Financial Performance - Net income for the fourth quarter of 2024 was $10.9 million, or $0.83 per basic share, compared to $12.1 million, or $0.82 per basic share, in the fourth quarter of 2023[2] - Net income for the quarter ended December 31, 2024, was $10,933 thousand, a decrease of 9.8% from $12,101 thousand in the same quarter of 2023[68] - Earnings per share (basic) for the year ended December 31, 2024, was $3.64, up from $3.32 in 2023, indicating a growth of 9.6%[70] Asset Growth - Total assets increased by $246.2 million, or 14.0%, to $2.0 billion at December 31, 2024, from $1.8 billion at December 31, 2023[4] - Total assets grew to $2,000,060 thousand as of December 31, 2024, up from $1,745,721 thousand in 2023[72] - Total assets increased to $2,010,298 thousand as of December 31, 2024, up from $1,764,135 thousand in 2023, representing a growth of 13.4%[66] Loan and Deposit Growth - Net loans increased by $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024, driven by loan originations of $656.0 million during the year[8] - Total deposits rose by $270.3 million, or 19.3%, to $1.7 billion at December 31, 2024, primarily due to competitive interest rates[16] - Total deposits increased to $1,670,375 thousand as of December 31, 2024, up from $1,400,036 thousand in 2023, marking a growth of 19.3%[66] Interest Income and Expense - Net interest income for the fourth quarter of 2024 was $25.3 million, a slight increase of $92,000, or 0.4%, from the same quarter in 2023[21] - Total interest and dividend income increased by $3.3 million, or 9.0%, to $40.5 million for the fourth quarter of 2024[24] - Total interest and dividend income increased by $27.5 million, or 20.8%, to $160.0 million for the year ended December 31, 2024 from $132.5 million in 2023[40] - Interest expense increased by $3.3 million, or 27.3%, to $15.2 million for the fourth quarter of 2024, due to higher costs of interest-bearing liabilities[25] - Interest expense for the year ended December 31, 2024 increased by $21.9 million, or 62.1%, to $57.2 million from $35.3 million in 2023[41] Credit Quality - The allowance for credit losses related to loans decreased to $4.8 million as of December 31, 2024, from $5.1 million as of December 31, 2023[11] - The allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans, as of December 31, 2024, down from $5.1 million, or 0.32%, as of December 31, 2023[56] - Non-performing assets decreased to $5.1 million at December 31, 2024 from $5.8 million at December 31, 2023, resulting in a non-performing assets to total assets ratio of 0.25%[54][55] - The allowance for credit losses was $4,833 thousand for the quarter ended December 31, 2024, slightly higher than $4,771 thousand in the same quarter of 2023[72] Equity and Capital Position - Stockholders' equity increased by $39.7 million, or 14.2%, to $319.1 million at December 31, 2024[20] - The Company's total stockholders' equity to assets ratio was 15.87% as of December 31, 2024, indicating a strong capital position[58] - The bank's total capital to risk-weighted assets ratio improved to 13.92% as of December 31, 2024, compared to 13.43% in 2023, reflecting a stronger capital position[70] - The total equity as of December 31, 2024, was $316,788 thousand, an increase from $276,745 thousand in 2023[72] Operational Efficiency - The efficiency ratio for the year ended December 31, 2024, was 37.00%, compared to 34.90% in 2023, indicating a decline in operational efficiency[70] - Non-interest expense increased by $688,000, or 7.5%, to $9.9 million for the quarter ended December 31, 2024 from $9.2 million for the same quarter in 2023[35] - Non-interest income for the quarter ended December 31, 2024 decreased by $1.2 million, or 89.2%, to $149,000 compared to $1.4 million for the same quarter in 2023[31] Market Performance - The unrealized loss on equity securities for the quarter ended December 31, 2024 was $554,000, a significant decline from an unrealized gain of $621,000 in the same quarter of 2023[32] - The average loan receivable gross for the year ended December 31, 2024, was $1,701,079 thousand, generating an interest yield of 9.05%, slightly down from 9.10% in 2023[74] - Average interest-bearing liabilities increased to $1,398,133 thousand for the quarter ended December 31, 2024, with an average yield of 4.34%[72] - The total interest-bearing deposits for the year ended December 31, 2024, were $1,282,088 thousand, yielding 4.34%, compared to $957,305 thousand and 3.57% in 2023[74] Stock Repurchase - The Company completed its first stock repurchase program, repurchasing 1,637,794 shares at a total cost of $23.0 million[60]
NorthEast munity Bancorp(NECB) - 2024 Q4 - Annual Results