“We delivered record fourth quarter and full year 2024 operating results, reflecting substantial loan growth, strong revenue generation and net interest margin expansion,” commented James A. (Ja) Hillebrand, Chairman and Chief Executive Officer. “In addition to record earnings, total loans increased a record $749 million, or 13%, over the last 12 months, with $242 million of growth generated during the fourth quarter. We experienced growth within nearly all loan categories and across all markets. Our Indianapolis market, which was established in 2004 with a single loan production office, has grown organically one account at a time and surpassed $1.00 billion in loans for the first time during the quarter. Contributing to overall loan growth during the year was an increase in total line of credit utilization, which reached its highest level since 2019. While 2024 represented the strongest annual period of loan growth year in our history (in terms of dollar expansion), we anticipate overall growth moderating towards historical levels in 2025.
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