Morris State Bancshares Announces Solid Earnings in 2024, Declares Special Dividend, and Increases Quarterly Dividend
Morris State Bancshares (OTCQX: MBLU) reported strong financial results for Q4 and full-year 2024. The company announced a 30.43% increase in quarterly dividend to $0.12 per share and a special one-time dividend of $0.15 per share. Net income for 2024 reached $21.8 million, with Q4 earnings at $6.1 million.
Key 2024 metrics include: diluted EPS of $2.72, total assets of $1.49 billion, and net loan growth of $52.1 million (4.96%). The bank maintained strong asset quality with nonperforming assets at 0.41% and net charge-offs at 0.04%. The company plans to retire $15.0 million in subordinated debt in July 2025, supported by robust capital levels including a bank leverage ratio of 12.84%.
Net interest margin improved to 4.06%, up 8 basis points year-over-year, while the bank-level efficiency ratio was 53.30%. Total shareholders' equity increased 9.81% to $195.6 million, with tangible book value per share reaching $17.45.
Morris State Bancshares (OTCQX: MBLU) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. L'azienda ha annunciato un incremento del 30,43% del dividendo trimestrale a $0,12 per azione e un dividendo speciale una tantum di $0,15 per azione. Il reddito netto per il 2024 ha raggiunto $21,8 milioni, con un guadagno di $6,1 milioni nel quarto trimestre.
I principali indicatori del 2024 includono: EPS diluiti di $2,72, attivi totali di $1,49 miliardi e crescita netta dei prestiti di $52,1 milioni (4,96%). La banca ha mantenuto un'ottima qualità degli attivi, con attivi non performanti all'0,41% e svalutazioni nette allo 0,04%. La società prevede di estinguere $15,0 milioni di debito subordinato nel luglio del 2025, supportata da solidi livelli di capitale, incluso un rapporto di leva della banca del 12,84%.
Il margine di interesse netto è migliorato al 4,06%, in aumento di 8 punti base rispetto all'anno precedente, mentre il rapporto di efficienza a livello bancario è stato del 53,30%. Il patrimonio totale degli azionisti è aumentato del 9,81% a $195,6 milioni, con un valore contabile tangibile per azione pari a $17,45.
Morris State Bancshares (OTCQX: MBLU) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía anunció un aumento del 30.43% en el dividendo trimestral a $0.12 por acción y un dividendo especial único de $0.15 por acción. El ingreso neto para 2024 alcanzó los $21.8 millones, con ganancias del cuarto trimestre de $6.1 millones.
Los indicadores clave de 2024 incluyen: EPS diluido de $2.72, activos totales de $1.49 mil millones y crecimiento neto de préstamos de $52.1 millones (4.96%). El banco mantuvo una fuerte calidad de activos con activos no productivos al 0.41% y cancelaciones netas al 0.04%. La compañía planea amortizar $15.0 millones en deuda subordinada en julio de 2025, respaldada por robustos niveles de capital, incluido un ratio de apalancamiento bancario del 12.84%.
El margen de interés neto mejoró al 4.06%, un aumento de 8 puntos básicos interanuales, mientras que el ratio de eficiencia del banco fue del 53.30%. El patrimonio total de los accionistas aumentó un 9.81% a $195.6 millones, con un valor contable tangible por acción que alcanzó los $17.45.
Morris State Bancshares (OTCQX: MBLU)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 이 회사는 분기 배당금을 주당 $0.12로 30.43% 인상하고, 특별 일회성 배당금으로 주당 $0.15를 발표했습니다. 2024년 순이익은 $2180만에 달하며, 4분기 수익은 $610만이었습니다.
2024년 주요 지표로는 희석 EPS가 $2.72, 총 자산은 $14.9억, 순 대출 증가액은 $5210만(4.96%)입니다. 은행은 비수익 자산 비율이 0.41%, 순 손실 비율이 0.04%로 강력한 자산 품질을 유지했습니다. 회사는 2025년 7월에 $1500만의 후순위 채무를 상환할 계획이며, 은행 레버리지 비율이 12.84%에 이르는 강력한 자본 수준을 지원합니다.
순이자 마진은 4.06%로 증가하였고, 전년 대비 8bp 상승했으며, 은행 수준의 효율성 비율은 53.30%였습니다. 총 주주 자본은 9.81% 증가하여 $195.6백만에 달하며, 주당 실질 장부 가치는 $17.45에 도달했습니다.
Morris State Bancshares (OTCQX: MBLU) a rapporté de solides résultats financiers pour le quatrième trimestre et pour l'année entière 2024. La société a annoncé une augmentation de 30,43 % du dividende trimestriel à 0,12 $ par action et un dividende spécial unique de 0,15 $ par action. Le revenu net pour 2024 a atteint 21,8 millions $, avec des bénéfices au quatrième trimestre de 6,1 millions $.
Les principaux indicateurs de 2024 comprennent : un BPA dilué de 2,72 $, un total d'actifs de 1,49 milliard $ et une croissance nette des prêts de 52,1 millions $ (4,96 %). La banque a maintenu une forte qualité d'actifs avec des actifs non performants à 0,41 % et des créances irrécouvrables à 0,04 %. L'entreprise prévoit de rembourser 15,0 millions $ de dettes subordonnées en juillet 2025, soutenue par des niveaux de capital solides, y compris un ratio d'effet de levier bancaire de 12,84 %.
La marge d'intérêt nette s'est améliorée à 4,06 %, en hausse de 8 points de base par rapport à l'année précédente, tandis que le ratio d'efficacité de la banque était de 53,30 %. Les capitaux propres totaux des actionnaires ont augmenté de 9,81 % pour atteindre 195,6 millions $, avec une valeur comptable tangible par action de 17,45 $.
Morris State Bancshares (OTCQX: MBLU) hat starke Finanzkennzahlen für das 4. Quartal und das Gesamtjahr 2024 berichtet. Das Unternehmen gab eine Erhöhung der vierteljährlichen Dividende um 30,43% auf $0,12 pro Aktie bekannt sowie eine einmalige Sonderdividende von $0,15 pro Aktie. Der Nettogewinn für 2024 belief sich auf $21,8 Millionen, mit einem Gewinn von $6,1 Millionen im 4. Quartal.
Wichtige Kennzahlen für 2024 umfassen: verwässerter EPS von $2,72, gesamte Vermögenswerte von $1,49 Milliarden und Nettodarlehenswachstum von $52,1 Millionen (4,96%). Die Bank hielt eine hohe Asset-Qualität mit notleidenden Aktiva von 0,41% und Nettobuchverlusten von 0,04%. Das Unternehmen plant, im Juli 2025 $15,0 Millionen an nachrangigen Schulden zurückzuführen, unterstützt durch robuste Kapitalniveaus, einschließlich einer Bank-Leverage-Quote von 12,84%.
Die Nettomargen verbesserten sich auf 4,06%, was einen Anstieg um 8 Basispunkte im Vergleich zum Vorjahr darstellt, während die Effizienzquote der Bank bei 53,30% lag. Das gesamte Eigenkapital der Aktionäre stieg um 9,81% auf $195,6 Millionen, wobei der tangible Buchwert pro Aktie bei $17,45 lag.
- Net income increased to $21.8 million in 2024 from $19.3 million in 2023
- 30.43% increase in quarterly dividend plus special dividend of $0.15 per share
- Net loans grew by $52.1 million (4.96%) during 2024
- Strong asset quality with low nonperforming assets (0.41%) and net charge-offs (0.04%)
- Net interest margin improved by 8 basis points to 4.06%
- Shareholders' equity increased 9.81% to $195.6 million
- Bank leverage ratio of 12.84% places in top 10% of FDIC peer group
- Bank-level efficiency ratio slightly worsened to 53.30% from 52.99% in 2023
DUBLIN, Ga., Feb. 04, 2025 (GLOBE NEWSWIRE) -- Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank (the “Bank”), today reported its financial results for the quarter and year ended December 31, 2024. Year over year and quarter by quarter comparisons are included herewith.
On January 29, 2025, the Company’s Board of Directors announced a
"We are extremely pleased with the Company's strong financial performance in 2024, achieving net earnings of
Following is a summary of the quarterly and annual highlights:
Fourth Quarter 2024 Highlights
- Net income for the fourth quarter of 2024 was
$6.1 million , compared to$5.4 million for the third quarter of 2024 and$5.9 million for the fourth quarter of 2023. - Diluted earnings per share for the fourth quarter of 2024 was
$0.52 , compared to$0.51 for the third quarter of 2024 and$0.56 for the fourth quarter of 2023. - Earnings before taxes for the fourth quarter of 2024 was
$6.6 million , compared to$5.7 million for the third quarter of 2024 and$5.5 million for the fourth quarter of 2023. - Net loans in the fourth quarter of 2024 totaled
$1.10 billion , versus$1.05 billion in the third quarter of 2024 and$1.06 billion at year end 2023. - Average cost of funds for the fourth quarter of 2024 was 206 basis points, compared to 218 basis points for the third quarter of 2024 and 192 basis points for the fourth quarter of 2023.
- Return on average assets (annualized) at the bank level for the fourth quarter of 2024 was
1.79% , compared to1.65% for the third quarter of 2024 and1.84% for the fourth quarter of 2023.
Full Year 2024 Highlights
- Total assets remained level at
$1.49 billion at December 31, 2024, compared to$1.44 billion at December 31, 2023. - Earnings before income taxes totaled
$23.0 million at December 31, 2024 compared to$21.5 million at December 31, 2023. - Full year net income of
$21.8 million in 2024, compared to$19.3 million in 2023. - Return on average assets at the bank level of
1.68% for the full year 2024, compared to1.55% for 2023. - Diluted earnings per share of
$2.72 in 2024, compared to$1.83 in 2023. - Total shareholders’ equity increased
9.81% or$17.5 million to$195.6 million at December 31, 2024, compared to$178.1 million at December 31, 2023. - Tangible book value per share of
$17.45 at December 31, 2024, compared to$15.79 at December 31, 2023. - Net loans grew
$52.1 million , or4.96% , during 2024. - The Bank’s asset quality remains solid, ending the year with nonperforming assets to total loans and other real estate of
0.41% , past due and nonaccrual loans of0.72% and net charge offs to average loans of0.04% for 2024. - Bank-level efficiency ratio net of tax credit amortization expense was
53.30% in 2024, compared to52.99% in 2023.
*as defined in the FDIC’s Uniform Bank Performance Report
Forward-looking Statements
Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “plan,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.
1 Per share amounts for March 31, 2024 and previous quarters have been adjusted to reflect the April 22, 2024 4-for-1 stock dividend.
MORRIS STATE BANCSHARES, INC. | |||||||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||||||
Consolidated Balance Sheets | |||||||||||||||||||||
December 31, 2024 and 2023 | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
2024 | 2023 | Change | % Change | ||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
Cash and due from banks | $ | 53,898,138 | $ | 51,060,389 | $ | 2,837,749 | 5.56 | % | |||||||||||||
Federal funds sold | 42,064,131 | 17,268,446 | 24,795,685 | 143.59 | % | ||||||||||||||||
Total cash and cash equivalents | 95,962,269 | 68,328,835 | 27,633,434 | 40.44 | % | ||||||||||||||||
Interest-bearing time deposits in other banks | 100,000 | 100,000 | -- | 0.00 | % | ||||||||||||||||
Securities available for sale, at fair value | 9,726,716 | 7,875,780 | 1,850,936 | 0.00 | % | ||||||||||||||||
Securities held to maturity, at cost | 215,836,502 | 240,205,635 | (24,369,133 | ) | -10.15 | % | |||||||||||||||
Federal Home Loan Bank stock, restricted, at cost | 1,032,800 | 1,029,600 | 3,200 | 0.31 | % | ||||||||||||||||
Loans, net of unearned income | 1,116,074,659 | 1,063,772,222 | 52,302,437 | 4.92 | % | ||||||||||||||||
Less-allowance for loan losses | (14,488,525 | ) | (14,291,923 | ) | (196,602 | ) | 1.38 | % | |||||||||||||
Loans, net | 1,101,586,134 | 1,049,480,299 | 52,105,835 | 4.96 | % | ||||||||||||||||
Bank premises and equipment, net | 12,780,014 | 13,188,353 | (408,339 | ) | -3.10 | % | |||||||||||||||
ROU assets for operating lease, net | 776,979 | 1,126,156 | (349,177 | ) | -31.01 | % | |||||||||||||||
Goodwill | 9,361,704 | 9,361,704 | -- | 0.00 | % | ||||||||||||||||
Intangible assets, net | 1,338,964 | 1,679,989 | (341,025 | ) | -20.30 | % | |||||||||||||||
Other real estate and foreclosed assets | 21,898 | 3,611,235 | (3,589,337 | ) | -99.39 | % | |||||||||||||||
Accrued interest receivable | 7,278,258 | 6,424,090 | 854,168 | 13.30 | % | ||||||||||||||||
Cash surrender value of life insurance | 15,128,762 | 14,711,623 | 417,139 | 2.84 | % | ||||||||||||||||
Other assets | 22,674,658 | 25,321,092 | (2,646,434 | ) | -10.45 | % | |||||||||||||||
Total Assets | $ | 1,493,605,658 | $ | 1,442,444,391 | $ | 51,161,267 | 3.55 | % | |||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Non-interest bearing | $ | 325,534,335 | $ | 316,224,444 | $ | 9,309,891 | 2.94 | % | |||||||||||||
Interest bearing | 939,354,005 | 909,976,336 | 29,377,669 | 3.23 | % | ||||||||||||||||
1,264,888,340 | 1,226,200,780 | 38,687,560 | 3.16 | % | |||||||||||||||||
Other borrowed funds | 19,019,372 | 27,151,283 | (8,131,911 | ) | -29.95 | % | |||||||||||||||
Lease liability for operating lease | 776,979 | 1,126,156 | (349,177 | ) | -31.01 | % | |||||||||||||||
Accrued interest payable | 2,111,093 | 1,059,226 | 1,051,867 | 99.31 | % | ||||||||||||||||
Accrued expenses and other liabilities | 11,206,717 | 8,773,430 | 2,433,287 | 27.73 | % | ||||||||||||||||
Total liabilities | 1,298,002,501 | 1,264,310,875 | 33,691,626 | 2.66 | % | ||||||||||||||||
Shareholders' Equity: | |||||||||||||||||||||
Common stock | 10,688,723 | 10,645,508 | 43,215 | 0.41 | % | ||||||||||||||||
Paid in capital surplus | 34,936,059 | 33,711,561 | 1,224,498 | 3.63 | % | ||||||||||||||||
Retained earnings | 130,111,050 | 115,232,196 | 14,878,854 | 12.91 | % | ||||||||||||||||
Current year earnings | 21,804,345 | 19,332,489 | 2,471,856 | 12.79 | % | ||||||||||||||||
Accumulated other comprehensive income (loss) | 1,422,709 | 1,968,846 | (546,137 | ) | -27.74 | % | |||||||||||||||
Treasury Stock, at cost 95,498 shares | (3,359,729 | ) | (2,757,084 | ) | (602,645 | ) | 21.86 | % | |||||||||||||
Total shareholders' equity | 195,603,157 | 178,133,516 | 17,469,641 | 9.81 | % | ||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,493,605,658 | $ | 1,442,444,391 | 51,161,267 | 3.55 | % | ||||||||||||||
MORRIS STATE BANCSHARES, INC. | |||||||||||||||||
AND SUBSIDIARIES | |||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||
For the Years Ended December 31, 2024 and 2023 | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2024 | 2023 | Change | % Change | ||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Interest and Dividend Income: | |||||||||||||||||
Interest and fees on loans | $ | 72,453,630 | $ | 62,157,217 | $ | 10,296,413 | 16.57 | % | |||||||||
Interest income on securities | 7,368,157 | 8,196,152 | (827,995 | ) | -10.10 | % | |||||||||||
Income on federal funds sold | 851,717 | 627,235 | 224,482 | 35.79 | % | ||||||||||||
Income on time deposits held in other banks | 1,699,224 | 1,214,072 | 485,152 | 39.96 | % | ||||||||||||
Other interest and dividend income | 183,239 | 255,689 | (72,450 | ) | -28.34 | % | |||||||||||
Total interest and dividend income | 82,555,967 | 72,450,365 | 10,105,602 | 13.95 | % | ||||||||||||
Interest Expense: | |||||||||||||||||
Deposits | 25,981,731 | 18,599,664 | 7,382,067 | 39.69 | % | ||||||||||||
Interest on other borrowed funds | 1,548,980 | 2,148,019 | (599,039 | ) | -27.89 | % | |||||||||||
Interest on federal funds purchased | 296 | 842 | (546 | ) | -64.85 | % | |||||||||||
Total interest expense | 27,531,007 | 20,748,525 | 6,782,482 | 32.69 | % | ||||||||||||
Net interest income before provision for loan losses | 55,024,960 | 51,701,840 | 3,323,120 | 6.43 | % | ||||||||||||
Less-provision for loan losses | 556,913 | 450,475 | 106,438 | 23.63 | % | ||||||||||||
Net interest income after provision for loan losses | 54,468,047 | 51,251,365 | 3,216,682 | 6.28 | % | ||||||||||||
Noninterest Income: | |||||||||||||||||
Service charges on deposit accounts | 2,164,988 | 2,143,550 | 21,438 | 1.00 | % | ||||||||||||
Other service charges, commissions and fees | 1,553,493 | 1,589,747 | (36,254 | ) | -2.28 | % | |||||||||||
Gain on sales of foreclosed assets | -- | -- | -- | 0.00 | % | ||||||||||||
Gain on sales and calls of securities | 182 | -- | 182 | 0.00 | % | ||||||||||||
Gain on sale of loans | -- | -- | -- | -- | |||||||||||||
Increase in CSV of life insurance | 417,139 | 378,079 | 39,060 | 10.33 | % | ||||||||||||
Other income | 644,868 | 606,754 | 38,114 | 6.28 | % | ||||||||||||
Total noninterest income | 4,780,670 | 4,718,130 | 62,540 | 1.33 | % | ||||||||||||
Noninterest Expense: | |||||||||||||||||
Salaries and employee benefits | 19,050,416 | 17,414,685 | 1,635,731 | 9.39 | % | ||||||||||||
Occupancy and equipment expenses, net | 2,223,832 | 2,250,663 | (26,831 | ) | -1.19 | % | |||||||||||
(Gain) Loss on sales of foreclosed assets and other real estate | 9,681 | 321,783 | (312,102 | ) | 0.00 | % | |||||||||||
Loss on sales of premises and equipment | -- | 54,269 | (54,269 | ) | -100.00 | % | |||||||||||
Tax credit amortization expense | 2,920,825 | 2,733,248 | 187,577 | 6.86 | % | ||||||||||||
Other expenses | 12,040,179 | 11,713,425 | 326,754 | 2.79 | % | ||||||||||||
Total noninterest expense | 36,244,933 | 34,488,073 | 1,756,860 | 5.09 | % | ||||||||||||
Income Before Income Taxes | 23,003,784 | 21,481,422 | 1,522,362 | 7.09 | % | ||||||||||||
Provision for income taxes | 1,199,439 | 2,148,933 | (949,494 | ) | -44.18 | % | |||||||||||
Net Income | $ | 21,804,345 | $ | 19,332,489 | 2,471,856 | 12.79 | % | ||||||||||
Earnings per common share: | |||||||||||||||||
Basic | $ | 2.72 | $ | 1.83 | 0.89 | 48.63 | % | ||||||||||
Diluted | $ | 2.72 | $ | 1.83 | 0.89 | 48.63 | % | ||||||||||
Per share amounts for December 31, 2023 has been adjusted to reflect the April 22, 2024 4-for-1 stock dividend. | |||||||||||||||||
MORRIS STATE BANCSHARES, INC. | ||||||||||||||||||||||||||||||||
AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Selected Financial Information | ||||||||||||||||||||||||||||||||
Year Ending | Quarter Ended | |||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||||||||||||
(Dollars in thousand, except per share data) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Basic Earnings per Common Share | $ | 2.72 | $ | 1.83 | $ | 0.52 | $ | 0.51 | $ | 0.50 | $ | 0.46 | $ | 0.56 | ||||||||||||||||||
Diluted Earnings per Common Share | 2.72 | 1.83 | 0.52 | 0.51 | 0.50 | 0.46 | 0.56 | |||||||||||||||||||||||||
Dividends per Common Share | 0.368 | 0.352 | 0.092 | 0.092 | 0.092 | 0.092 | 0.088 | |||||||||||||||||||||||||
Book Value per Common Share | 18.46 | 16.84 | 18.46 | 17.99 | 17.56 | 17.20 | 16.84 | |||||||||||||||||||||||||
Tangible Book Value per Common Share | 17.45 | 15.79 | 17.45 | 16.97 | 16.53 | 16.17 | 15.79 | |||||||||||||||||||||||||
Average Diluted Shares Outstanding | 10,603,218 | 10,582,377 | 10,596,432 | 10,602,348 | 10,611,811 | 10,582,377 | 10,582,820 | |||||||||||||||||||||||||
End of Period Common Shares Outstanding | 10,593,225 | 10,582,219 | 10,593,225 | 10,596,345 | 10,605,080 | 10,582,218 | 10,581,052 | |||||||||||||||||||||||||
Selected Balance Sheet Data (Bank Only) | ||||||||||||||||||||||||||||||||
Net Loans | $ | 1,101,586 | $ | 1,049,480 | $ | 1,101,586 | $ | 1,048,418 | $ | 1,023,367 | $ | 1,040,412 | $ | 1,063,772 | ||||||||||||||||||
Non-Interest Bearing Deposits | 347,929 | 315,953 | 347,929 | 336,698 | 339,177 | 346,232 | 339,785 | |||||||||||||||||||||||||
Interest Bearing Demand Deposits | 260,371 | 286,112 | 260,371 | 249,649 | 243,744 | 260,624 | 270,473 | |||||||||||||||||||||||||
Savings & Money Market Deposits | 402,641 | 393,139 | 402,641 | 401,234 | 422,048 | 441,911 | 444,170 | |||||||||||||||||||||||||
Time Deposits | 276,898 | 231,692 | 276,898 | 211,590 | 193,110 | 175,534 | 161,933 | |||||||||||||||||||||||||
Earnings Summary | ||||||||||||||||||||||||||||||||
Net Interest Income | 55,025 | 51,701 | 14,496 | 13,998 | 13,569 | 12,963 | 12,934 | |||||||||||||||||||||||||
Provision for Credit Losses | 557 | 450 | 28 | 252 | 272 | 5 | 242 | |||||||||||||||||||||||||
Non-Interest Income | 4,781 | 4,718 | 1,076 | 1,106 | 1,392 | 1,208 | 1,098 | |||||||||||||||||||||||||
Non-Interest Expense | 36,245 | 34,488 | 8,934 | 9,142 | 9,047 | 9,123 | 8,275 | |||||||||||||||||||||||||
Earnings before Taxes | 23,004 | 21,481 | 6,610 | 5,710 | 5,641 | 5,043 | 5,515 | |||||||||||||||||||||||||
Income Taxes | 1,199 | 2,149 | 465 | 263 | 319 | 152 | (416 | ) | ||||||||||||||||||||||||
Net Income | 21,804 | 19,332 | 6,144 | 5,447 | 5,322 | 4,891 | 5,931 | |||||||||||||||||||||||||
Annualized Performance Ratios (Bank Only) | ||||||||||||||||||||||||||||||||
Return on Average Assets | 1.68 | % | 1.55 | % | 1.79 | % | 1.65 | % | 1.73 | % | 1.55 | % | 1.84 | % | ||||||||||||||||||
Return on Average Equity | 12.74 | % | 12.25 | % | 13.69 | % | 12.37 | % | 13.12 | % | 11.74 | % | 14.11 | % | ||||||||||||||||||
Equity/Assets | 12.84 | % | 13.07 | % | 12.84 | % | 13.23 | % | 13.18 | % | 13.09 | % | 13.07 | % | ||||||||||||||||||
Cost of Funds | 2.12 | % | 1.57 | % | 2.06 | % | 2.18 | % | 2.16 | % | 2.09 | % | 1.92 | % | ||||||||||||||||||
Net Interest Margin | 4.06 | % | 3.98 | % | 4.17 | % | 4.10 | % | 4.02 | % | 3.95 | % | 3.97 | % | ||||||||||||||||||
Efficiency Ratio | 58.27 | % | 57.51 | % | 54.21 | % | 58.90 | % | 58.36 | % | 61.92 | % | 55.17 | % | ||||||||||||||||||
Efficiency Ratio Net of Tax Credit Amortization Expense | 53.30 | % | 52.99 | % | 49.45 | % | 53.96 | % | 53.40 | % | 56.68 | % | 50.90 | % | ||||||||||||||||||
Nonperforming Assets to Total Loans and Other Real Estate | 0.41 | % | 0.58 | % | 0.41 | % | 0.46 | % | 0.39 | % | 0.28 | % | 0.58 | % | ||||||||||||||||||
Past Due and Nonaccural Loans Ratio | 0.72 | % | 0.65 | % | 0.72 | % | 1.01 | % | 0.68 | % | 0.73 | % | 0.65 | % | ||||||||||||||||||
Net Chargeoffs to Average Loans | 0.04 | % | 0.01 | % | 0.01 | % | 0.03 | % | 0.02 | % | 0.00 | % | 0.33 | % | ||||||||||||||||||
Shares outstanding and per share amounts for March 31, 2024 and prior quarters have been adjusted to reflect the April 22, 2024 4-for-1 stock dividend. | ||||||||||||||||||||||||||||||||
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FAQ
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