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CVB Financial (CVBF) - 2024 Q4 - Annual Results
2025-01-23 11:03
Exhibit 99.1 Press Release For Immediate Release Contact: David A. Brager President and Chief Executive Officer (909) 980-4030 CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2024 Fourth Quarter 2024 Full Year 2024 Ontario, CA, January 22, 2025-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the "Company"), announced earnings for the quarter and the year ended December 31, 2024. CVB Financial Corp. reported net income of $50.9 million for the quar ...
Elevance Health(ELV) - 2024 Q4 - Annual Results
2025-01-23 11:03
E A R N I N G S R E L E A S E ELEVANCE HEALTH REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS; SETS FULL YEAR 2025 OUTLOOK Indianapolis, IN - January 23, 2025 - Elevance Health, Inc. (NYSE: ELV) reported fourth quarter and full year 2024 results. "As part of our commitment to elevating whole health and advancing health beyond healthcare, we deliver value to the members and care providers we serve by ensuring simple, affordable, and accessible care. Our fourth quarter results demonstrate tangible progress ...
Texas Capital Bancshares(TCBI) - 2024 Q4 - Annual Results
2025-01-23 11:01
Exhibit 99.1 INVESTOR CONTACT Jocelyn Kukulka, 469.399.8544 jocelyn.kukulka@texascapitalbank.com MEDIA CONTACT Julia Monter, 469.399.8425 julia.monter@texascapitalbank.com TEXAS CAPITAL BANCSHARES, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS Income in fee areas of focus increased 38% year-over-year (1) Strong balance sheet growth with total deposits increasing 13% and total loans growing 10% year-over-year Book Value and Tangible Book Value per share both increased 8% year-over-year, reaching r ...
Concentra Group Holdings Parent, Inc.(CON) - 2024 Q4 - Annual Results
2025-01-23 01:40
Exhibit 2.1 Execution Version EQUITY PURCHASE AGREEMENT by and among CONCENTRA HEALTH SERVICES, INC. THE U. ROHDE 2020 TRUST, U/T/A DATED DECEMBER 18, 2020 THE M. ROHDE 2020 TRUST, U/T/A DATED DECEMBER 18, 2020 OCCMED SERVICES, LLC U.S. OCCMED HOLDINGS, LLC D/B/A NOVA MEDICAL CENTERS And SHELTON FREY, AS SELLERS' REPRESENTATIVE Dated: January 22, 2025 TABLE OF CONTENTS | | | Page | | --- | --- | --- | | ARTICLE I. | DEFINITIONS AND RULES OF CONSTRUCTION | 1 | | 1.1 | Definitions | 1 | | 1.2 | Rules of Const ...
Pacific Premier Bancorp(PPBI) - 2024 Q4 - Annual Results
2025-01-23 01:16
Total assets as of December 31, 2024 were $17.90 billion, compared to $17.91 billion at September 30, 2024, and $19.03 billion at December 31, 2023. Steven R. Gardner, Chairman, Chief Executive Officer, and President of the Company, commented, "Our team delivered solid results in the fourth quarter, closing out the year in a strong financial position. Our performance throughout 2024 reflects the excellence of our organization and the effectiveness of our relationship-based business model that has us well-po ...
TriBancshares(TCBK) - 2024 Q4 - Annual Results
2025-01-23 00:36
Exhibit 99.1 For Immediate Release | January 23, 2025 | Chico, California TriCo Bancshares reports fourth quarter 2024 net income of $29.0 million, diluted EPS of $0.88 4Q24 Financial Highlights Executive Commentary: "With the close of 2024 representing nearly 50 years of strong and steady value delivery to our stakeholders, we remain focused on our path forward. The next several years may bring a number of changes to the financial services industry and to Tri Counties Bank; however, we believe that these c ...
Alaska Air(ALK) - 2024 Q4 - Annual Results
2025-01-22 22:21
Revenue and Earnings Performance - Record full year revenue of $11.7 billion in 2024[1] - Fourth quarter adjusted earnings per share of $0.97, exceeding guidance by $0.50 at the midpoint[5] - Full year adjusted pretax margin of 7.1%, among the highest in the industry[2] - Full year 2025 adjusted earnings per share guidance of >$5.75[10] - Total operating revenue increased by 38% to $3.534 billion in Q4 2024 compared to $2.553 billion in Q4 2023[22] - Passenger revenue grew by 37% to $3.178 billion in Q4 2024 from $2.326 billion in Q4 2023[22] - Cargo and other revenue surged by 113% to $132 million in Q4 2024 from $62 million in Q4 2023[22] - Operating income rose by 128% to $73 million in Q4 2024 compared to $32 million in Q4 2023[22] - Net income improved significantly to $71 million in Q4 2024 from a net loss of $2 million in Q4 2023[22] - Passenger revenue for Q4 2024 increased by 9% to $3.178 billion compared to the pro forma $2.928 billion in Q4 2023[57] - Total operating revenue for Q4 2024 grew by 10% to $3.534 billion from the pro forma $3.221 billion in Q4 2023[57] Cash Flow and Financial Position - Generated $1.5 billion in operating cash flow for the full year 2024[12] - Total assets increased to $19.768 billion as of December 31, 2024, up from $14.613 billion as of December 31, 2023[23] - Cash and cash equivalents grew substantially to $1.201 billion as of December 31, 2024, compared to $281 million as of December 31, 2023[23] - Net cash provided by operating activities was $1.464 billion for the full year 2024, with $274 million generated in Q4 2024[26] Share Repurchases and Capital Allocation - Repurchased $250 million in outstanding shares in Q4 2024, totaling $312 million for the year[16] Operational Metrics and Performance - Q4 2024 RASM increased by 7.0% compared to pro forma 2023[5] - Q4 2024 CASMex increased by 8.6% compared to pro forma 2023[5] - Revenue passengers increased by 32% to 14,339,000 in Q4 2024 compared to 10,903,000 in Q4 2023[36] - RPMs (traffic) grew by 35% to 19,068,000,000 in Q4 2024 from 14,153,000,000 in Q4 2023[36] - ASMs (capacity) rose by 33% to 22,744,000,000 in Q4 2024 from 17,077,000,000 in Q4 2023[36] - Load factor improved by 0.9 percentage points to 83.8% in Q4 2024 compared to 82.9% in Q4 2023[36] - Economic fuel cost per gallon decreased by 26% to $2.54 in Q4 2024 from $3.42 in Q4 2023[36] - Adjusted income before income tax increased to $137 million in Q4 2024 from $57 million in Q4 2023[40] - Adjusted pretax margin improved to 3.9% in Q4 2024 from 2.2% in Q4 2023[40] - Revenue passengers increased by 5.8% to 14.339 million in Q4 2024 from 13.559 million in Q4 2023[57] - RPMs (traffic) grew by 3.8% to 19.068 billion in Q4 2024 from 18.374 billion in Q4 2023[57] - ASMs (capacity) increased by 2.5% to 22.744 billion in Q4 2024 from 22.181 billion in Q4 2023[57] - Load factor improved by 1.0 percentage point to 83.8% in Q4 2024 from 82.8% in Q4 2023[57] - Yield increased by 4.7% to 16.67 cents in Q4 2024 from 15.92 cents in Q4 2023[57] - RASM grew by 7.0% to 15.54 cents in Q4 2024 from 14.52 cents in Q4 2023[57] - CASMex increased by 8.6% to 11.57 cents in Q4 2024 from 10.65 cents in Q4 2023[57] - Total operating expenses for Q4 2024 were $3,461 million, compared to $3,312 million in Q4 2023[59] - Aircraft fuel costs decreased to $702 million in Q4 2024 from $919 million in Q4 2023[59] - CASMex (operating costs excluding fuel, freighter costs, and special items per ASM) increased to 11.57¢ in Q4 2024 from 10.65¢ in Q4 2023[59] - ASMs (available seat miles) increased to 22,744 million in Q4 2024 from 22,181 million in Q4 2023[59] - Freighter costs increased to $37 million in Q4 2024 from $15 million in Q4 2023[59] - Special items - operating increased to $91 million in Q4 2024 from $15 million in Q4 2023[59] - Total operating expenses, excluding fuel, freighter costs, and special items, increased to $2,631 million in Q4 2024 from $2,363 million in Q4 2023[59] Strategic Initiatives and Future Plans - Announced plans to add 12 international widebody destinations by 2030[16] - Launched Huaka'i by Hawaiian, offering exclusive travel benefits to HawaiianMiles members[16] Debt and Leverage - Debt-to-capitalization ratio, including leases, increased to 58% in 2024 from 46% in 2023[47] - Adjusted net debt to EBITDAR ratio rose to 2.4x in 2024 from 1.4x in 2023[49] Integration and Transition Costs - Integration costs related to the acquisition of Hawaiian Airlines totaled $80 million in Q4 2024 and $208 million for the full year 2024[33] - Fleet transition costs resulted in a benefit of $40 million in Q4 2024 compared to an expense of $30 million in Q4 2023[33] Key Metrics and Management Focus - CASMex is a key metric used by management and the Air Group Board of Directors to assess cost performance[61] - Adjusted pretax income is a critical metric for the employee incentive plan, covering the majority of Air Group employees[61] - Fuel expense represents a significant percentage of total operating expenses, and fluctuations in fuel prices impact unit revenue in the mid-to-long term[61]
Amerant Bancorp (AMTB) - 2024 Q4 - Annual Results
2025-01-22 22:01
Financial Performance - Net income attributable to the company was $16.9 million in Q4 2024, compared to a net loss of $48.2 million in Q3 2024[1] - Full-year 2024 net loss attributable to the company was $15.8 million, compared to net income of $32.5 million in 2023[1] - Net income attributable to Amerant Bancorp Inc. for 2024 was a loss of $15,752 thousand, compared to a profit of $32,490 thousand in 2023[22] - Net income attributable to Amerant Bancorp Inc. for Q4 2024 was $16.881 million, a significant improvement from a loss of $48.164 million in Q3 2024[30] - Net income attributable to Amerant Bancorp Inc. for Q4 2024 was $16.881 million, compared to a loss of $48.164 million in Q3 2024[32] - Core net income for Q4 2024 was $21.160 million, up from $9.249 million in Q3 2024[32] - Basic earnings per share for Q4 2024 was $0.40, compared to a loss of $1.43 in Q3 2024[32] - Core basic earnings per share for Q4 2024 was $0.50, up from $0.27 in Q3 2024[32] - Core ROA for Q4 2024 was 0.83%, compared to 0.37% in Q3 2024[32] - Core ROE for Q4 2024 was 9.25%, up from 4.80% in Q3 2024[32] - Efficiency ratio for Q4 2024 was 74.91%, compared to 228.74% in Q3 2024[32] - Core efficiency ratio for Q4 2024 was 64.71%, down from 69.29% in Q3 2024[32] - Total after-tax non-routine items in noninterest expense for Q4 2024 was $11.739 million, up from $4.340 million in Q3 2024[32] - Total after-tax non-routine items in noninterest income for Q4 2024 was a loss of $7.460 million, compared to a gain of $53.073 million in Q3 2024[32] - The company recorded a pre-tax net loss of $68.5 million in Q3 2024 due to an investment portfolio repositioning, with an additional $8.1 million loss in Q4 2024[35] - Securities losses in 2024 amounted to $76.86 million, primarily due to investment portfolio repositioning[55] Net Interest Income and Margin - Net interest income increased by 8% to $87.6 million in Q4 2024, while provision for credit losses declined by 48% to $9.9 million[2] - Net Interest Margin (NIM) improved to 3.75% in Q4 2024, up from 3.49% in Q3 2024[5] - Net interest margin (NIM) for Q4 2024 increased to 3.75%, up from 3.49% in Q3 2024[24] - Net interest income for the year ended December 31, 2024, was $325,957 thousand, slightly down from $326,464 thousand in 2023[22] - Net interest income grew to $87.63 million in Q4 2024, compared to $81.68 million in Q4 2023[46] - Net interest margin improved to 3.75% in Q4 2024, up from 3.72% in Q4 2023[46] - Net interest income slightly decreased to $325.96 million in 2024 from $326.46 million in 2023[49] - Net interest margin decreased to 3.58% in 2024 from 3.76% in 2023[49] Assets and Loans - Total assets decreased by 4.40% to $9.9 billion in Q4 2024, primarily due to the sale of the Houston Franchise[4] - Total gross loans decreased by 3.90% to $7.27 billion in Q4 2024, while total deposits decreased by 3.17% to $7.9 billion[4] - Total assets increased to $9,897,691 thousand as of December 31, 2024, compared to $9,716,327 thousand in December 2023[22] - Total deposits decreased to $7,854,069 thousand as of December 31, 2024, from $7,894,863 thousand in December 2023[22] - Core deposits stood at $5,619,624 thousand as of December 31, 2024, compared to $5,597,766 thousand in December 2023[22] - Total assets increased to $9,897.69 million as of December 31, 2024, compared to $9,716.33 million in 2023[34] - Total assets reached $10.09 billion in Q4 2024, up from $9.51 billion in Q4 2023[45] - Total assets decreased to $9,897.69 million as of December 31, 2024, compared to $10,353.13 million in September 2024, reflecting a 4.4% decline[68] - Loans held for investment increased to $7,224.37 million in December 2024, up from $6,964.17 million in September 2024, a 3.7% growth[68] - Commercial real estate loans (non-owner occupied) decreased slightly to $1,678.47 million in December 2024 from $1,688.31 million in September 2024[70] - Consumer loans and overdrafts decreased to $273.01 million in December 2024 from $278.39 million in September 2024, a 1.9% decline[70] - Loans held for sale at the lower of fair value or cost were $553.94 million in September 2024, but dropped to $0 in December 2024 due to the sale of the Houston franchise[73] - Mortgage loans held for sale at fair value increased to $42.91 million in December 2024 from $43.85 million in September 2024[73] - Total deposits decreased to $7,854.07 million in December 2024 from $8,110.94 million in September 2024, a 3.2% decline[68] - Advances from the Federal Home Loan Bank decreased to $745.00 million in December 2024 from $915.00 million in September 2024, an 18.6% reduction[68] - Retained earnings increased to $582.23 million in December 2024 from $569.13 million in September 2024, a 2.3% growth[68] - Accumulated other comprehensive loss worsened to $(39.81) million in December 2024 from $(12.96) million in September 2024[68] - Total Non-Accrual Loans increased to $100,022 thousand in December 2024 from $28,276 thousand in December 2023, showing a significant rise in non-performing loans[75] - Total Past Due Accruing Loans decreased to $4,079 thousand in December 2024 from $6,124 thousand in December 2023, indicating a reduction in overdue loans[75] - Total Non-Performing Assets stood at $122,175 thousand in December 2024, down from $129,438 thousand in September 2024[77] - Domestic deposits decreased to $5,277,763 thousand in December 2024 from $5,553,336 thousand in September 2024, reflecting a decline in domestic deposit base[82] - Foreign deposits, particularly from Venezuela, remained stable at $1,889,331 thousand in December 2024, compared to $1,887,282 thousand in September 2024[82] - Total deposits decreased to $7,854,069 thousand in December 2024 from $8,110,944 thousand in September 2024, showing a contraction in overall deposit base[82] - Commercial loans categorized as Substandard Doubtful increased to $66,605 thousand in December 2024 from $69,429 thousand in September 2024, indicating a slight improvement in credit quality[79] - Owner-occupied real estate loans in the Substandard Doubtful category increased to $24,097 thousand in December 2024 from $29,310 thousand in September 2024, showing a reduction in riskier loans[79] - Total loans categorized as Special Mention and Substandard Doubtful decreased to $131,105 thousand in December 2024 from $190,618 thousand in September 2024, reflecting an overall improvement in loan quality[79] - The company did not have any loans categorized as "Loss" as of December 2024, indicating no write-offs during the period[79] Credit Losses and Provisions - Provision for credit losses on loans in Q4 2024 was $9.7 million, compared to $17.9 million in Q3 2024, $17.7 million in Q2 2024, and $12.4 million in Q1 2024[27] - Provision for unfunded commitments (contingencies) in Q4 2024 was $0.2 million, compared to $1.1 million in Q3 2024 and $1.5 million in Q2 2024[27] - The Provision for Loan Losses for the year ended December 31, 2024, was $60.5 million, slightly lower than $61.3 million in 2023[27] - Allowance for credit losses increased to $84,963 thousand as of December 31, 2024, from $79,890 thousand in September 2024[22] - Allowance for credit losses to total non-performing loans decreased to 81.62% in Q4 2024, down from 93.51% in Q2 2024[24] Noninterest Income and Expenses - Noninterest income for 2024 was $9,909 thousand, a significant drop from $87,496 thousand in 2023[22] - Total noninterest income for Q4 2024 was $23.684 million, compared to a loss of $47.683 million in Q3 2024[30] - Core noninterest income for Q4 2024 was $17.820 million, slightly lower than $20.801 million in Q3 2024[30] - Core noninterest expenses for Q4 2024 were $68.238 million, down from $70.536 million in Q3 2024[30] - Total noninterest income for 2024 was $9.91 million, a significant drop from $87.5 million in 2023[54] - Gain on sale of Houston Franchise contributed $12.64 million to noninterest income in 2024[54] - Mortgage banking income for Q4 2024 was $1.1 million, compared to $2.8 million in Q3 2024 and $0.6 million in Q4 2023[56] - Total noninterest expense for Q4 2024 was $83.4 million, a 9.4% increase from Q3 2024 ($76.2 million) and a 24% decrease from Q4 2023 ($109.7 million)[59] - Salaries and employee benefits accounted for 42.3% of total noninterest expense in Q4 2024, totaling $35.3 million[59] - Losses on loans held for sale were $12.6 million in Q4 2024, compared to $37.5 million in Q4 2023, representing a 66.4% decrease[59] - Professional and other services fees increased to $14.3 million in Q4 2024, up 4.4% from Q3 2024 and 0.8% from Q4 2023[59] - The company incurred $1.4 million in expenses related to the Houston Transaction in Q4 2024[60] - Fixed assets impairment charge of $3.4 million was recorded in 2024 in connection with the Houston Transaction[61] - Legal expenses related to the Houston Transaction totaled $0.1 million in Q4 2024 and $0.4 million for the full year 2024[62] - Broker fees associated with the Houston Transaction were $1.0 million in Q4 2024 and $1.3 million for the full year 2024[66] - Amerant Mortgage-related expenses were $3.7 million in Q4 2024, compared to $3.5 million in Q4 2023[66] Dividends and Shareholder Equity - The company declared a cash dividend of $0.09 per share, payable on February 28, 2025[7] - Cash dividend declared per common share remained steady at $0.36 for both 2024 and 2023[22] - The company declared cash dividends of $0.09 per share in Q4 2024, totaling $3.8 million, compared to $3.0 million per quarter in previous periods[27] - Tangible common stockholders' equity rose to $866.15 million in December 2024, up from $711.04 million in December 2023[34] - Tangible common equity ratio improved to 8.77% in December 2024 from 7.34% in December 2023[34] - Stockholders' equity increased to $910.16 million in Q4 2024, compared to $736.62 million in Q4 2023[46] Non-GAAP Measures and Forward-Looking Statements - The company uses non-GAAP financial measures such as "pre-provision net revenue (PPNR)", "core pre-provision net revenue (Core PPNR)", and "core earnings per share" to evaluate performance and provide supplemental information to investors[17][18] - Non-GAAP measures are used to account for restructuring activities, non-core banking activities, and other non-routine actions aimed at improving customer service and operating performance[18] - The company's unaudited financial information for interim periods may not reflect the full fiscal year results or financial condition[16] - Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected outcomes[14] - The company's forward-looking statements are qualified by cautionary notices and risk factors detailed in SEC filings[14][15] Loan Portfolio and Yield - Loan portfolio net income increased to $128.91 million with a yield of 7.00% in Q4 2024, compared to $127.09 million and 7.09% yield in Q4 2023[45] - Debt securities available for sale income rose to $16.07 million with a yield of 4.75% in Q4 2024, up from $11.60 million and 4.34% yield in Q4 2023[45] - Total interest-earning assets reached $9.30 billion with a yield of 6.54% in Q4 2024, compared to $8.72 billion and 6.62% yield in Q4 2023[45] - Loan portfolio net income increased to $505.5 million in 2024 from $475.4 million in 2023, with a yield rise from 6.78% to 7.06%[49] - Total interest-earning assets grew to $9.1 billion in 2024, up from $8.68 billion in 2023, with a yield increase from 6.32% to 6.54%[49] - Non-performing loans averaged $101.0 million in Q4 2024, up from $35.1 million in Q4 2023[51] - Average non-performing loans to total loans ratio increased to 1.03% in 2024 from 0.48% in 2023[49] Restructuring and Non-Routine Items - Restructuring of the BOLI program in Q4 2023 resulted in $4.6 million in additional expenses, including a $0.7 million reduction in cash surrender value and $2.8 million in income tax expense[36] - Nonrecurrent expenses related to the engagement of FIS totaled $1.6 million in Q4 2023 and $6.4 million for the full year 2023[39] - The company incurred $12.6 million in losses on the sale of a portfolio of 323 business-purpose residential mortgage loans in 2024[43] - Fair value adjustments of $35.5 million were recorded in 2023 for Houston-based CRE loans held for sale[43] - Income tax effect on nonroutine items was calculated using estimated tax rates of 27.14% and 22.50% for 2024[43] - Other intangible assets primarily consist of naming rights and mortgage servicing rights, totaling $2.0 million and $1.5 million, respectively, as of December 31, 2024[43] Capital and Liquidity - Total capital ratio increased to 13.43% in Q4 2024, up from 12.72% in Q3 2024[24] - Excess of average interest-earning assets over average interest-bearing liabilities grew to $1.93 billion in Q4 2024, up from $1.69 billion in Q4 2023[46] - The company completed a public offering of 8,684,210 shares of Class A common stock at $19.00 per share on September 27, 2024[27]
First Internet Bancorp(INBK) - 2024 Q4 - Annual Results
2025-01-22 21:58
Fourth Quarter 2024 Financial Highlights Full Year 2024 Financial Highlights This information represents a non-GAAP financial measure. For a discussion of non-GAAP financial measures, see the section below entitled "Non-GAAP Financial Measures." 1 ▪ Net income of $7.3 million, an increase of 4.9% from the third quarter of 2024 ▪ Diluted earnings per share of $0.83, an increase of 3.8% from the third quarter of 2024 ▪ Net interest income of $23.6 million and fully taxable equivalent net interest income of $2 ...
Inter Parfums(IPAR) - 2024 Q4 - Annual Results
2025-01-22 21:56
New York, New York, January 22, 2025, Interparfums, Inc. (NASDAQ GS: IPAR) ("Interparfums" or the "Company") today announced that for the three months and full year ended December 31, 2024, net sales rose 10% to $362 million and 10% to $1.45 billion, from the same periods in 2023, respectively. | Net Sales: ($ in millions) | Three Months Ended | | | Year Ended | | | | --- | --- | --- | --- | --- | --- | --- | | | December 31, | | | December 31, | | | | | 2024 | 2023 | % Change | 2024 | 2023 | % Change | | T ...