1st Summit Bancorp of Johnstown Reports Second Quarter 2025 Financial Results
1st Summit Bancorp of Johnstown (the 'Company') today reported its financial results for the second quarter ended June 30, 2025, delivering its strongest quarterly performance in recent years, driven by meaningful expansion in core profitability metrics, improved asset yields, and disciplined cost control. These results reflect the impact of the strategic initiatives launched over the past twelve months, particularly those focused on optimizing funding, reallocating capital to higher-yielding assets, and sustaining credit quality.
Financial Highlights for the Quarter Ended June 30, 2025:
CEO Commentary
Allison Johnson, President and Chief Executive Officer of 1st Summit Bancorp of Johnstown, commented:
'This quarter represents a meaningful milestone in our journey toward sustainable, high-quality earnings growth, as the Company reported strong quarterly results while navigating an evolving rate environment and executing on transformational initiatives. We believe that our net income for the second quarter, which represents a 50.8% increase from last quarter, and nearly four times the net income we reported for the second quarter of 2024, is indicative of the quality of our strategy and, more importantly, the caliber of our execution of our strategic plan to date.'
'We are also seeing early returns on our decision to eliminate high-cost funding sources, recalibrate our asset mix, and reinvest in loans and securities that align with our risk appetite and return targets. The 16 basis point increase in our net interest margin quarter-over-quarter is the result of patient, disciplined repositioning, and we believe there continues to be additional opportunities for future improvement in this area.'
'Beyond the numbers, we further believe that our second quarter results are representative of the significant efforts of our united, focused, and dedicated management team. Strategic direction is essential—but strategy without execution does not produce tangible results. While we are pleased with our second quarter results, we will continue pushing forward in an effort to further optimize our balance sheet, deepen customer relationships, and create long-term value for our shareholders.'
Second Quarter Review
Earnings Growth and Core Profitability
Net income for the quarter ended June 30, 2025, totaled $1.2 million, a 50.8% increase over net income of $775 thousand for the quarter ended March 31, 2025. Compared to the same quarter last year, when net income totaled $330 thousand, this quarter's earnings reflect a year-over-year increase of more than 250%. The quarter included $142 thousand in net securities gains and $165 thousand of nonrecurring expenses related to strategic realignment efforts, including severance expenses and the full transition to a new debit card processing platform.
Return on average assets increased to 0.33%, up from 0.22% in the first quarter, and return on average equity increased to 4.92% from 3.26%, underscoring the Company's improving operating leverage and asset efficiency.
Net Interest Margin and Earning Assets
Net interest margin (NIM) increased 16 basis points to 2.18% in the second quarter, compared to 2.02% in the first quarter and 1.70% in the second quarter of 2024. This 7.9% sequential quarter improvement was driven by a shift toward higher-yielding assets and the successful exit of costly funding channels.
Average earning assets increased 2.4% annualized over the first quarter of 2025, reflecting management's focus on deploying available liquidity into high-quality loans and securities. Loan repricing, security portfolio repositioning, and yield curve optimization contributed to the strong NIM expansion.
Loan and Deposit Trends
Total loans grew at an annualized rate of 11.83% during the quarter, driven primarily by commercial real estate loan production. We believe that the loan pipeline remains healthy, with additional opportunities emerging from new relationships and existing clients seeking to refinance or expand.
Deposits declined modestly at a 1.04% annualized rate, an outcome anticipated by management due to typical tax-season withdrawals in April. Despite the seasonal headwind, deposit mix remained stable, and the loan-to-deposit ratio rose to 68.8% at June 30, 2025, compared to 66.6% at March 31, 2025. This reflects the Company's intentional shift toward more efficient balance sheet utilization.
Expense Management and Operating Efficiency
Noninterest expense totaled $8.3 million in the second quarter, compared to $7.8 million in the prior quarter. The increase reflects temporary costs related to severance expenses and the debit card system transition totaling $165 thousand. Excluding these items, core operating expenses were mostly flat, reflecting strong cost discipline across business lines.
The Company continues to prioritize automation, vendor consolidation, and process redesign as part of a broader initiative to improve scalability while preserving service excellence.
Noninterest Income and Fee Expansion
Noninterest income rose 9.9% to $2.3 million for the quarter ended June 30, 2025, up from $1.9 million in the first quarter. The increase in noninterest income was primarily the result of growth in interchange income and securities gains. The rollout of new debit card features, coupled with enhanced digital tools, is expected to further increase noninterest revenue in the second half of 2025.
Credit Quality and Capital Management
Asset quality remains strong. The Company recorded a provision for loan losses of $125 thousand during the quarter, with no material charge-offs. The allowance for loan losses remains well-positioned relative to risk-adjusted exposure and internal modeling.
Capital ratios remain robust and comfortably above regulatory minimums. The Company continues to monitor opportunities for organic capital deployment through loan growth and shorter-duration securities that reflect anticipated changes in the yield curve environment.
Strategic Outlook
Management remains committed to a strategic plan centered on four core pillars:
The Company believes its current momentum, combined with its well-capitalized balance sheet, experienced team, and diversified revenue base, positions it for continued improved financial performance.
About 1st Summit Bancorp of Johnstown, Inc.
1st Summit, through its wholly owned subsidiary, 1st Summit Bank (the 'Bank'), is a community oriented financial institution that primarily focuses on relationship banking for both consumers and businesses. From 17 full-service community offices and one loan production office, the Bank provides a full-array of personal and business banking solutions, investment management and trust services. The Bank serves communities throughout the counties of Cambria, Westmoreland, Blair, Somerset, and Indiana in southwestern PA. Please visit https://www.1stsummit.bank for more information.
Cautionary Statement Regarding Forward Looking Statements
Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended. Any statements about our expectations, beliefs, plans, predictions, protections, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements are typically, but not exclusively, identified by the use of forward-looking terminology such as 'believes,' 'expects,' 'could,' 'may,' 'will,' 'should,' 'seeks,' 'likely,' 'intends' 'plans,' 'pro forma,' 'projects,' 'estimates' or 'anticipates' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Factors that could cause our actual results to differ materially from those described in the forward-looking statements include, among others:(i) changes in general business and our ability to successfully implement our strategic plan, (ii) changes in interest rates or in the quality or composition of our loan and investment portfolios; (iii) adequacy of loan loss reserves; (iv) increased competition; (v) loss of certain key officers; (vi) continued relationships with major customers; (vii) deposit attrition; (viii) rapidly changing technology; (ix) unanticipated regulatory or judicial proceedings and liabilities and other costs; (x) changes in the cost of funds, demand for loan products, or demand for financial services; (xi) other economic, competitive, governmental, or technological factors affecting our operations, markets, products, services, and prices; and (xii) our success at managing the foregoing items. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our most recent Annual Report on our website at https://www.1stsummit.bank/home/who-we-are/meet-1st-summit/investor-info/.
While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those contemplated, expressed in or implied by the particular forward-looking statement due to additional risks and uncertainties of which the Company is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, we can give no assurance that the results contemplated in the forward-looking statements will be realized and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law. All forward-looking statements, express or implied, included in this press release are qualified in their entirety by this cautionary statement.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250711842710/en/
CONTACT: Allison Johnson
President & Chief Executive Officer
[email protected]
(814)262-4010
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: 1st Summit Bancorp of Johnstown, Inc.
Copyright Business Wire 2025.
PUB: 07/11/2025 01:28 PM/DISC: 07/11/2025 01:28 PM
http://www.businesswire.com/news/home/20250711842710/en
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But countries still do not have all the details. Bloomberg News reports: Read more here. President Trump's tariff surprises are far from over. The US president has threatened to slap an extra 40% tariff on any product that Washington determines to be transshipped via another country. Its believed that this may be punishment, aimed at stopping goods mainly from China dodging US duties. The penalty for transshipping, which is when goods are moved from one type of transport to another, while on the way to where they're going, was included within the White house announcement on Thursday. But countries still do not have all the details. Bloomberg News reports: Read more here. Trump unleashes massive tariffs on Swiss watches, pharma firms Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. From watch makers to pharmaceutical companies the knock on effect of Trump's new tariffs will be felt. The new tariffs on Switzerland are part of a broader package announced by Trump on Thursday. But Swiss manufacturers warned on Friday that tens of thousands of jobs are at risk due to Trump's tariff hit. Trump's 39% tariffs on Swiss exports do exclude the country's drug sector, but pharmaceutical companies Novartis AG (NVS) and Roche Holding (RHHBY) were one of the 17 global pharma firms to receive a letter from Trump demanding lower prices. "It's a massive shock for the export industry and for the whole country. We are really stunned," said Jean-Philippe Kohl, deputy director of Swissmem, representing the mechanical and electrical engineering industries. Bloomberg News reports: Read more here. Switzerland's exporters are bracing for financial fallout from President Trump's 39% tariffs, one of the steepest rates globally in his escalating trade war. 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Copper set for weekly drop on LME after Trump's tariff surprise Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs. Bloomberg News reports: Copper (HG=F) prices edged higher on Friday but were on track for a weekly drop in London as the market took stock of President Trump's decision to exempt refined forms of the metal from hefty US import tariffs. Bloomberg News reports: Bangladesh secures 20% US tariff for garments, exporters relieved Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier. Reuters reports: Read more here. Bangladesh has negotiated a 20% tariff on exports to the US. This tariff rate has reduced from the initial 37% proposed by President Trump and has brought some relief to the world's second-largest garment supplier. Reuters reports: Read more here. BOJ: US tariffs could hit firms' profits, delay capex plans The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy. Reuters reports: Read more here. The Bank of Japan warned on Friday that profits of Japanese firms are likely to fall this year due to President Trump's US tariffs. This will lead many companies in Japan to downgrade capital expenditure plans. The central bank has signalled caution over an expected hit to the export-dependent economy. Reuters reports: Read more here. Trump hikes tariffs on Canada to 35%, outlines sweeping new duties on dozens of trade partners The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries. The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland. But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order. India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate. Taiwan is another top US trading partner and is set to see a 20% rate. The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom. Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan. But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum. Read more here. The White House took a step forward with President Trump's plan to remake the trade landscape by releasing new details Thursday evening that included a raft of new tariff rates now formally authorized by executive order, which set new levels from 15% to 40% on over 70 countries. The move represents a giant shakeup in the US's trade order, with outlined rates that range from a 35% tariff on Canada (up from 25%) to rates above 30% on nations from Algeria to Switzerland. But there's a last minute catch, as these new rates will not go into effect for seven days, instead of a midnight Friday deadline as originally planned — according to the text of the order. India, after initial high hopes for a deal that have bogged down in recent weeks, is set to face a 25% rate but now appears to have another week to negotiate. Taiwan is another top US trading partner and is set to see a 20% rate. The White House documentation released Thursday also confirmed some of the parameters of recent deals including 19%-20% rates on a range of Southeast Asian nations and an unchanged 10% rate on the United Kingdom. Dozens of other nations also saw their tariff rates upped to 15% from 10% — in line with deals sketched out in recent days that included that headline 15% tariff rate on Europe, South Korea, and Japan. But some nations were not included in Tuesday's release — those omitted included many nations with which the US currently has a trade surplus — who therefore are set to see their rates remain at 10%, in a surprise relief for some after comments from Trump in recent days suggested 15% would be his new minimum. Read more here. Trump extends Mexico's current tariff rates President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. President Trump said he would extend Mexico's current tariff rates for another 90 days to allow for more time for negotiations. Mexico was facing tariffs of up to 35% on certain goods beginning on Friday. The reprieve came after Trump talked with Mexican President Claudia Sheinbaum. Imports from Mexico will still be subject to other tariffs, namely duties on metals and cars. Brazil sees 35.9% of exports to US facing steeper tariff: Sources Reuters reports: Read more here. Reuters reports: Read more here. Trump: Tariffs are making 'America great and rich again' President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. President Trump hit Truth Social again on Thursday posting that tariffs are making America "great and rich again." "ONE YEAR AGO, AMERICA WAS A DEAD COUNTRY, NOW IT IS THE 'HOTTEST'COUNTRY ANYWHERE IN THE WORLD. CONGRATULATIONS TO ALL!," Trump posted. The US president also had a message for Washington's federal appeal court judges, who Trump will be meeting today in order to defend his tariffs. "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" On the eve of Trump's tariff deadline the US president unleashed a flurry of surprises. With news of deals with Thailand, Cambodia and rumours of deals with Taiwan. Unless trading partners reach an agreement by tomorrow, many will face higher tariffs. What's in the US-EU trade deal depends on who is doing the talking Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Yahoo Finance's Washington correspondent Ben Werschkul looks into the detail of the US-EU trade deal: Read more here. Trump back in court Thursday to defend the tariffs he plans to impose Friday US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. US president Trump has already started to defend tariffs via his social media app Truth Social. Trump who will be meeting with US federal appeal court judges today posted that tariffs are making "America great and rich again." "To all of my great lawyers who have fought so hard to save our Country, good luck in America's big case today. If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE 'DEAD,' WITH NO CHANCE OF SURVIVAL OR SUCCESS. Thank you for your attention to this matter!" Trump added. Yahoo Finance's senior legal reporter Alexis Keenan breaks down President Trump's face-off with the federal appeals court judges over his tariffs: Read more here. Pakistan and US reach a trade agreement to develop oil reserves and reduce tariffs The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. The US and Pakistan have announced that they have reached a trade agreement that would allow Washington to develop Pakistan's untapped oil reserves and lower tariffs for the South Asian country, officials from both nation's said on Thursday. AP reports: Read more here. EU wine, spirits to face 15% US tariff from August 1: EU official Reuters reports: Read more here. Reuters reports: Read more here. Sign in to access your portfolio
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Estimating The Intrinsic Value Of Xcel Energy Inc. (NASDAQ:XEL)
Key Insights The projected fair value for Xcel Energy is US$72.16 based on Dividend Discount Model Current share price of US$73.47 suggests Xcel Energy is potentially trading close to its fair value Analyst price target for XEL is US$76.93, which is 6.6% above our fair value estimate How far off is Xcel Energy Inc. (NASDAQ:XEL) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by estimating the company's future cash flows and discounting them to their present value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. Don't get put off by the jargon, the math behind it is actually quite straightforward. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. The Method We have to calculate the value of Xcel Energy slightly differently to other stocks because it is a electric utilities company. Instead of using free cash flows, which are hard to estimate and often not reported by analysts in this industry, dividends per share (DPS) payments are used. This often underestimates the value of a stock, but it can still be good as a comparison to competitors. The 'Gordon Growth Model' is used, which simply assumes that dividend payments will continue to increase at a sustainable growth rate forever. The dividend is expected to grow at an annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.9%. We then discount this figure to today's value at a cost of equity of 6.4%. Relative to the current share price of US$73.5, the company appears around fair value at the time of writing. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind. Value Per Share = Expected Dividend Per Share / (Discount Rate - Perpetual Growth Rate) = US$2.5 / (6.4% – 2.9%) = US$72.2 The Assumptions We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Xcel Energy as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 6.4%, which is based on a levered beta of 0.800. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Check out our latest analysis for Xcel Energy SWOT Analysis for Xcel Energy Strength Earnings growth over the past year exceeded the industry. Weakness Interest payments on debt are not well covered. Dividend is low compared to the top 25% of dividend payers in the Electric Utilities market. Opportunity Annual earnings are forecast to grow for the next 3 years. Good value based on P/E ratio compared to estimated Fair P/E ratio. Threat Debt is not well covered by operating cash flow. Paying a dividend but company has no free cash flows. Annual earnings are forecast to grow slower than the American market. Moving On: Although the valuation of a company is important, it shouldn't be the only metric you look at when researching a company. DCF models are not the be-all and end-all of investment valuation. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For Xcel Energy, there are three additional factors you should look at: Risks: Consider for instance, the ever-present spectre of investment risk. We've identified 2 warning signs with Xcel Energy (at least 1 which is a bit concerning) , and understanding these should be part of your investment process. Future Earnings: How does XEL's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NASDAQGS every day. If you want to find the calculation for other stocks just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Trump's ‘Buy 3, Not 30' Comment Is Actually Smart Budgeting Advice — Here's Why
In May of this year, as President Donald Trump was rolling out his controversial tariff policies against America's trade partners, he received a great deal of criticism from economists and consumers alike over fears his tariffs would drastically increase prices of goods (especially those imported from China). Critics of Trump's trade policy even noted that children's toys and dolls would increase in price. The president's response was, to put it fairly, typically blunt. Check Out: For You: 'I don't think that a beautiful baby girl needs — that's 11 years old — needs to have 30 dolls,' Trump declared on the May 4 episode of NBC's Meet the Press, noting that if dolls become more expensive, simply buy less dolls. 'I think they can have three dolls or four dolls because what we were doing with China was just unbelievable. We had a trade deficit of hundreds of billions of dollars with China…I'm just saying they don't need to have 30 dolls. They can have three. They don't need to have 250 pencils. They can have five.' While there is an irony to a billionaire — one famous for his lavish wealth and a penchant for 24-carat gold decor — suggesting working-class Americans should refrain from buying multiple toys for their children, and should instead purchase such things in moderation, there is a sound objective truth to Trump's statement. Americans Spend Nearly $6,000 on Children's Toys Over a Lifetime Per The Guardian, the average American family spends $600 yearly on toys; that's approximately $6,000 over the course of a decade of childhood. That's $6,000 not being spent on medical care, college savings or family bills. That's a staggering amount of money for toys, and likely far too many for a child to focus upon and totally enjoy. That isn't a political stance, either — whether one loves or hates President Trump, the assertion that a child can enjoy three dolls rather than 30 is not only likely true, it's sound financial advice. I Asked ChatGPT To Explain TRUMP Crypto to Me Like I'm 12: As self-made millionaire and CEO of Crush Your Money Goals Bernadette Joy wrote for CNBC, when she was previously $300,000 in debt, her problem was not that she didn't make enough money — it was that she overspent on things that were not needed. She specifically called out children's toys as one of the six things she spent far too much on. 'I've seen parents spend hundreds, sometimes thousands, on toys that their kids lose interest in within weeks,' she noted. 'Less is more. Rotate toys instead of buying new ones, and prioritize experiences over stuff.' While, yes, Trump is a deeply divisive figure, and his advice for moderation with regards to spending should be taken with a grain of salt, his advice in this case actually does align with the recommendations of money experts such as Joy. Further, at a time when inflation is high, and America's economic stability is uncertain, spending in moderation is always good advice. More From GOBankingRates Mark Cuban Says Trump's Executive Order To Lower Medication Costs Has a 'Real Shot' -- Here's Why This article originally appeared on Trump's 'Buy 3, Not 30' Comment Is Actually Smart Budgeting Advice — Here's Why
