The Bancorp(US:TBBK) Prnewswireยท2025-01-31 14:07Core Insights - CW Bancorp reported a consolidated net income of $3,940,000 for Q4 2024, representing an increase of 11% compared to $3,545,000 in Q4 2023, with diluted EPS rising 16% from $1.13 to $1.30 [1][12][17] - For the full year 2024, consolidated net income was $13,148,000, down 25% from $17,611,000 in 2023, with EPS decreasing from $5.39 to $4.30, a decline of 20% [1][12][17] Financial Performance - Q4 2024 saw a 26% quarter-over-quarter net income growth and an 11% year-over-year growth [3][12] - Total assets increased by $188.6 million or 14.5% year-over-year, reaching $1,490,352,000 as of December 31, 2024 [3][16] - Total loans grew by $68.6 million or 9.5% year-over-year, totaling $793,075,000 [3][16] - Total deposits increased by $183.9 million or 16% year-over-year, amounting to $1,342,421,000 [4][16] Income and Expenses - Interest income for Q4 2024 was $14,750,000, up 14% from $12,964,000 in Q4 2023, while interest expense rose by 17% to $3,714,000 [5][18] - For the full year, interest income increased by 4% to $54,190,000, while interest expense surged by 24% to $14,241,000 [6][18] - Net interest income for Q4 2024 was $11,036,000, a 13% increase from $9,797,000 in Q4 2023, but decreased by 2% for the full year to $39,949,000 [7][18] Non-Interest Income and Expenses - Non-interest income for Q4 2024 was $2,011,000, a 30% increase from $1,549,000 in Q4 2023, while for the full year, it decreased by 3% to $6,166,000 [9][10] - Non-interest expenses for Q4 2024 rose by 20% to $7,617,000 compared to $6,367,000 in Q4 2023, and increased by 15% for the full year to $27,798,000 [10][18] Efficiency and Capital Ratios - The efficiency ratio for Q4 2024 was 58.12%, up from 55.82% in Q4 2023, indicating increased costs relative to income [11][18] - As of December 31, 2024, the tier 1 leverage ratio was 11.16%, and the total risk-based capital ratio was 17.92%, both above the levels required for a "well capitalized" institution [13][16]