Liberty Northwest Bancorp, Inc. Reports 2024 Fourth Quarter and Full Year Financial Results
Liberty Northwest Bancorp (OTCQX: LBNW) reported a net loss of $43,000 for Q4 2024, compared to net income of $25,000 in Q3 2024 and $1,000 in Q4 2023. Full-year 2024 net income was $3,000, down from $35,000 in 2023.
Key metrics include: total assets of $186.9 million, net interest income of $1.00 million for Q4, and net interest margin of 2.30%. Total deposits increased 3% to $145.8 million, while net loans slightly decreased to $141.6 million compared to the previous year. The company's tangible book value per share improved to $7.80 from $7.58 year-over-year.
The company completed a $1.2 million Preferred Stock issuance in Q2 2024, convertible to Common Stock within 2 years. Asset quality remains strong with only one non-performing loan of $235,000, and the allowance for credit losses at 0.81% of total loans.
Liberty Northwest Bancorp (OTCQX: LBNW) ha riportato una perdita netta di 43.000 dollari per il quarto trimestre del 2024, rispetto a un utile netto di 25.000 dollari nel terzo trimestre del 2024 e 1.000 dollari nel quarto trimestre del 2023. L'utile netto per l'intero anno 2024 è stato di 3.000 dollari, in calo rispetto ai 35.000 dollari del 2023.
I principali indicatori includono: attività totali di 186,9 milioni di dollari, reddito da interessi netto di 1,00 milione di dollari per il quarto trimestre e margine di interesse netto del 2,30%. I depositi totali sono aumentati del 3% a 145,8 milioni di dollari, mentre i prestiti netti sono leggermente diminuiti a 141,6 milioni di dollari rispetto all'anno precedente. Il valore contabile tangibile per azione della società è migliorato a 7,80 dollari rispetto ai 7,58 dollari dell'anno precedente.
La società ha completato un'emissione di azioni privilegiate da 1,2 milioni di dollari nel secondo trimestre del 2024, convertibile in azioni ordinarie entro 2 anni. La qualità degli attivi rimane forte con un solo prestito non performante di 235.000 dollari e il fondo per le perdite su crediti pari allo 0,81% del totale dei prestiti.
Liberty Northwest Bancorp (OTCQX: LBNW) reportó una pérdida neta de 43,000 dólares para el cuarto trimestre de 2024, en comparación con una ganancia neta de 25,000 dólares en el tercer trimestre de 2024 y 1,000 dólares en el cuarto trimestre de 2023. La ganancia neta del año completo 2024 fue de 3,000 dólares, en comparación con 35,000 dólares en 2023.
Los indicadores clave incluyen: activos totales de 186.9 millones de dólares, ingresos netos por intereses de 1.00 millón de dólares para el cuarto trimestre y margen de interés neto del 2.30%. Los depósitos totales aumentaron un 3% a 145.8 millones de dólares, mientras que los préstamos netos disminuyeron ligeramente a 141.6 millones de dólares en comparación con el año anterior. El valor contable tangible por acción de la empresa mejoró a 7.80 dólares desde 7.58 dólares en el año anterior.
La empresa completó una emisión de acciones preferentes de 1.2 millones de dólares en el segundo trimestre de 2024, convertible a acciones comunes en un plazo de 2 años. La calidad de los activos se mantiene fuerte con solo un préstamo no productivo de 235,000 dólares, y la provisión para pérdidas crediticias es del 0.81% del total de los préstamos.
리버티 노스웨스트 뱅코프 (OTCQX: LBNW)는 2024년 4분기에 43,000달러의 순손실을 보고했으며, 이는 2024년 3분기의 25,000달러 순익과 2023년 4분기의 1,000달러 순익에 비해 감소한 수치입니다. 2024년 전체 순익은 3,000달러로, 2023년의 35,000달러에서 하락했습니다.
주요 지표로는 총 자산 1억 8,690만 달러, 4분기 순이자수익 100만 달러, 순이자 마진 2.30%가 포함됩니다. 총 예금은 3% 증가하여 1억 4,580만 달러에 이르렀고, 순대출은 전년 대비 약간 감소하여 1억 4,160만 달러가 되었습니다. 회사의 주당 장부 가치는 전년 대비 7.58달러에서 7.80달러로 개선되었습니다.
회사는 2024년 2분기에 120만 달러의 우선주 발행을 완료했으며, 이는 2년 이내에 보통주로 전환 가능합니다. 자산 품질은 여전히 강력하며, 235,000달러의 비수익 대출이 하나 있으며, 총 대출의 0.81%에 해당하는 대손충당금이 설정되어 있습니다.
Liberty Northwest Bancorp (OTCQX: LBNW) a annoncé une perte nette de 43 000 dollars pour le quatrième trimestre 2024, contre un bénéfice net de 25 000 dollars au troisième trimestre 2024 et 1 000 dollars au quatrième trimestre 2023. Le bénéfice net pour l'année 2024 s'élevait à 3 000 dollars, en baisse par rapport à 35 000 dollars en 2023.
Les indicateurs clés comprennent : actifs totaux de 186,9 millions de dollars, revenu net d'intérêts de 1,00 million de dollars pour le quatrième trimestre et marge d'intérêt nette de 2,30%. Les dépôts totaux ont augmenté de 3% pour atteindre 145,8 millions de dollars, tandis que les prêts nets ont légèrement diminué à 141,6 millions de dollars par rapport à l'année précédente. La valeur comptable tangible par action de l'entreprise a augmenté à 7,80 dollars contre 7,58 dollars l'année précédente.
L'entreprise a complété une émission d'actions privilégiées de 1,2 million de dollars au deuxième trimestre 2024, convertible en actions ordinaires dans les 2 ans. La qualité des actifs reste solide avec un seul prêt non performant de 235 000 dollars, et la provision pour pertes de crédit représente 0,81 % du total des prêts.
Liberty Northwest Bancorp (OTCQX: LBNW) berichtete für das vierte Quartal 2024 einen Nettoverlust von 43.000 US-Dollar, verglichen mit einem Nettoergebnis von 25.000 US-Dollar im dritten Quartal 2024 und 1.000 US-Dollar im vierten Quartal 2023. Das Nettoergebnis für das gesamte Jahr 2024 betrug 3.000 US-Dollar, gegenüber 35.000 US-Dollar im Jahr 2023.
Wichtige Kennzahlen umfassen: Gesamtvermögen von 186,9 Millionen US-Dollar, Nettozinseinkommen von 1,00 Million US-Dollar für das vierte Quartal und Nettozinsspanne von 2,30%. Die Gesamteinlagen stiegen um 3% auf 145,8 Millionen US-Dollar, während die Nettokredite im Vergleich zum Vorjahr leicht auf 141,6 Millionen US-Dollar sanken. Der tangible Buchwert pro Aktie des Unternehmens verbesserte sich im Jahresvergleich von 7,58 US-Dollar auf 7,80 US-Dollar.
Das Unternehmen schloss im zweiten Quartal 2024 eine Begebung von Vorzugsaktien im Wert von 1,2 Millionen US-Dollar ab, die innerhalb von 2 Jahren in Stammaktien umwandelbar sind. Die Vermögensqualität bleibt stark, mit nur einem notleidenden Kredit von 235.000 US-Dollar und einer Rückstellung für Kreditverluste von 0,81% der Gesamtdarlehen.
- Total deposits increased 3% year-over-year to $145.8 million
- Tangible book value per share increased to $7.80 from $7.58 year-over-year
- Strong asset quality with only one non-performing loan of $235,000
- Total risk-based capital ratio of 15.81%, well above regulatory requirements
- Non-interest expense decreased 6% to $4.68 million for the full year
- Q4 2024 net loss of $43,000 compared to Q3 2024 net income of $25,000
- Full-year net income declined to $3,000 from $35,000 in 2023
- Net interest margin compressed to 2.30% in Q4 2024 from 2.48% in Q4 2023
- Net loans decreased 1% year-over-year to $141.6 million
- Non-interest income decreased to $308,000 in 2024 from $449,000 in 2023
2024 Fourth Quarter Financial Highlights:
- Total assets were
$186.9 million at year end. - Net interest income of
$1.00 million for the fourth quarter. - Net interest margin of
2.30% for the fourth quarter and2.36% for the year. - Total deposits increased
3% to$145.8 million at December 31, 2024, compared to$142.2 million a year ago, with non-interest bearing demand deposits representing25% of total deposits. - Net loans were
$141.6 million at December 31, 2024, compared to$142.8 million a year ago. - Asset quality remains pristine.
- Tangible book value per share increased to
$7.80 at year end, compared to$7.58 a year ago.
POULSBO, Wash., Feb. 19, 2025 (GLOBE NEWSWIRE) -- Liberty Northwest Bancorp, Inc. (OTCQX: LBNW) (the “Company”) and its wholly-owned subsidiary Liberty Bank today announced a net loss of
Total assets were
Asset quality remained pristine during the fourth quarter. The allowance for credit losses totaled
Due to strong credit quality metrics and muted loan growth, the Company recorded a
Total deposits increased
“The vibrant Pacific Northwest markets that we operate in continue to fuel our deposit base and loan pipeline,” said Rick Darrow, Liberty Northwest Bancorp, Inc. President and Chief Executive Officer. “During the fourth quarter, loan growth moderated, as we remain selective with the loans we are putting on the balance sheet. As we look to 2025, we anticipate an increase in growth opportunities, especially if interest rates continue to stabilize.
“The challenging interest rate environment continues to impact net interest income growth with higher interest expense on deposits and borrowings, which affected our operating performance for the fourth quarter of 2024,” said Darrow. Net interest income, before the provision for loan losses, was
“While our yields on earning assets remained stable during the quarter, they were more than offset by the increase in cost of funds, resulting in net interest margin compression during the quarter,” said Darrow. The Company’s net interest margin was
Total non-interest income increased
Total noninterest expense was
“We remain focused on enhancing revenue generation and driving cost efficiencies to improve our operational effectiveness,” said Darrow. “Our operating performance is expected to continue to improve, as we improve our margin, while keeping operating expenses in line. We are well positioned for continued growth in our core business operations and remain focused on creating value for all of our customers, employees and shareholders.”
Capital ratios continue to exceed regulatory requirements, with a total risk-based capital ratio at
Near the end of the second quarter of 2024, the Company completed the issuance of
“We are deploying the proceeds from this offering to further strengthen our capital position and to support continued loan growth in our vibrant Pacific Northwest markets,” said Darrow.
About Liberty Northwest Bancorp, Inc.
Liberty Northwest Bancorp, Inc. is the bank holding company for Liberty Bank, a commercial bank chartered in the State of Washington. The Bank began operations June 11, 2009, and operates a full-service branch in Poulsbo, WA. The Bank provides loan and deposit services to predominantly small and middle-sized businesses and individuals in and around Kitsap and King counties. The Bank is subject to regulation by the State of Washington Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC). For more information, please visit www.libertybanknw.com. Liberty Northwest Bancorp, Inc. (OTCQX: LBNW), qualified to trade on the OTCQX® Best Market in June 2022. For information related to the trading of LBNW, please visit www.otcmarkets.com.
For further discussion, please contact:
Rick Darrow, Chief Executive Officer | 360-394-4750
Forward-Looking Statement Safe Harbor: This news release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Forward-looking statements describe Liberty Northwest Bancorp, Inc.’s projections, estimates, plans and expectations of future results and can be identified by words such as “believe,” “intend,” “estimate,” “likely,” “anticipate,” “expect,” “looking forward,” and other similar expressions. They are not guarantees of future performance. Actual results may differ materially from the results expressed in these forward-looking statements, which because of their forward-looking nature, are difficult to predict. Investors should not place undue reliance on any forward-looking statement, and should consider factors that might cause differences including but not limited to the degree of competition by traditional and nontraditional competitors, declines in real estate markets, an increase in unemployment or sustained high levels of unemployment; changes in interest rates; greater than expected costs to integrate acquisitions, adverse changes in local, national and international economies; changes in the Federal Reserve’s actions that affect monetary and fiscal policies; changes in legislative or regulatory actions or reform, including without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act; demand for products and services; changes to the quality of the loan portfolio and our ability to succeed in our problem-asset resolution efforts; the impact of technological advances; changes in tax laws; and other risk factors. Liberty Northwest Bancorp, Inc. undertakes no obligation to publicly update or clarify any forward-looking statement to reflect the impact of events or circumstances that may arise after the date of this release.
| STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||||||
| Quarter Ended Dec 31, 2024 | Quarter Ended Sept 30, 2024 | Three Month Change | Quarter Ended Dec 31, 2023 | Quarter over Quarter - One Year Change | Year to Date Dec 31, 2024 | Year to Date Dec 30, 2023 | One Year Change | |||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||||||||||
| Loans | $ | 1,932 | $ | 1,994 | -3 | % | $ | 1,890 | 2 | % | $ | 7,807 | $ | 7,173 | 9 | % | ||||||||||||||
| Interest bearing deposits in banks | 142 | 83 | 70 | % | 101 | 41 | % | 365 | 323 | 13 | % | |||||||||||||||||||
| Securities | 108 | 114 | -5 | % | 140 | -23 | % | 461 | 483 | -5 | % | |||||||||||||||||||
| Total interest income | 2,182 | 2,192 | -0 | % | 2,112 | 3 | % | 8,632 | 7,979 | 8 | % | |||||||||||||||||||
| Interest Expense | ||||||||||||||||||||||||||||||
| Deposits | 928 | 903 | 3 | % | 656 | 41 | % | 3,298 | 2,141 | 54 | % | |||||||||||||||||||
| Other Borrowings | 252 | 283 | -11 | % | 384 | -34 | % | 1,226 | 1,396 | -12 | % | |||||||||||||||||||
| Total interest expense | 1,179 | 1,186 | -1 | % | 1,040 | 13 | % | 4,524 | 3,537 | 28 | % | |||||||||||||||||||
| Net Interest Income | 1,003 | 1,005 | -0 | % | 1,072 | -7 | % | 4,109 | 4,442 | -8 | % | |||||||||||||||||||
| Provision for Loan Losses | (40 | ) | (95 | ) | -58 | % | (60 | ) | -33 | % | (265 | ) | (105 | ) | 152 | % | ||||||||||||||
| Net interest income after provision for loan losses | 1,043 | 1,100 | -5 | % | 1,132 | -8 | % | 4,374 | 4,547 | -4 | % | |||||||||||||||||||
| Non-Interest Income | ||||||||||||||||||||||||||||||
| Service charges on deposit accounts | 28 | 28 | -0 | % | 17 | 61 | % | 104 | 67 | 55 | % | |||||||||||||||||||
| Other non-interest income | 55 | 46 | 19 | % | 61 | -10 | % | 204 | 382 | -47 | % | |||||||||||||||||||
| Total non-interest income | 82 | 74 | 12 | % | 78 | 6 | % | 308 | 449 | -31 | % | |||||||||||||||||||
| Non-Interest Expense | ||||||||||||||||||||||||||||||
| Salaries and employee benefits | 650 | 668 | -3 | % | 705 | -8 | % | 2,596 | 2,854 | -9 | % | |||||||||||||||||||
| Occupancy and equipment expenses | 100 | 88 | 14 | % | 151 | -34 | % | 429 | 595 | -28 | % | |||||||||||||||||||
| Other operating expenses | 429 | 387 | 11 | % | 367 | 17 | % | 1,652 | 1,503 | 10 | % | |||||||||||||||||||
| Total non-interest expenses | 1,180 | 1,143 | 3 | % | 1,223 | -3 | % | 4,677 | 4,952 | -6 | % | |||||||||||||||||||
| Net Income Before Income Tax | (55 | ) | 31 | -275 | % | 2 | -3027 | % | 4 | 44 | -90 | % | ||||||||||||||||||
| Provision for Income Tax | (12 | ) | 7 | -275 | % | 0 | -3027 | % | 1 | 9 | -90 | % | ||||||||||||||||||
| Net Income | (43 | ) | $ | 25 | -275 | % | $ | 1 | -3027 | % | $ | 3 | $ | 35 | -90 | % | ||||||||||||||
| BALANCE SHEETS (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Dec 31, 2024 | Sept 30, 2024 | Three Month Change | Dec 31, 2023 | One Year Change | |||||||||||||||
| Assets | |||||||||||||||||||
| Cash and due from Banks | $ | 1,655 | $ | 2,408 | -31 | % | $ | 1,817 | -9 | % | |||||||||
| Interest bearing deposits in banks | 14,341 | 11,262 | 27 | % | 7,896 | 82 | % | ||||||||||||
| Securities | 20,586 | 21,225 | -3 | % | 23,034 | -11 | % | ||||||||||||
| Loans | 142,720 | 141,206 | 1 | % | 143,913 | -1 | % | ||||||||||||
| Allowance for loan losses | (1,158 | ) | (1,167 | ) | -1 | % | (1,150 | ) | 1 | % | |||||||||
| Net Loans | 141,561 | 140,038 | 1 | % | 142,763 | -1 | % | ||||||||||||
| Premises and fixed assets | 6,101 | 6,161 | -1 | % | 6,418 | -5 | % | ||||||||||||
| Accrued Interest receivable | 681 | 668 | 2 | % | 765 | -11 | % | ||||||||||||
| Intangible assets | 11 | 19 | -43 | % | 39 | -72 | % | ||||||||||||
| Other assets | 1,949 | 2,262 | 21 | % | 1,992 | -2 | % | ||||||||||||
| Total Assets | $ | 186,884 | $ | 183,678 | 2 | % | $ | 184,724 | 1 | % | |||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||||||
| Deposits | |||||||||||||||||||
| Demand, non-interest bearing | $ | 35,845 | $ | 39,669 | -10 | % | $ | 42,803 | -16 | % | |||||||||
| Interest Bearing Demand | 44,149 | 40,764 | 8 | % | 23,528 | 88 | % | ||||||||||||
| Money Market and Savings | 26,495 | 27,419 | -3 | % | 26,667 | -1 | % | ||||||||||||
| Certificates of Deposit | 39,345 | 38,507 | 2 | % | 49,200 | -20 | % | ||||||||||||
| Total Deposits | 145,833 | 146,359 | -0 | % | 142,198 | 3 | % | ||||||||||||
| Total Borrowing | 26,461 | 22,454 | 18 | % | 29,430 | -10 | % | ||||||||||||
| Accrued interest payable | 173 | 238 | -27 | % | 335 | -48 | % | ||||||||||||
| Other liabilities | 286 | 704 | 133 | % | 214 | 34 | % | ||||||||||||
| Total Liabilities | 172,753 | 169,756 | 2 | % | 172,177 | 0 | % | ||||||||||||
| Shareholders' Equity | |||||||||||||||||||
| Preferred Stock | 1,242 | 1,242 | 0 | % | *** | ||||||||||||||
| Common Stock | 1,656 | 1,650 | 0 | % | 1,650 | 0 | % | ||||||||||||
| Additional paid in capital | 13,149 | 13,138 | 0 | % | 13,108 | 0 | % | ||||||||||||
| Retained Earnings | (1,490 | ) | (1,447 | ) | -3 | % | (1,493 | ) | 0 | % | |||||||||
| Other Comprehensive Income | (426 | ) | (661 | ) | 36 | % | (718 | ) | 41 | % | |||||||||
| Total Shareholders' Equity | 14,131 | 13,922 | 1 | % | 12,547 | 13 | % | ||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 186,884 | $ | 183,678 | 2 | % | $ | 184,724 | 1 | % | |||||||||
| Quarter Ended Dec 31, 2024 | Quarter Ended Sept 30, 2024 | Quarter Ended Dec 31, 2023 | YTD 2024 | YTD 2023 | |||||||||||||||||||
| Financial Ratios | |||||||||||||||||||||||
| Return on Average Assets | -0.09 | % | 0.06 | % | 0.00 | % | 0.00 | % | 0.02 | % | |||||||||||||
| Return on Average Equity | -1.23 | % | 0.70 | % | 0.03 | % | 0.03 | % | 0.28 | % | |||||||||||||
| Efficiency Ratio | 108.7 | % | 105.9 | % | 106.4 | % | 105.9 | % | 101.2 | % | |||||||||||||
| Net Interest Margin | 2.30 | % | 2.37 | % | 2.48 | % | 2.36 | % | 2.59 | % | |||||||||||||
| Loan to Deposits | 97.9 | % | 96.5 | % | 101.2 | % | |||||||||||||||||
| Tangible Book Value per Share | $ | 7.80 | $ | 7.67 | $ | 7.58 | |||||||||||||||||
| Book Value per Share | $ | 7.81 | $ | 7.68 | $ | 7.60 | |||||||||||||||||
| Earnings per Share | $ | (0.03 | ) | $ | 0.01 | $ | - | $ | 0.03 | $ | 0.02 | ||||||||||||
| Asset Quality | |||||||||||||||||||||||
| Net Loan Charge-offs (recoveries) | $ | (31 | ) | $ | 4 | $ | - | ||||||||||||||||
| Nonperforming Loans | $ | 235 | $ | 235 | $ | - | |||||||||||||||||
| Nonperforming Assets to Total Assets | 0.13 | % | 0.13 | % | 0.00 | % | |||||||||||||||||
| Allowance for Loan Losses to Total Loans | 0.81 | % | 0.83 | % | 0.80 | % | |||||||||||||||||
| Other Real Estate Owned | - | - | - | ||||||||||||||||||||
| CAPITAL (Bank only) | |||||||||||||||||||||||
| Tier 1 leverage ratio | 9.98 | % | 10.23 | % | 9.56 | % | |||||||||||||||||
| Tier 1 risk-based capital ratio | 14.87 | % | 15.00 | % | 14.16 | % | |||||||||||||||||
| Total risk based capital ratio | 15.81 | % | 15.97 | % | 15.09 | % | |||||||||||||||||
FAQ
What was Liberty Northwest Bancorp's (LBNW) net income for Q4 2024?
How did LBNW's deposit base change in 2024?
What was LBNW's net interest margin in Q4 2024?
What capital raising activity did LBNW complete in 2024?
What was LBNW's tangible book value per share at the end of 2024?
