Fentura Financial, Inc. Announces Fourth Quarter 2024 Earnings (unaudited)
Fentura Financial (OTCQX: FETM) reported Q4 2024 net income of $3,730 and full-year 2024 net income of $9,367. During Q4, gross loans declined by $5,487, while net interest income increased by $382 on a fully tax equivalent basis due to a 0.02% expansion in net interest margins. The company's adjusted net income for Q4 and full-year 2024 was $4,104 and $10,572 respectively, compared to $3,759 and $15,064 in 2023.
The company continues to progress on its all-stock merger with ChoiceOne Financial Services, expected to close in Q1 2025. The combination will create Michigan's third-largest publicly traded bank with over $4 billion in consolidated assets and 56 offices. Key metrics show nonperforming loans at 0.75% of gross loans and a total capital to risk-weighted assets ratio of 12.87%.
Fentura Financial (OTCQX: FETM) ha riportato un reddito netto per il quarto trimestre 2024 di $3,730 e un reddito netto per l'intero anno 2024 di $9,367. Durante il quarto trimestre, i prestiti lordi sono diminuiti di $5,487, mentre il reddito netto da interessi è aumentato di $382 su base totalmente equivalente a tassazione grazie a un'espansione dello 0,02% nei margini di interesse netti. Il reddito netto aggiustato dell'azienda per il quarto trimestre e per l'intero anno 2024 è stato rispettivamente di $4,104 e $10,572, rispetto a $3,759 e $15,064 nel 2023.
L'azienda continua a progredire nella sua fusione interamente azionaria con ChoiceOne Financial Services, prevista per essere completata nel primo trimestre del 2025. La combinazione creerà la terza banca quotata in borsa più grande del Michigan, con oltre $4 miliardi in attività consolidate e 56 uffici. I principali indicatori mostrano che i prestiti non performanti sono allo 0,75% dei prestiti lordi e il rapporto del capitale totale rispetto agli attivi ponderati per il rischio è del 12,87%.
Fentura Financial (OTCQX: FETM) reportó un ingreso neto de $3,730 en el cuarto trimestre de 2024 y un ingreso neto anual de $9,367. Durante el cuarto trimestre, los préstamos brutos disminuyeron en $5,487, mientras que los ingresos netos por intereses aumentaron en $382 en una base totalmente equivalente a impuestos debido a una expansión del 0.02% en los márgenes de interés netos. El ingreso neto ajustado de la compañía para el cuarto trimestre y el año completo 2024 fue de $4,104 y $10,572, respectivamente, en comparación con $3,759 y $15,064 en 2023.
La empresa continúa avanzando en su fusión totalmente en acciones con ChoiceOne Financial Services, que se espera cierre en el primer trimestre de 2025. La combinación creará el tercer banco que cotiza en bolsa más grande de Michigan, con más de $4 mil millones en activos consolidados y 56 oficinas. Los indicadores clave muestran préstamos no productivos en el 0.75% de los préstamos brutos y una relación de capital total a activos ponderados por riesgo del 12.87%.
펜투라 파이낸셜 (OTCQX: FETM)은 2024년 4분기 순이익이 $3,730이고 2024년 전체 순이익이 $9,367이라고 보고했습니다. 4분기 동안 총 대출이 $5,487 감소한 반면, 순이자 수익은 세금 동등 기준으로 $382 증가하였으며, 이는 순이자 마진이 0.02% 확대된 데 기인합니다. 회사의 조정된 순이익은 4분기 및 전체 연도 2024에 대해 각각 $4,104 및 $10,572로, 2023년의 $3,759 및 $15,064와 비교되었습니다.
회사는 2025년 1분기에 마감될 것으로 예상되는 ChoiceOne Financial Services와의 전액 주식 합병에서 계속해서 진전을 보이고 있습니다. 이 조합은 미시간에서 세 번째로 큰 상장 은행을 창출하며, 총 자산은 40억 달러 이상이고 56개의 사무소가 있습니다. 주요 지표에 따르면, 비수익 대출은 총 대출의 0.75%이며, 위험 가중 자산 대비 총 자본 비율은 12.87%입니다.
Fentura Financial (OTCQX: FETM) a déclaré un revenu net de $3,730 pour le quatrième trimestre 2024 et un revenu net de $9,367 pour l'ensemble de l'année 2024. Au cours du quatrième trimestre, les prêts bruts ont diminué de $5,487, tandis que le revenu net d'intérêts a augmenté de $382 sur une base entièrement équivalente à la fiscalité, en raison d'une expansion de 0.02% des marges d'intérêt nettes. Le revenu net ajusté de l'entreprise pour le quatrième trimestre et pour l'année entière 2024 était respectivement de $4,104 et $10,572, comparativement à $3,759 et $15,064 en 2023.
L'entreprise continue de progresser dans sa fusion entièrement en actions avec ChoiceOne Financial Services, prévue pour clore au premier trimestre 2025. La combinaison va créer la troisième plus grande banque cotée en bourse du Michigan, avec plus de $4 milliards d'actifs consolidés et 56 bureaux. Les indicateurs clés montrent que les prêts non performants représentent 0,75% des prêts bruts et que le ratio du capital total par rapport aux actifs pondérés par le risque est de 12,87%.
Fentura Financial (OTCQX: FETM) meldete im vierten Quartal 2024 einen Nettogewinn von $3,730 und einen Nettogewinn für das Gesamtjahr 2024 von $9,367. Im vierten Quartal sanken die Bruttokredite um $5,487, während die Nettog Zins Einnahmen aufgrund einer Expansion der Nettozinsspanne um 0,02% um $382 stiegen, basierend auf einer vollständig steuerlich äquivalenten Basis. Der bereinigte Nettogewinn des Unternehmens für das vierte Quartal und das Gesamtjahr 2024 betrug $4,104 bzw. $10,572 im Vergleich zu $3,759 und $15,064 im Jahr 2023.
Das Unternehmen macht weiterhin Fortschritte bei der vollständig aktienbasierten Fusion mit ChoiceOne Financial Services, die voraussichtlich im ersten Quartal 2025 abgeschlossen wird. Die Kombination wird die drittgrößte an der Börse notierte Bank in Michigan schaffen, mit über $4 Milliarden an konsolidierten Vermögenswerten und 56 Büros. Die wichtigsten Kennzahlen zeigen, dass notleidende Kredite 0,75% der Bruttokredite ausmachen und das Verhältnis von Gesamtkapital zu risikogewichteten Vermögenswerten 12,87% beträgt.
- Net interest income increased by $382 in Q4 due to improved margins
- Q4 2024 adjusted net income improved to $4,104 from $3,759 in Q4 2023
- Total capital to risk weighted assets strengthened to 12.87% from 11.91% year-over-year
- Total deposits increased by 5.40% year-over-year to $1,469,496
- Full-year 2024 adjusted net income declined 29.82% to $10,572 from $15,064 in 2023
- Gross loans decreased by $36,569 (2.48%) year-over-year
- Nonperforming loans increased to 0.75% from 0.38% year-over-year
- Efficiency ratio deteriorated to 76.99% from 70.10% year-over-year
Dollars in thousands except per share amounts. Certain items in the prior period financial statements have been reclassified to conform with the December 31, 2024 presentation.
FENTON, Mich., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX: FETM) announces net income of
Ronald L. Justice, President and CEO, stated, “We experienced a strong improvement in net income during the 2024 fourth quarter, compared to the 2024 third quarter reflecting strong asset quality, a stable net interest margin, and reduced operating expenses. We continue to work on completing the all-stock merger with ChoiceOne Financial Services, Inc., which is expected to close during the 2025 first quarter. As a result, Fentura shareholders should expect to receive their first quarter dividend payment as part of ChoiceOne, when ChoiceOne declares its first quarter dividend in late March. Once completed, the combination of Fentura and ChoiceOne will create the third largest publicly traded bank in Michigan with over
Following is a summary of our financial performance as of, and for the quarter and year ended December 31, 2024.
Results of Operations (unaudited)
The following table outlines our QTD results of operations and provides certain performance measures as of, and for the three months ended:
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
| INCOME STATEMENT DATA | ||||||||||||||||||||
| Interest income | $ | 22,500 | $ | 22,194 | $ | 21,487 | $ | 21,541 | $ | 21,033 | ||||||||||
| Interest expense | 10,126 | 10,202 | 9,650 | 9,315 | 8,526 | |||||||||||||||
| Net interest income | 12,374 | 11,992 | 11,837 | 12,226 | 12,507 | |||||||||||||||
| Credit loss expense (reversal) | (302 | ) | 1,203 | 796 | (43 | ) | (190 | ) | ||||||||||||
| Noninterest income | 2,124 | 2,210 | 2,314 | 2,355 | 2,145 | |||||||||||||||
| Noninterest expenses | 10,155 | 11,974 | 10,921 | 11,166 | 10,121 | |||||||||||||||
| Federal income tax expense | 915 | 158 | 454 | 668 | 937 | |||||||||||||||
| Net income | $ | 3,730 | $ | 867 | $ | 1,980 | $ | 2,790 | $ | 3,784 | ||||||||||
| PER SHARE | ||||||||||||||||||||
| Earnings | $ | 0.83 | $ | 0.19 | $ | 0.44 | $ | 0.63 | $ | 0.85 | ||||||||||
| Dividends | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.11 | $ | 0.10 | ||||||||||
| Tangible book value(1) | $ | 31.03 | $ | 30.51 | $ | 29.84 | $ | 29.38 | $ | 28.92 | ||||||||||
| Quoted market value | ||||||||||||||||||||
| High | $ | 48.00 | $ | 40.00 | $ | 24.39 | $ | 27.20 | $ | 27.20 | ||||||||||
| Low | $ | 37.01 | $ | 22.16 | $ | 22.33 | $ | 24.00 | $ | 22.26 | ||||||||||
| Close(1) | $ | 45.00 | $ | 39.07 | $ | 22.50 | $ | 24.40 | $ | 27.20 | ||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 0.81 | % | 0.19 | % | 0.45 | % | 0.63 | % | 0.86 | % | ||||||||||
| Return on average shareholders' equity | 10.04 | % | 2.37 | % | 5.59 | % | 7.98 | % | 11.11 | % | ||||||||||
| Return on average tangible shareholders' equity | 10.71 | % | 2.54 | % | 5.98 | % | 8.55 | % | 11.94 | % | ||||||||||
| Efficiency ratio | 70.04 | % | 84.31 | % | 77.17 | % | 76.58 | % | 69.08 | % | ||||||||||
| Yield on average earning assets (FTE) | 5.12 | % | 5.17 | % | 5.18 | % | 5.15 | % | 5.06 | % | ||||||||||
| Rate on interest bearing liabilities | 3.20 | % | 3.28 | % | 3.22 | % | 3.11 | % | 2.90 | % | ||||||||||
| Net interest margin to average earning assets (FTE) | 2.82 | % | 2.80 | % | 2.85 | % | 2.92 | % | 3.01 | % | ||||||||||
| BALANCE SHEET DATA(1) | ||||||||||||||||||||
| Total investment securities | $ | 93,999 | $ | 99,724 | $ | 100,167 | $ | 103,210 | $ | 107,615 | ||||||||||
| Gross loans | $ | 1,436,902 | $ | 1,442,389 | $ | 1,459,929 | $ | 1,461,465 | $ | 1,473,471 | ||||||||||
| Allowance for credit losses | $ | 14,400 | $ | 14,700 | $ | 15,300 | $ | 15,300 | $ | 15,400 | ||||||||||
| Total assets | $ | 1,807,618 | $ | 1,807,370 | $ | 1,756,629 | $ | 1,764,629 | $ | 1,738,952 | ||||||||||
| Total deposits | $ | 1,469,496 | $ | 1,470,586 | $ | 1,427,059 | $ | 1,438,408 | $ | 1,394,182 | ||||||||||
| Borrowed funds | $ | 179,634 | $ | 179,970 | $ | 178,397 | $ | 178,500 | $ | 198,500 | ||||||||||
| Total shareholders' equity | $ | 148,768 | $ | 146,398 | $ | 143,301 | $ | 141,074 | $ | 138,702 | ||||||||||
| Net loans to total deposits | 96.80 | % | 97.08 | % | 101.23 | % | 100.54 | % | 104.58 | % | ||||||||||
| Common shares outstanding | 4,497,879 | 4,495,005 | 4,490,087 | 4,484,447 | 4,470,871 | |||||||||||||||
| QTD BALANCE SHEET AVERAGES | ||||||||||||||||||||
| Total assets | $ | 1,837,353 | $ | 1,797,307 | $ | 1,762,651 | $ | 1,771,614 | $ | 1,740,526 | ||||||||||
| Earning assets | $ | 1,749,341 | $ | 1,708,177 | $ | 1,669,862 | $ | 1,683,708 | $ | 1,649,091 | ||||||||||
| Interest bearing liabilities | $ | 1,260,401 | $ | 1,237,665 | $ | 1,204,370 | $ | 1,205,162 | $ | 1,165,064 | ||||||||||
| Total shareholders' equity | $ | 147,755 | $ | 145,240 | $ | 142,577 | $ | 140,574 | $ | 135,157 | ||||||||||
| Total tangible shareholders' equity | $ | 138,519 | $ | 135,959 | $ | 133,252 | $ | 131,204 | $ | 125,723 | ||||||||||
| Earned common shares outstanding | 4,473,592 | 4,466,951 | 4,461,580 | 4,449,376 | 4,443,463 | |||||||||||||||
| Unvested stock grants | 23,516 | 26,500 | 26,500 | 31,821 | 26,018 | |||||||||||||||
| Total common shares outstanding | 4,497,108 | 4,493,451 | 4,488,080 | 4,481,197 | 4,469,481 | |||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Nonperforming loans to gross loans (1) | 0.75 | % | 0.71 | % | 0.66 | % | 0.39 | % | 0.38 | % | ||||||||||
| Nonperforming assets to total assets (1) | 0.62 | % | 0.58 | % | 0.56 | % | 0.34 | % | 0.35 | % | ||||||||||
| Allowance for credit losses to gross loans (1) | 1.00 | % | 1.02 | % | 1.05 | % | 1.05 | % | 1.05 | % | ||||||||||
| Net charge-offs (recoveries) to QTD average gross loans | — | % | 0.12 | % | 0.05 | % | — | % | (0.01 | )% | ||||||||||
| Credit loss expense (reversal) to QTD average gross loans | (0.02 | )% | 0.08 | % | 0.05 | % | — | % | (0.01 | )% | ||||||||||
| CAPITAL RATIOS(1) | ||||||||||||||||||||
| Total capital to risk weighted assets | 12.87 | % | 12.48 | % | 12.38 | % | 12.27 | % | 11.91 | % | ||||||||||
| Tier 1 capital to risk weighted assets | 11.82 | % | 11.42 | % | 11.28 | % | 11.17 | % | 10.82 | % | ||||||||||
| CET1 capital to risk weighted assets | 10.80 | % | 10.40 | % | 10.28 | % | 10.17 | % | 9.83 | % | ||||||||||
| Tier 1 leverage ratio | 8.81 | % | 8.78 | % | 8.92 | % | 8.78 | % | 8.77 | % | ||||||||||
| (1)At end of period | ||||||||||||||||||||
The following table outlines our YTD results of operations and provides certain performance measures as of, and for the twelve months ended (unaudited):
| 12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | ||||||||||||||||
| INCOME STATEMENT DATA | ||||||||||||||||||||
| Interest income | $ | 87,722 | $ | 79,681 | $ | 59,220 | $ | 46,910 | $ | 45,979 | ||||||||||
| Interest expense | 39,293 | 28,087 | 6,767 | 2,736 | 5,924 | |||||||||||||||
| Net interest income | 48,429 | 51,594 | 52,453 | 44,174 | 40,055 | |||||||||||||||
| Credit loss expense (reversal) | 1,654 | (58 | ) | 3,105 | (180 | ) | 5,634 | |||||||||||||
| Noninterest income | 9,003 | 9,271 | 9,880 | 14,080 | 19,640 | |||||||||||||||
| Noninterest expenses | 44,216 | 42,668 | 40,585 | 37,663 | 34,684 | |||||||||||||||
| Federal income tax expense | 2,195 | 3,626 | 3,710 | 4,192 | 3,913 | |||||||||||||||
| Net income | $ | 9,367 | $ | 14,629 | $ | 14,933 | $ | 16,579 | $ | 15,464 | ||||||||||
| PER SHARE | ||||||||||||||||||||
| Earnings | $ | 2.10 | $ | 3.30 | $ | 3.38 | $ | 3.60 | $ | 3.31 | ||||||||||
| Dividends | $ | 0.44 | $ | 0.40 | $ | 0.36 | $ | 0.32 | $ | 0.30 | ||||||||||
| Tangible book value(1) | $ | 31.03 | $ | 28.92 | $ | 26.22 | $ | 25.43 | $ | 23.88 | ||||||||||
| Quoted market value | ||||||||||||||||||||
| High | $ | 48.00 | $ | 27.20 | $ | 29.25 | $ | 28.28 | $ | 26.00 | ||||||||||
| Low | $ | 22.16 | $ | 18.70 | $ | 21.60 | $ | 21.90 | $ | 12.55 | ||||||||||
| Close(1) | $ | 45.00 | $ | 27.20 | $ | 22.20 | $ | 28.28 | $ | 22.00 | ||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Return on average assets | 0.55 | % | 0.85 | % | 0.98 | % | 1.26 | % | 1.29 | % | ||||||||||
| Return on average shareholders' equity | 6.50 | % | 11.14 | % | 12.30 | % | 13.52 | % | 14.05 | % | ||||||||||
| Return on average tangible shareholders' equity | 6.95 | % | 12.01 | % | 13.39 | % | 13.93 | % | 14.57 | % | ||||||||||
| Efficiency ratio | 76.99 | % | 70.10 | % | 65.11 | % | 64.65 | % | 58.10 | % | ||||||||||
| Yield on average earning assets (FTE) | 5.15 | % | 4.90 | % | 4.15 | % | 3.80 | % | 4.01 | % | ||||||||||
| Rate on interest bearing liabilities | 3.20 | % | 2.50 | % | 0.75 | % | 0.36 | % | 0.82 | % | ||||||||||
| Net interest margin to average earning assets (FTE) | 2.85 | % | 3.17 | % | 3.67 | % | 3.58 | % | 3.50 | % | ||||||||||
| BALANCE SHEET DATA(1) | ||||||||||||||||||||
| Total investment securities | $ | 93,999 | $ | 107,615 | $ | 125,049 | $ | 164,942 | $ | 76,111 | ||||||||||
| Gross loans | $ | 1,436,902 | $ | 1,473,471 | $ | 1,436,166 | $ | 1,100,092 | $ | 1,066,562 | ||||||||||
| Allowance for credit losses | $ | 14,400 | $ | 15,400 | $ | 13,000 | $ | 10,500 | $ | 10,900 | ||||||||||
| Total assets | $ | 1,807,618 | $ | 1,738,952 | $ | 1,688,863 | $ | 1,417,785 | $ | 1,251,446 | ||||||||||
| Total deposits | $ | 1,469,496 | $ | 1,394,182 | $ | 1,332,883 | $ | 1,228,298 | $ | 1,071,976 | ||||||||||
| Borrowed funds | $ | 179,634 | $ | 198,500 | $ | 222,350 | $ | 50,000 | $ | 49,000 | ||||||||||
| Total shareholders' equity | $ | 148,768 | $ | 138,702 | $ | 126,087 | $ | 124,455 | $ | 115,868 | ||||||||||
| Net loans to total deposits | 96.80 | % | 104.58 | % | 106.77 | % | 88.71 | % | 98.48 | % | ||||||||||
| Common shares outstanding | 4,497,879 | 4,470,871 | 4,439,725 | 4,496,701 | 4,694,275 | |||||||||||||||
| YTD BALANCE SHEET AVERAGES | ||||||||||||||||||||
| Total assets | $ | 1,792,233 | $ | 1,718,339 | $ | 1,523,419 | $ | 1,311,673 | $ | 1,200,605 | ||||||||||
| Earning assets | $ | 1,702,772 | $ | 1,627,284 | $ | 1,429,605 | $ | 1,237,755 | $ | 1,147,570 | ||||||||||
| Interest bearing liabilities | $ | 1,226,899 | $ | 1,125,032 | $ | 898,170 | $ | 754,622 | $ | 726,869 | ||||||||||
| Total shareholders' equity | $ | 144,039 | $ | 131,341 | $ | 121,422 | $ | 122,629 | $ | 110,094 | ||||||||||
| Total tangible shareholders' equity | $ | 134,736 | $ | 121,793 | $ | 111,548 | $ | 118,986 | $ | 106,140 | ||||||||||
| Earned common shares outstanding | 4,462,875 | 4,433,318 | 4,422,791 | 4,603,259 | 4,669,979 | |||||||||||||||
| Unvested stock grants | 27,084 | 27,172 | 25,212 | 20,984 | 14,027 | |||||||||||||||
| Total common shares outstanding | 4,489,959 | 4,460,490 | 4,448,003 | 4,624,243 | 4,684,006 | |||||||||||||||
| ASSET QUALITY | ||||||||||||||||||||
| Nonperforming loans to gross loans (1) | 0.75 | % | 0.38 | % | 0.16 | % | 0.18 | % | 0.75 | % | ||||||||||
| Nonperforming assets to total assets (1) | 0.62 | % | 0.35 | % | 0.15 | % | 0.17 | % | 0.64 | % | ||||||||||
| Allowance for credit losses to gross loans (1) | 1.00 | % | 1.05 | % | 0.91 | % | 0.95 | % | 1.02 | % | ||||||||||
| Net charge-offs (recoveries) to YTD average gross loans | 0.18 | % | (0.04 | )% | 0.05 | % | 0.02 | % | 0.05 | % | ||||||||||
| Credit loss expense (reversal) to YTD average gross loans | 0.11 | % | — | % | 0.25 | % | (0.02 | )% | 0.56 | % | ||||||||||
| CAPITAL RATIOS(1) | ||||||||||||||||||||
| Total capital to risk weighted assets | 12.87 | % | 11.91 | % | 10.87 | % | 12.22 | % | 15.14 | % | ||||||||||
| Tier 1 capital to risk weighted assets | 11.82 | % | 10.82 | % | 9.95 | % | 11.30 | % | 13.93 | % | ||||||||||
| CET1 capital to risk weighted assets | 10.80 | % | 9.83 | % | 8.96 | % | 10.07 | % | 12.38 | % | ||||||||||
| Tier 1 leverage ratio | 8.81 | % | 8.77 | % | 8.58 | % | 9.13 | % | 9.80 | % | ||||||||||
| (1)At end of period | ||||||||||||||||||||
Income Statement Breakdown
| Quarter to Date | ||||||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
| Net income | $ | 3,730 | $ | 867 | $ | 1,980 | $ | 2,790 | $ | 3,784 | ||||||||||
| Acquisition related items (net of tax) | ||||||||||||||||||||
| Other acquisition related expenses | 414 | 848 | — | — | — | |||||||||||||||
| Amortization of core deposit intangibles | 36 | 35 | 34 | 36 | 60 | |||||||||||||||
| Total acquisition related items (net of tax) | 450 | 883 | 34 | 36 | 60 | |||||||||||||||
| Other nonrecurring items (net of tax) | ||||||||||||||||||||
| Proxy contest related expenses | — | — | — | — | — | |||||||||||||||
| Prepayment penalties collected | (76 | ) | (24 | ) | (40 | ) | (58 | ) | (85 | ) | ||||||||||
| Total other nonrecurring items (net of tax) | (76 | ) | (24 | ) | (40 | ) | (58 | ) | (85 | ) | ||||||||||
| Adjusted net income from operations | $ | 4,104 | $ | 1,726 | $ | 1,974 | $ | 2,768 | $ | 3,759 | ||||||||||
| Net interest income | $ | 12,374 | $ | 11,992 | $ | 11,837 | $ | 12,226 | $ | 12,507 | ||||||||||
| Prepayment penalties collected | (96 | ) | (31 | ) | (51 | ) | (73 | ) | (107 | ) | ||||||||||
| Adjusted net interest income | $ | 12,278 | $ | 11,961 | $ | 11,786 | $ | 12,153 | $ | 12,400 | ||||||||||
| PERFORMANCE RATIOS | ||||||||||||||||||||
| Based on adjusted net income from operations | ||||||||||||||||||||
| Earnings per share | $ | 0.92 | $ | 0.39 | $ | 0.44 | $ | 0.62 | $ | 0.85 | ||||||||||
| Return on average assets | 0.89 | % | 0.38 | % | 0.45 | % | 0.63 | % | 0.86 | % | ||||||||||
| Return on average shareholders' equity | 11.05 | % | 4.73 | % | 5.57 | % | 7.92 | % | 11.03 | % | ||||||||||
| Return on average tangible shareholders' equity | 11.79 | % | 5.05 | % | 5.96 | % | 8.49 | % | 11.86 | % | ||||||||||
| Efficiency ratio | 66.56 | % | 76.61 | % | 77.15 | % | 76.65 | % | 69.06 | % | ||||||||||
| Based on adjusted net interest income | ||||||||||||||||||||
| Yield on average earning assets (FTE) | 5.10 | % | 5.16 | % | 5.17 | % | 5.13 | % | 5.03 | % | ||||||||||
| Rate on interest bearing liabilities | 3.20 | % | 3.28 | % | 3.22 | % | 3.11 | % | 2.90 | % | ||||||||||
| Net interest margin to average earning assets (FTE) | 2.80 | % | 2.79 | % | 2.84 | % | 2.90 | % | 2.98 | % | ||||||||||
| Year to Date December 31 | Variance | ||||||||||||||
| 2024 | 2023 | Amount | % | ||||||||||||
| Net income | $ | 9,367 | $ | 14,629 | $ | (5,262 | ) | (35.97 | )% | ||||||
| Acquisition related items (net of tax) | |||||||||||||||
| Other acquisition related expenses | 1,262 | — | 1,262 | N/M | |||||||||||
| Amortization of core deposit intangibles | 141 | 240 | (99 | ) | (41.25 | )% | |||||||||
| Total acquisition related items (net of tax) | 1,403 | 240 | 1,163 | 484.58 | % | ||||||||||
| Other nonrecurring items (net of tax) | |||||||||||||||
| Proxy contest related expenses | — | 413 | (413 | ) | (100.00 | )% | |||||||||
| Prepayment penalties collected | (198 | ) | (218 | ) | 20 | (9.17 | )% | ||||||||
| Total other nonrecurring items (net of tax) | (198 | ) | 195 | (393 | ) | (201.54 | )% | ||||||||
| Adjusted net income from operations | $ | 10,572 | $ | 15,064 | $ | (4,492 | ) | (29.82 | )% | ||||||
| Net interest income | $ | 48,429 | $ | 51,594 | $ | (3,165 | ) | (6.13 | )% | ||||||
| Prepayment penalties collected | (251 | ) | (276 | ) | 25 | (9.06 | )% | ||||||||
| Adjusted net interest income | $ | 48,178 | $ | 51,318 | $ | (3,140 | ) | (6.12 | )% | ||||||
| PERFORMANCE RATIOS | |||||||||||||||
| Based on adjusted net income from operations | |||||||||||||||
| Earnings per share | $ | 2.37 | $ | 3.40 | $ | (1.03 | ) | (30.29 | )% | ||||||
| Return on average assets | 0.59 | % | 0.88 | % | (0.29 | )% | |||||||||
| Return on average shareholders' equity | 7.34 | % | 11.47 | % | (4.13 | )% | |||||||||
| Return on average tangible shareholders' equity | 7.85 | % | 12.37 | % | (4.52 | )% | |||||||||
| Efficiency ratio | 74.22 | % | 69.06 | % | 5.16 | % | |||||||||
| Based on adjusted net interest income | |||||||||||||||
| Yield on average earning assets (FTE) | 5.14 | % | 4.88 | % | 0.26 | % | |||||||||
| Rate on interest bearing liabilities | 3.20 | % | 2.50 | % | 0.70 | % | |||||||||
| Net interest margin to average earning assets (FTE) | 2.84 | % | 3.15 | % | (0.31 | )% | |||||||||
Noninterest Income
| Three Months Ended | ||||||||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | ||||||||||||||||
| Service charges and fees | ||||||||||||||||||||
| Trust and investment services | 641 | 619 | 607 | 641 | 433 | |||||||||||||||
| ATM and debit card | 532 | 541 | 545 | 512 | 549 | |||||||||||||||
| Service charges on deposit accounts | 170 | 163 | 162 | 140 | 211 | |||||||||||||||
| Total | 1,343 | 1,323 | 1,314 | 1,293 | 1,193 | |||||||||||||||
| Net gain on sales of residential mortgage loans | 143 | 211 | 177 | 143 | 96 | |||||||||||||||
| Net gain on sales of commercial loans | 85 | 133 | 98 | 296 | 226 | |||||||||||||||
| Change in fair value of equity investments | (27 | ) | 33 | (3 | ) | (10 | ) | 42 | ||||||||||||
| Changes in the fair value of MSR | (160 | ) | (175 | ) | (44 | ) | (96 | ) | (108 | ) | ||||||||||
| Other | ||||||||||||||||||||
| Mortgage servicing fees | 386 | 389 | 386 | 394 | 398 | |||||||||||||||
| Change in cash surrender value of corporate owned life insurance | 215 | 206 | 207 | 204 | 192 | |||||||||||||||
| Other | 139 | 90 | 179 | 131 | 106 | |||||||||||||||
| Total | 740 | 685 | 772 | 729 | 696 | |||||||||||||||
| Total noninterest income | $ | 2,124 | $ | 2,210 | $ | 2,314 | $ | 2,355 | $ | 2,145 | ||||||||||
| Memo items: | ||||||||||||||||||||
| Residential mortgage operations | $ | 369 | $ | 425 | $ | 519 | $ | 441 | $ | 386 | ||||||||||
| Twelve Months Ended December 31 | Variance | |||||||||||||
| 2024 | 2023 | Amount | % | |||||||||||
| Service charges and fees | ||||||||||||||
| Trust and investment services | $ | 2,508 | $ | 2,137 | $ | 371 | 17.36 | % | ||||||
| ATM and debit card | 2,130 | 2,218 | (88 | ) | (3.97 | )% | ||||||||
| Service charges on deposit accounts | 635 | 897 | (262 | ) | (29.21 | )% | ||||||||
| Total | 5,273 | 5,252 | 21 | 0.40 | % | |||||||||
| Net gain on sales of residential mortgage loans | 674 | 619 | 55 | 8.89 | % | |||||||||
| Net gain on sales of commercial loans | 612 | 321 | 291 | 90.65 | % | |||||||||
| Change in fair value of equity investments | (7 | ) | 13 | (20 | ) | (153.85 | )% | |||||||
| Changes in the fair value of MSR | (475 | ) | 110 | (585 | ) | (531.82 | )% | |||||||
| Other | ||||||||||||||
| Mortgage servicing fees | 1,555 | 1,608 | (53 | ) | (3.30 | )% | ||||||||
| Change in cash surrender value of corporate owned life insurance | 832 | 723 | 109 | 15.08 | % | |||||||||
| Other | 539 | 625 | (86 | ) | (13.76 | )% | ||||||||
| Total | 2,926 | 2,956 | (30 | ) | (1.01 | )% | ||||||||
| Total noninterest income | $ | 9,003 | $ | 9,271 | $ | (268 | ) | (2.89 | )% | |||||
| Memo items: | ||||||||||||||
| Residential mortgage operations | $ | 1,754 | $ | 2,337 | $ | (583 | ) | (24.95 | )% | |||||
Noninterest Expenses
| Three Months Ended | |||||||||||||||
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||||||||||
| Compensation and benefits | $ | 5,083 | $ | 5,839 | $ | 5,842 | $ | 6,066 | $ | 5,521 | |||||
| Professional services | 594 | 799 | 963 | 894 | 695 | ||||||||||
| Furniture and equipment | 661 | 668 | 689 | 727 | 696 | ||||||||||
| Data processing | 817 | 751 | 490 | 547 | 505 | ||||||||||
| Occupancy | 626 | 622 | 605 | 623 | 610 | ||||||||||
| Loan and collection | 261 | 349 | 425 | 322 | 301 | ||||||||||
| Advertising and promotional | 240 | 312 | 337 | 348 | 139 | ||||||||||
| Other | |||||||||||||||
| Acquisition related expenses | 275 | 953 | — | — | — | ||||||||||
| FDIC insurance premiums | 280 | 275 | 327 | 299 | 270 | ||||||||||
| ATM and debit card | 216 | 214 | 188 | 171 | 158 | ||||||||||
| Telephone and communication | 173 | 95 | 86 | 109 | 103 | ||||||||||
| Amortization of core deposit intangibles | 45 | 44 | 44 | 45 | 76 | ||||||||||
| Other general and administrative | 884 | 1,053 | 925 | 1,015 | 1,047 | ||||||||||
| Total | 1,873 | 2,634 | 1,570 | 1,639 | 1,654 | ||||||||||
| Total noninterest expenses | $ | 10,155 | $ | 11,974 | $ | 10,921 | $ | 11,166 | $ | 10,121 | |||||
| Twelve Months Ended December 31 | Variance | ||||||||||||
| 2024 | 2023 | Amount | % | ||||||||||
| Compensation and benefits | $ | 22,830 | $ | 22,397 | $ | 433 | 1.93 | % | |||||
| Professional services | 3,250 | 3,424 | (174 | ) | (5.08 | )% | |||||||
| Furniture and equipment | 2,745 | 2,775 | (30 | ) | (1.08 | )% | |||||||
| Data processing | 2,605 | 2,159 | 446 | 20.66 | % | ||||||||
| Occupancy | 2,476 | 2,425 | 51 | 2.10 | % | ||||||||
| Loan and collection | 1,357 | 1,230 | 127 | 10.33 | % | ||||||||
| Advertising and promotional | 1,237 | 1,605 | (368 | ) | (22.93 | )% | |||||||
| Other | |||||||||||||
| Acquisition related expenses | 1,228 | — | 1,228 | N/M | |||||||||
| FDIC insurance premiums | 1,181 | 1,131 | 50 | 4.42 | % | ||||||||
| ATM and debit card | 789 | 651 | 138 | 21.20 | % | ||||||||
| Telephone and communication | 463 | 437 | 26 | 5.95 | % | ||||||||
| Amortization of core deposit intangibles | 178 | 303 | (125 | ) | (41.25 | )% | |||||||
| Other general and administrative | 3,877 | 4,131 | (254 | ) | (6.15 | )% | |||||||
| Total | 7,716 | 6,653 | 1,063 | 15.98 | % | ||||||||
| Total noninterest expenses | $ | 44,216 | $ | 42,668 | $ | 1,548 | 3.63 | % | |||||
Balance Sheet Breakdown
| 12/31/2024 | 9/30/2024 | 6/30/2024 | 3/31/2024 | 12/31/2023 | |||||||||||
| ASSETS | |||||||||||||||
| Cash and due from banks | $ | 212,136 | $ | 199,717 | $ | 128,590 | $ | 132,349 | $ | 90,661 | |||||
| Total investment securities | 93,999 | 99,724 | 100,167 | 103,210 | 107,615 | ||||||||||
| Residential mortgage loans held-for-sale, at fair value | 1,090 | 1,861 | 2,440 | 1,067 | 747 | ||||||||||
| Gross loans | 1,436,902 | 1,442,389 | 1,459,929 | 1,461,465 | 1,473,471 | ||||||||||
| Less allowance for credit losses | 14,400 | 14,700 | 15,300 | 15,300 | 15,400 | ||||||||||
| Net loans | 1,422,502 | 1,427,689 | 1,444,629 | 1,446,165 | 1,458,071 | ||||||||||
| All other assets | 77,891 | 78,379 | 80,803 | 81,838 | 81,858 | ||||||||||
| Total assets | $ | 1,807,618 | $ | 1,807,370 | $ | 1,756,629 | $ | 1,764,629 | $ | 1,738,952 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||
| Total deposits | $ | 1,469,496 | $ | 1,470,586 | $ | 1,427,059 | $ | 1,438,408 | $ | 1,394,182 | |||||
| Total borrowed funds | 179,634 | 179,970 | 178,397 | 178,500 | 198,500 | ||||||||||
| Accrued interest payable and other liabilities | 9,720 | 10,416 | 7,872 | 6,647 | 7,568 | ||||||||||
| Total liabilities | 1,658,850 | 1,660,972 | 1,613,328 | 1,623,555 | 1,600,250 | ||||||||||
| Total shareholders' equity | 148,768 | 146,398 | 143,301 | 141,074 | 138,702 | ||||||||||
| Total liabilities and shareholders' equity | $ | 1,807,618 | $ | 1,807,370 | $ | 1,756,629 | $ | 1,764,629 | $ | 1,738,952 | |||||
| 12/31/2024 vs 9/30/2024 | 12/31/2024 vs 12/31/2023 | |||||||||||||
| Variance | Variance | |||||||||||||
| Amount | % | Amount | % | |||||||||||
| ASSETS | ||||||||||||||
| Cash and due from banks | $ | 12,419 | 6.22 | % | $ | 121,475 | 133.99 | % | ||||||
| Total investment securities | (5,725 | ) | (5.74 | )% | (13,616 | ) | (12.65 | )% | ||||||
| Residential mortgage loans held-for-sale, at fair value | (771 | ) | (41.43 | )% | 343 | 45.92 | % | |||||||
| Gross loans | (5,487 | ) | (0.38 | )% | (36,569 | ) | (2.48 | )% | ||||||
| Less allowance for credit losses | (300 | ) | (2.04 | )% | (1,000 | ) | (6.49 | )% | ||||||
| Net loans | (5,187 | ) | (0.36 | )% | (35,569 | ) | (2.44 | )% | ||||||
| All other assets | (488 | ) | (0.62 | )% | (3,967 | ) | (4.85 | )% | ||||||
| Total assets | $ | 248 | 0.01 | % | $ | 68,666 | 3.95 | % | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
| Total deposits | $ | (1,090 | ) | (0.07 | )% | $ | 75,314 | 5.40 | % | |||||
| Total borrowed funds | (336 | ) | (0.19 | )% | (18,866 | ) | (9.50 | )% | ||||||
| Accrued interest payable and other liabilities | (696 | ) | (6.68 | )% | 2,152 | 28.44 | % | |||||||
| Total liabilities | (2,122 | ) | (0.13 | )% | 58,600 | 3.66 | % | |||||||
| Total shareholders' equity | 2,370 | 1.62 | % | 10,066 | 7.26 | % | ||||||||
| Total liabilities and shareholders' equity | $ | 248 | 0.01 | % | $ | 68,666 | 3.95 | % | ||||||
About Fentura Financial, Inc. and The State Bank
Fentura Financial, Inc. is the holding company for The State Bank. It was formed in 1987 and is traded on the OTCQX exchange under the symbol FETM, and has been recognized as one of the Top 50 performing stocks on that exchange.
The State Bank is a 5-Star Bauer Financial rated commercial, retail and trust bank headquartered in Fenton, Michigan. It currently operates 20 full-service offices and one loan production center serving Bay, Genesee, Ingham, Jackson, Livingston, Oakland, Saginaw, and Shiawassee counties. The State Bank believes in the potential of banking to help create better lives, better businesses, and better communities, and works to achieve this through its full array of consumer, mortgage, SBA, commercial and wealth management banking and advisory services, together with philanthropic and volunteer support to organizations and groups within the communities it serves. More information can be found at www.thestatebank.com or www.fentura.com.
Cautionary Statement: This press release contains certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements concerning future growth in earning assets and net income. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
| Contacts: | Ronald L. Justice | Aaron D. Wirsing |
| President & CEO | Chief Financial Officer | |
| Fentura Financial, Inc. | Fentura Financial, Inc. | |
| 810.714.3902 | 810.714.3925 | |
| ron.justice@thestatebank.com | aaron.wirsing@thestatebank.com |
FAQ
What was Fentura Financial's (FETM) net income for Q4 2024?
How much did FETM's gross loans decline in Q4 2024?
What is the expected timeline for FETM's merger with ChoiceOne Financial?
What will be the combined asset size of FETM and ChoiceOne post-merger?
How did FETM's full-year 2024 adjusted net income compare to 2023?
