Financial Performance - Net income for Q3 2024 was $13.03 million, a decrease of $1.61 million or 10.98% from Q3 2023[3] - Net income for Q3 2024 was $13,033, compared to $12,686 in Q2 2024, marking an increase of 2.7%[10] - Adjusted net income for diluted earnings per share for Q3 2024 was $13,033,000, a decrease from $14,855,000 in Q3 2023, representing a decline of 12.2%[14] - The adjusted return on average assets for Q3 2024 was 1.53%, down from 1.75% in Q3 2023, reflecting a decline of 12.6%[14] - The return on average common equity was 10.04% in Q3 2024, compared to 10.02% in Q2 2024, indicating stability in profitability[10] Income and Expenses - Net interest income decreased by $1.75 million compared to Q3 2023, primarily due to increased rates on interest-bearing deposits[3] - Total interest income for Q3 2024 was $36,892, a slight increase from $36,789 in Q2 2024, and up from $36,105 in Q3 2023, reflecting a year-over-year growth of 2.2%[10] - Net interest income after provision for credit losses was $30,234 in Q3 2024, compared to $31,768 in Q2 2024, indicating a decrease of 4.8% quarter-over-quarter[10] - Noninterest income increased by approximately $830 thousand, or 8.63%, compared to Q3 2023, including a gain of $825 thousand from the sale of two closed branch properties[3] - Noninterest income increased to $10,452 in Q3 2024, up from $9,342 in Q2 2024, representing a growth of 11.9%[11] - Noninterest expense for Q3 2024 was $24,177, a decrease from $24,897 in Q2 2024, showing a reduction of 2.9%[12] Assets and Liabilities - Consolidated assets totaled $3.22 billion as of September 30, 2024[4] - Total assets as of September 30, 2024, were $3,231,259,000, a decrease from $3,333,400,000 in the previous year[16] - Total liabilities decreased to $2,703,667 from $2,788,558 year-over-year, representing a decline of 3.0%[20] - Total deposits decreased to $2,659,253 from $2,746,136 year-over-year, a decline of 3.2%[20] Loans and Credit Quality - Loans decreased by $128.19 million, or 4.98%, from December 31, 2023[4] - Non-performing loans to total loans increased to 0.82% compared to Q3 2023[5] - The allowance for credit losses to total loans was 1.44% at September 30, 2024, compared to 1.39% for September 30, 2023[5] - The provision for credit losses for loans was $1,360 for the quarter, compared to $1,315 in the same quarter last year, indicating an increase in provisions[22] - Nonperforming loans increased to $19,930, compared to $18,425 a year ago, reflecting a rise of 8.1%[22] - The ratio of nonperforming loans to total loans was 0.82%, up from 0.71% a year earlier, indicating a deterioration in asset quality[22] Shareholder Returns - The company repurchased 12,854 common shares during Q3 2024 at a total cost of $469 thousand[4] - The quarterly cash dividend declared was $0.31 per common share, marking the 39th consecutive year of regular dividends[2] - Cash dividends per common share increased to $0.31 in Q3 2024, up from $0.29 in Q2 2024[10] - Book value per share increased to $28.47, an increase of $1.27 from year-end 2023[5] - The book value per common share increased to $28.47 from $26.55 year-over-year, showing a growth of 7.2%[20]
First munity Bancshares(FCBC) - 2024 Q3 - Quarterly Results