Financial Performance - Net income for Q4 2024 was $15.6 million, or $0.40 per diluted share, up from $8.4 million, or $0.21 per diluted share in the prior quarter[1]. - Operating net income, excluding one-time charges, was $13.3 million, or $0.34 per diluted share, compared to $13.1 million, or $0.33 per diluted share in the prior quarter[5]. - Net income for Q4 2024 was $15,611,000, compared to $8,383,000 in Q3 2024 and a loss of $13,617,000 in Q4 2023[22]. - Operating net income (non-GAAP) for Q4 2024 was $13,261,000, slightly up from $13,116,000 in Q3 2024 and significantly higher than $10,880,000 in Q4 2023[22]. - Net income for the quarter was $15,611,000, an 86.2% increase from the previous quarter and a 214.6% increase year-over-year[24]. - Earnings per share (basic and diluted) improved to $0.40, 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 $46,302,000 in Q4 2024, a rise of 6.3% from $42,589,000 in Q3 2024 and 20.2% from $38,530,000 in Q4 2023[22]. - Noninterest income rose to $3.8 million, a significant increase of $2.5 million, or 198.9%, from the prior quarter[9]. - Total noninterest income surged to $3,781,000, 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, up 1.6% from the previous quarter and up 20.1% year-over-year[24]. Assets and Deposits - Total assets reached $5.16 billion, an increase of $155.3 million, or 3.1%, from September 30, 2024[6]. - Total assets reached $5,157,737,000 as of December 31, 2024, reflecting a 3.1% increase from $5,002,394,000 in Q3 2024 and a 13.8% increase from $4,533,391,000 in Q4 2023[23]. - Total deposits increased by $135.0 million, or 3.3%, from the prior quarter, with core deposits rising by $154.9 million, or 4.2%[8]. - Total deposits grew to $4,177,652,000, up 3.3% from $4,042,654,000 in Q3 2024 and 23.3% from $3,387,327,000 in Q4 2023[23]. Loans and Credit Quality - Gross loans increased by $84.1 million, or 2.0%, to $4.33 billion from $4.25 billion in the prior quarter[5]. - Total loans increased to $4,333,152,000, a 2.0% rise from $4,249,074,000 in Q3 2024 and an 11.4% increase from $3,889,279,000 in Q4 2023[23]. - Non-performing loans decreased by $2.2 million, or 13.5%, to $13.9 million from $16.0 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 $38.7 million, or 0.89% of total gross loans, unchanged from the prior quarter[15]. - The allowance for credit losses increased to $38,744,000, up 3.0% from $37,605,000 in Q3 2024 and 20.2% from $32,222,000 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 $17.89 as of December 31, 2024, up from $17.48 in the previous quarter[31].
NB Bancorp(NBBK) - 2024 Q4 - Annual Results