The Bancorp(US:TBBK) Prnewswireยท2025-01-28 23:30Core Insights - Mission Bancorp reported a slight decrease in net income for Q4 2024, with net income available to common shareholders at $7.7 million, or $2.85 per diluted share, compared to $7.8 million, or $2.91 per diluted share in Q4 2023 [1][4][28] - For the full year 2024, net income was $30.1 million, down from $30.5 million in 2023, reflecting challenges in the current economic environment [1][6] Financial Performance - Q4 2024 net interest income was $17.7 million, with a net interest margin of 3.96%, down from 4.58% in Q4 2023 [7][10] - The provision for credit losses for Q4 2024 was $0.4 million, unchanged from the linked quarter, indicating stable credit quality [18] - Non-interest income decreased by 34.6% to $1.6 million in Q4 2024 compared to the linked quarter, primarily due to lower SBA servicing fees [19] Balance Sheet Highlights - Total assets increased by 13.6% to $1.88 billion as of December 31, 2024, compared to the previous year [32] - Total deposits rose by 14.8% to $1.65 billion, with non-interest-bearing deposits representing 39.2% of total deposits [35] - Loans increased by 6.6% to $1.29 billion, with growth concentrated in commercial real estate and residential segments [34] Efficiency and Returns - The operating efficiency ratio for Q4 2024 was 42.0%, slightly up from 41.7% in Q4 2023 [24] - Return on average equity for Q4 2024 was 16.3%, down from 20.9% in the same period last year [28][31] - The annual return on average equity for 2024 was 17.3%, down from 22.0% in 2023 [31] Regulatory and Capital Position - The Community Bank Leverage Ratio was 11.07% as of December 31, 2024, above the required 9.00% for well-capitalized institutions [39] - The allowance for credit losses as a percentage of gross loans remained stable at 1.50% [38] Stock Repurchase Program - The company extended its stock repurchase plan, allowing for the repurchase of up to $1.0 million of common stock [40][41]