,508 | 499,268 | 514,613 | 543,857 | ||||||||||
| Fed funds & int-bearing balances | 339,864 | 419,597 | 450,166 | 573,022 | 410,685 | ||||||||||
| Total interest income | 5,590,443 | 5,718,233 | 5,766,608 | 5,743,479 | 5,655,077 | ||||||||||
| INTEREST EXPENSE | |||||||||||||||
| Deposits | 1,812,760 | 1,777,351 | 1,790,578 | 1,687,121 | 1,746,032 | ||||||||||
| Borrowings | 219,832 | 332,375 | 444,250 | 524,599 | 507,390 | ||||||||||
| Total interest expense | 2,032,592 | 2,109,726 | 2,234,828 | 2,211,720 | 2,253,422 | ||||||||||
| Net interest income | 3,557,851 | 3,608,507 | 3,531,780 | 3,531,759 | 3,401,655 | ||||||||||
| Provision for credit losses | - | - | - | - | - | ||||||||||
| Net interest income after provision | 3,557,851 | 3,608,507 | 3,531,780 | 3,531,759 | 3,401,655 | ||||||||||
| NONINTEREST INCOME | |||||||||||||||
| Service charges, fees and other income | 122,610 | 119,173 | 106,628 | 96,460 | 108,365 | ||||||||||
| Sublease income | 45,222 | - | 53,975 | 52,970 | 53,872 | ||||||||||
| Gains (losses) on sale of assets | - | - | 15,335 | - | - | ||||||||||
| Gains on early payoff of debt | - | 54,125 | - | 144,325 | - | ||||||||||
| Total noninterest income | 167,832 | 173,298 | 175,938 | 293,755 | 162,237 | ||||||||||
| NONINTEREST EXPENSE | |||||||||||||||
| Salaries and benefits | 2,119,302 | 1,984,774 | 2,154,290 | 2,182,674 | 2,178,486 | ||||||||||
| Occupancy and equipment | 259,480 | 258,180 | 374,069 | 363,695 | 368,816 | ||||||||||
| Other expense | 797,261 | 836,692 | 834,281 | 1,007,247 | 794,158 | ||||||||||
| Total noninterest expense | 3,176,043 | 3,079,646 | 3,362,640 | 3,553,616 | 3,341,460 | ||||||||||
| Income before income tax expense | 549,640 | 702,159 | 345,078 | 271,898 | 222,432 | ||||||||||
| Income tax expense (benefit) | 157,015 | 202,586 | 96,563 | 74,281 | 60,524 | ||||||||||
| Net Income | $ | 392,625 | $ | 499,573 | $ | 248,515 | $ | 197,617 | $ | 161,908 | |||||
| Earnings per share basic (QTR) | $ | 0.09 | $ | 0.12 | $ | 0.06 | $ | 0.05 | $ | 0.04 | |||||
| Weighted average shares outstanding (QTR) | 4,333,735 | 4,293,829 | 4,288,851 | 4,283,351 | 4,281,653 | ||||||||||
| First Pacific Bancorp | |||||||||||
| Quarterly Financial Highlights | |||||||||||
| (Unaudited) | |||||||||||
| Quarterly | |||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||
| ($$ in thousands except per share data) | 1st Qtr | 4th Qtr | 3rd Qtr | 2nd Qtr | 1st Qtr | ||||||
| EARNINGS | |||||||||||
| Net interest income | $ | 3,558 | 3,609 | 3,532 | 3,532 | 3,402 | |||||
| Provision for loan losses | $ | 0 | 0 | 0 | 0 | 0 | |||||
| Noninterest income | $ | 168 | 173 | 176 | 294 | 162 | |||||
| Noninterest expense | $ | 3,176 | 3,080 | 3,363 | 3,554 | 3,341 | |||||
| Income tax expense | $ | 157 | 203 | 97 | 74 | 61 | |||||
| Net income | $ | 393 | 500 | 249 | 198 | 162 | |||||
| Earnings per share basic | $ | 0.09 | 0.12 | 0.06 | 0.05 | 0.04 | |||||
| Weighted average shares outstanding | 4,333,735 | 4,293,829 | 4,288,851 | 4,283,351 | 4,281,653 | ||||||
| Ending shares outstanding | 4,335,088 | 4,294,500 | 4,291,927 | 4,283,351 | 4,283,351 | ||||||
| PERFORMANCE RATIOS | |||||||||||
| Return on average assets | 0.37 | % | 0.47 | % | 0.23 | % | 0.18 | % | 0.15 | % | |
| Return on average common equity | 4.05 | % | 5.12 | % | 2.58 | % | 2.10 | % | 1.73 | % | |
| Yield on loans | 6.79 | % | 6.91 | % | 6.98 | % | 6.97 | % | 6.84 | % | |
| Yield on earning assets | 5.44 | % | 5.50 | % | 5.58 | % | 5.52 | % | 5.49 | % | |
| Cost of deposits | 2.00 | % | 1.98 | % | 2.05 | % | 1.96 | % | 2.05 | % | |
| Cost of funding | 2.12 | % | 2.18 | % | 2.32 | % | 2.28 | % | 2.35 | % | |
| Net interest margin | 3.46 | % | 3.47 | % | 3.42 | % | 3.40 | % | 3.31 | % | |
| Efficiency ratio | 85.2 | % | 81.4 | % | 90.7 | % | 92.9 | % | 93.8 | % | |
| CAPITAL | |||||||||||
| Tangible equity to tangible assets | 8.46 | % | 8.77 | % | 8.61 | % | 8.57 | % | 8.26 | % | |
| Book value (BV) per common share | $ | 9.17 | 9.12 | 8.98 | 8.89 | 8.78 | |||||
| Tangible BV per common share | $ | 8.88 | 8.82 | 8.68 | 8.58 | 8.48 | |||||
| ASSET QUALITY | |||||||||||
| Net loan charge-offs (recoveries) | $ | 0 | 0 | 0 | 0 | 0 | |||||
| Allowance for credit losses (loans) | $ | 3,180 | 3,180 | 3,110 | 3,110 | 3,110 | |||||
| Allowance to total loans | 1.08 | % | 1.15 | % | 1.16 | % | 1.15 | % | 1.13 | % | |
| Nonperforming loans | $ | 849 | 672 | 991 | 77 | 160 | |||||
| END OF PERIOD BALANCES | |||||||||||
| Total loans | $ | 294,064 | 277,384 | 267,955 | 270,020 | 274,753 | |||||
| Total assets | $ | 456,238 | 432,972 | 433,754 | 430,439 | 441,069 | |||||
| Deposits | $ | 389,541 | 350,696 | 341,792 | 353,596 | 349,506 | |||||
| Loans to deposits | 75.5 | % | 79.1 | % | 78.4 | % | 76.4 | % | 78.6 | % | |
| Shareholders' equity | $ | 39,745 | 39,153 | 38,532 | 38,062 | 37,626 | |||||
| Full-time equivalent employees | 46 | 49 | 44 | 44 | 46 | ||||||
| AVERAGE BALANCES (QTRLY) | |||||||||||
| Total loans | $ | 286,119 | 276,301 | 273,960 | 267,766 | 275,578 | |||||
| Earning assets | $ | 416,486 | 412,424 | 410,298 | 416,965 | 412,791 | |||||
| Total assets | $ | 430,891 | 425,750 | 424,199 | 430,830 | 426,592 | |||||
| Deposits | $ | 368,363 | 355,369 | 346,142 | 346,032 | 341,226 | |||||
| Shareholders' equity | $ | 39,326 | 38,746 | 38,267 | 37,788 | 37,443 | |||||
FAQ
What was First Pacific Bancorp's (FPBC) net income for Q1 2025?
How much did FPBC's total deposits grow in Q1 2025?
What is First Pacific Bancorp's current capital position as of Q1 2025?
How much unused borrowing capacity does FPBC have as of March 31, 2025?
What is FPBC's asset quality status in Q1 2025?
