The Bancorp(US:TBBK) Prnewswireยท2025-01-23 21:15Financial Performance - The company reported net income of $64.9 million for Q4 2024, compared to $52.5 million in Q3 2024 [2] - Earnings per diluted share were $0.68 for Q4 2024, down from $2.69 for the full year 2023 [2] - Return on average assets increased to 1.41% in Q4 2024 from 1.17% in Q3 2024 [3] - Adjusted return on tangible common equity was 19.90% in Q4 2024, up from 16.29% in Q3 2024 [3] Loan and Deposit Growth - Loan growth exceeded 7% on an annualized basis in Q4 2024 [4] - Total deposits surged by approximately 16% on an annualized basis in Q4 2024 [4] - Total loans increased by 7.6% to $11.8 billion for the full year 2024 [4] - Total deposits grew by 7.2% to $14.3 billion for the full year 2024 [4] Noninterest Income and Expenses - Adjusted noninterest income increased by double-digit percentages in leasing, foreign exchange, and wealth management in Q4 2024 [4] - Noninterest income reached a record $241.8 million for the full year 2024, a 13.3% increase [4] - Adjusted expenses increased by 5% in Q4 2024, driven by higher incentive compensation [4] Asset Quality - Nonperforming assets remained flat at 0.36% in Q4 2024 [4] - Classified assets increased by 7 basis points to 1.21% in Q4 2024 [4] - Net charge-offs as a percentage of average loans declined 3 basis points to 0.30% for the full year 2024 [4] Capital and Liquidity - Tangible common equity increased by 56 basis points to 7.73% for the full year 2024 [4] - Tangible book value per share increased by 14.3% to $14.15 for the full year 2024 [4] - Total capital ratio decreased slightly to 14.43% in Q4 2024 from 14.58% in Q3 2024 [6] Expansion and Strategy - The company expanded into Grand Rapids, MI with a commercial banking team in early 2025 [4] - Workforce efficiency initiatives eliminated 145 positions, with completion expected in 2025 [4] - The company gained momentum in expansion markets including Chicago, IL, Evansville, IN, and Cleveland, OH [4]