Financial Performance - Net income for Q4 2024 increased to $7.4 million, or $0.42 per diluted share, compared to $5.6 million, or $0.32 per diluted share, in Q3 2024[6] - Net income for Q4 2024 was $7,432,000, compared to $5,629,000 in Q3 2024, reflecting a 32.0% increase[24] - Operating net income for Q4 2024 was $7,756,000, up from $6,205,000 in Q3 2024, a 24.97% increase[24] - Net income for Q4 2024 reached $7,432,000, representing a significant increase of 32.5% from $5,629,000 in Q3 2024[26] - Net income for Q4 2024 reached $7,432,000, representing a 32.7% increase compared to $5,598,000 in Q4 2023[36] - Earnings per share (EPS) for Q4 2024 was $0.42, up from $0.32 in Q4 2023, marking a 31.3% increase[36] Income and Revenue - Noninterest income for Q4 2024 totaled $10.3 million, a 10.79% increase from the same period in 2023[10] - Operating noninterest income for Q4 2024 was $10,710,000, up from $10,536,000 in Q3 2024, representing a 1.64% increase[24] - Total income for Q4 2024 reached $30,781,000, compared to $28,623,000 in Q3 2024, marking a 7.53% increase[25] - Total noninterest income for the twelve months ended December 31, 2024, was $39,375,000, a 10.3% increase from $35,634,000 in 2023[36] - Noninterest income for the fourth quarter of 2024 was $10,309,000, compared to $9,305,000 in the fourth quarter of 2023, reflecting an increase of 10.77%[34] Assets and Deposits - Total assets increased to $3.11 billion at December 31, 2024, up by $44.7 million from September 30, 2024[10] - Total assets grew to $3,108,762,000 in Q4 2024, compared to $3,038,947,000 in Q3 2024, marking an increase of 2.3%[27] - Total assets as of December 31, 2024, were $3,109,782,000, up from $3,053,422,000 in Q4 2023, reflecting a growth of 1.8%[38] - Total deposits rose to $2.57 billion at December 31, 2024, an increase of $43.0 million from $2.52 billion at September 30, 2024[10] - Total deposits for Q4 2024 reached $2,567,943, an increase of 1.7% from Q3 2024's $2,524,970[39] - Total deposits rose to $2,567,943,000 in 2024, compared to $2,544,790,000 in 2023, marking an increase of 0.91%[35] Loans and Credit Quality - Total loans, excluding loans held for sale, were $1.84 billion at December 31, 2024, a decrease of $43.1 million, or 2.28%, from the prior quarter[6] - Total loans decreased to $1,842,980 in Q4 2024 from $1,886,037 in Q3 2024, representing a decline of 2.3%[41] - Core loans for Q4 2024 amounted to $1,720,444, a decrease of 2.2% compared to $1,759,600 in Q3 2024[41] - The provision for credit losses was $650,000 in Q4 2024, down from $750,000 in Q3 2024[6] - The provision for credit losses in the fourth quarter of 2024 was $650,000, a decrease from $1,500,000 in the fourth quarter of 2023, indicating improved credit quality[34] - Total nonperforming loans (NPLs) decreased to $10,812,000 in Q4 2024 from $12,259,000 in Q3 2024, a reduction of 11.8%[27] Efficiency and Profitability - Operating return on average assets improved to 0.99% in Q4 2024 from 0.81% in Q3 2024[24] - Return on average assets increased to 0.95% in Q4 2024, up from 0.74% in Q3 2024, showing enhanced profitability[26] - The efficiency ratio improved to 69.11% in Q4 2024, compared to 72.79% in Q3 2024, indicating better cost management[26] - Operating efficiency ratio decreased to 67.80% in Q4 2024 from 70.27% in Q3 2024, indicating improved cost management[25] Dividends - The company declared a quarterly cash dividend of $0.1150 per share, to be paid on February 19, 2025[4] - Cash dividends declared per share remained stable at $0.1125 for Q4 2024, consistent with Q3 2024[26] - The company declared dividends of $0.1125 per share for Q4 2024, compared to $0.1100 per share in Q4 2023[36]
Colony Bank(CBAN) - 2024 Q4 - Annual Results