Financial Performance - Net income for Q4 2024 was 15.6million,or0.40 per diluted share, up from 8.4million,or0.21 per diluted share in the prior quarter[1]. - Operating net income, excluding one-time charges, was 13.3million,or0.34 per diluted share, compared to 13.1million,or0.33 per diluted share in the prior quarter[5]. - Net income for Q4 2024 was 15,611,000,comparedto8,383,000 in Q3 2024 and a loss of 13,617,000inQ42023[22].−Operatingnetincome(non−GAAP)forQ42024was13,261,000, slightly up from 13,116,000inQ32024andsignificantlyhigherthan10,880,000 in Q4 2023[22]. - Net income for the quarter was 15,611,000,an86.20.40, an 86.2% increase from the previous quarter and a 222.6% increase year-over-year[24]. Revenue and Income Sources - Total revenue increased to 46,302,000inQ42024,ariseof6.342,589,000 in Q3 2024 and 20.2% from 38,530,000inQ42023[22].−Noninterestincomeroseto3.8 million, a significant increase of 2.5million,or198.93,781,000, a 198.9% increase from the previous quarter and a 16.3% increase year-over-year[24]. - Total interest and dividend income increased to 77,200,000,up1.65.16 billion, an increase of 155.3million,or3.15,157,737,000 as of December 31, 2024, reflecting a 3.1% increase from 5,002,394,000inQ32024anda13.84,533,391,000 in Q4 2023[23]. - Total deposits increased by 135.0million,or3.3154.9 million, or 4.2%[8]. - Total deposits grew to 4,177,652,000,up3.34,042,654,000 in Q3 2024 and 23.3% from 3,387,327,000inQ42023[23].LoansandCreditQuality−Grossloansincreasedby84.1 million, or 2.0%, to 4.33billionfrom4.25 billion in the prior quarter[5]. - Total loans increased to 4,333,152,000,a2.04,249,074,000 in Q3 2024 and an 11.4% increase from 3,889,279,000inQ42023[23].−Non−performingloansdecreasedby2.2 million, or 13.5%, to 13.9millionfrom16.0 million in the prior quarter[15]. - Non-performing loans to total loans ratio is 0.32% as of December 31, 2024, compared to 0.38% in the previous quarter[32]. - The allowance for credit losses was 38.7million,or0.8938,744,000, up 3.0% from 37,605,000inQ32024and20.232,222,000 in Q4 2023[23]. Efficiency and Ratios - The efficiency ratio improved to 55.34% in Q4 2024, down from 57.73% in Q3 2024 and significantly better than 137.00% in Q4 2023[22]. - Return on average assets for Q4 2024 was 1.23%, compared to 0.68% in Q3 2024 and a loss of 1.25% in Q4 2023[22]. - The allowance to non-performing loans ratio improved to 279.6%, up from 234.9% in the previous quarter[33]. - The allowance to total loans outstanding remained stable at 0.89% for both the current and previous quarter, compared to 0.83% a year ago[33]. Shareholder Returns - The company announced a share repurchase program for up to 2,135,286 shares, representing approximately 5.0% of the outstanding shares[3]. - Tangible book value per share (non-GAAP) is 17.89asofDecember31,2024,upfrom17.48 in the previous quarter[31].
