“We are proud to announce strong net income growth of over 16% in 2024, accompanied by solid improvements in net interest margin, efficiency ratio, return on average assets, and tangible book value per share!” expressed Kevin McPhaill, CEO and President. “We overcame a number of obstacles, including a challenging interest rate environment, to cap off one of our best years. Loans continued to grow and deposit relationships were strengthened as our bankers worked hard to focus on retaining and attracting customers. We are very excited about 2025 and will continue to find opportunities to improve our bank and provide consistently strong results,” concluded Mr. McPhaill. Quarterly net income at $10.4M , a 65% increase, primarily attributable to $2.5 million in higher net interest income, a $1.1 million decrease in the provision for credit losses, and a $1.3 M decline in noninterest expenses. The $2.5M net interest income increase was primarily driven by a 34 basis point increase in net interest margin partially offset by lower earning assets due
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