Fourth Quarter 2024 Financial Performance Overview
January 24, 2025 - 05:36
In the fourth quarter of 2024, the company reported a net income of $2.7 million available to common shareholders, marking an increase from the $2.1 million recorded in the third quarter of 2024. This positive trend is reflected in the diluted earnings per share, which rose to $0.28 in Q4 2024, up from $0.22 in the previous quarter.
The financial results also highlighted a growth in net interest income, which reached $16.9 million in Q4 2024, compared to $15.6 million in Q3 2024. This improvement contributed to a 13 basis point increase in the net interest margin, moving from 2.32% in Q3 to 2.45% in Q4.
Furthermore, total loans grew by 2.1%, rising from $2.40 billion in Q3 to $2.45 billion in Q4. Average deposits increased by 4.0%, showcasing the company's robust financial health and ability to attract and retain customers during this period. Overall, these results reflect a strong performance and positive momentum heading into the new year.
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