Net interest margin increased to 2.42% for Q4 2024 from 2.40% for Q4 2023. Book value per share was $14.82 at December 31, 2024, compared to $14.65 at December 31, 2023. CEO Brian Argrett commented, “2024 was full of accomplishments and challenges for City First Broadway. We experienced significant loan and deposit growth while maintaining strong credit quality within the loan portfolio. During the year, we were able to grow net loans by $88.4 million, or 10%, increase deposits by $62.8M, or 9.2%, and reduce borrowings by almost $135M, or over one-third. Importantly, we were able to replace over half of those borrowings with much lower cost deposits, and I am pleased to report that we grew deposits by over $73M in Q4. Net interest income after provision for credit losses improved by almost $2.6M in 2024, compared to 2023, notwithstanding an increase in our cost of funds of 101 basis points during the year. I am optimistic that the re-shifting of our funding mix from higher cost borrowings to lower cost deposits will help improve performance in 2025.”
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