Net Income Growth
Net income for the fourth quarter was $9.9 million, representing an 18% increase over the linked-quarter. Net income for the year was $31.7 million.
Loan and Lease Portfolio Growth
The loan and lease portfolio grew at an annualized rate of 4.9% during the fourth quarter and a respectable rate of 7.7% for the year.
Core Deposit Growth
Core deposit funding grew organically by over $36 million during the quarter, reducing reliance on brokered funding.
Net Interest Income Increase
Net interest income for the quarter was $31.4 million, a 7.3% increase compared to the linked quarter.
Improved Net Interest Margin
Margin expanded by 20 basis points during the quarter to 3.36%, and was 3.21% for the year.
Dividend Increase
A $0.01 per share increase in quarterly dividend to $0.17 per share was announced, representing an annualized yield of 3.16%.