Increased Profitability in Q4 2024
Generated net income of $2.7 million or $0.28 per diluted share, an increase from the prior quarter. Tangible book value per share increased by 1.6%.
Record Loan Production
Achieved the highest level of loan production in any quarter of 2024, with new loan production at $94 million, up from $83 million in Q3.
Net Interest Margin Expansion
Net interest income increased by 8.3% from the prior quarter, with net interest margin increasing by 13 basis points to 2.45%.
Decrease in Nonperforming Assets
Positive trends in asset quality led to a decline in nonperforming assets to total assets and another quarter of immaterial charge-offs.
Strong Performance in Risk Management and Insurance Fees
Achieved a record quarter in risk management and insurance fees, totaling $1.1 million, double the level from the same quarter in the prior year.