Financial Performance - Net income for Q4 2024 was $2.5 million, a decrease from $13.0 million in Q4 2023, primarily due to a prior period gain of $24.6 million from the sale of a subsidiary[5]. - Net income for the three months ended December 31, 2024, was $2,529,000, a decrease of 21.5% from $3,219,000 in the previous quarter[30]. - The company reported a net income of $12,966,000 for the year ended December 31, 2024, compared to $12,594,000 in 2023, which is an increase of approximately 2.95%[44]. - Adjusted net income (Non-GAAP) for the year ended December 31, 2024, was $24,316,000, compared to $22,550,000 in 2023, representing an increase of approximately 7.83%[44]. - Adjusted net income (Non-GAAP) for the year ended December 31, 2024, was $12,624,000, an increase of 18.4% from $10,764,000 in the previous year[46]. Income and Revenue - Net interest and dividend income increased by $396,000, or 3.6%, to $11.5 million compared to Q4 2023[11]. - Total Interest and Dividend Income for the year ended December 31, 2024, was $76,131,000, an increase of 22.4% compared to $62,225,000 for the year ended December 31, 2023[30]. - Total Noninterest Income for the year ended December 31, 2024, was $5,494,000, significantly down from $24,012,000 for the year ended December 31, 2023[30]. - Interest Income (GAAP) for the three months ended December 31, 2024, was $19,431,000, compared to $16,905,000 for the same period last year, representing a year-over-year increase of 15%[45]. - Net Interest Income (FTE) (Non-GAAP) for the year ended December 31, 2024, was $76,292,000, up from $62,380,000 in the previous year, reflecting a growth of 22%[45]. Assets and Liabilities - Total assets increased by $25.5 million, or 1.8%, to $1.48 billion from $1.46 billion[5]. - Total assets increased to $1,502,500,000 as of December 31, 2024, compared to $1,407,027,000 in 2023, reflecting a growth of approximately 6.76%[39]. - The company reported a total of $1,388,227,000 in liabilities, a slight increase from $1,381,095,000 in the previous quarter[35]. - Stockholders' equity increased by $7.5 million, or 5.4%, to $147.4 million at December 31, 2024, compared to $139.8 million at December 31, 2023[22]. - Cash and due from banks decreased by $18.7 million, or 27.3%, to $49.6 million at December 31, 2024, compared to $68.2 million at December 31, 2023[20]. Loans and Credit Quality - Total loans decreased by $17.8 million, or 1.6%, to $1.09 billion, with significant declines in consumer and residential real estate loans[5]. - Nonperforming loans to total loans improved to 0.16% at December 31, 2024, compared to 0.20% a year earlier[7]. - The allowance for credit losses (ACL) was $9.8 million at December 31, 2024, resulting in an ACL to total loans ratio of 0.90%[20]. - Nonperforming loans decreased to $1.8 million at December 31, 2024, with a nonperforming loans to total loans ratio of 0.16%[20]. - The provision for credit losses was $683,000, compared to a recovery of $1.4 million in Q4 2023, reflecting changes in loan growth and loss rates[13]. Efficiency and Ratios - The Efficiency Ratio for the three months ended December 31, 2024, was 71.68%, compared to 69.11% in the previous quarter, indicating a decline in operational efficiency[31]. - The Return on Average Assets for the three months ended December 31, 2024, was 0.65%, down from 0.84% in the previous quarter[31]. - The Allowance for Credit Losses to Total Loans ratio was 0.90% as of December 31, 2024, compared to 0.87% as of December 31, 2023, indicating a slight increase in credit risk[31]. - The Common Equity Tier 1 Capital ratio was 14.78% as of December 31, 2024, stable compared to 14.79% in the previous quarter[31]. - The annualized Return on Average Equity (GAAP) for the year ended December 31, 2024, was 19.42%, a decrease from 44.99% in the previous year[46]. Dividends and Shareholder Returns - The company declared a quarterly cash dividend of $0.25 per share, payable on February 28, 2025[10]. - Earnings Per Common Share - Basic for the year ended December 31, 2024, was $2.53, compared to $2.45 for the year ended December 31, 2023, reflecting a 3.3% increase[31]. - Earnings per Common Share - Diluted (GAAP) for the three months ended December 31, 2024, was $0.46, down from $0.60 in the previous quarter, a decline of 23.3%[46]. - Book value per common share increased by $1.39 to $28.71 at December 31, 2024, compared to $27.32 at December 31, 2023[23]. - The Book Value Per Common Share increased to $28.71 as of December 31, 2024, from $27.53 as of December 31, 2023[31]. Future Outlook - The implementation of the Specialty Treasury Payments & Services program is expected to enhance revenue growth and core deposit base, with full utilization anticipated by Q3 2025[9].
CB Financial Services(CBFV) - 2024 Q4 - Annual Results