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Morris State Bancshares Announces Solid Earnings in 2024, Declares Special Dividend, and Increases Quarterly Dividend

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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.

Positive
  • 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
Negative
  • 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 30.43% increase in its quarterly cash dividend, raising it to $0.12 per common share—an increase of $0.028 per share over the quarterly dividend of $0.092 paid in each of the prior quarters last year1. This dividend will be payable on or about March 14, 2025, to all shareholders of record as of February 15, 2025. In addition to this increase, the Board also approved a one-time special dividend of $0.15 per common share. This special dividend will be payable on or about March 21, 2025, to all shareholders of record as of February 15, 2025.

"We are extremely pleased with the Company's strong financial performance in 2024, achieving net earnings of $21.8 million. As the Federal Reserve pivoted during the year and decreased interest rates for the first time since March of 2020, our team effectively managed our net interest margin, closing the year at 4.06%—an increase of 8 basis points from the prior year end," said Spence Mullis, Chairman and CEO. "At the bank level, we achieved a 1.68% return on average assets and a 12.74% return on average equity, closing the year with a leverage ratio of 12.84%, placing us in the top 10% of our FDIC peer group* in terms of capital strength. As mentioned in our third-quarter earnings release, given our strong capital position at both the bank and holding company and solid cash position at the holding company, we have the ability and plan to retire the remaining $15.0 million in subordinated debt when the window for retirement opens in July 2025. With our robust capital levels and strong earnings performance, we are well-positioned to capitalize on strategic opportunities and drive continued organic growth within our existing footprint while continuing to grow value for our shareholders through earnings and dividends."

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 to 1.65% for the third quarter of 2024 and 1.84% 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 to 1.55% 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, or 4.96%, 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 of 0.72% and net charge offs to average loans of 0.04% for 2024.
  • Bank-level efficiency ratio net of tax credit amortization expense was 53.30% in 2024, compared to 52.99% 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.
                   

FAQ

What was Morris State Bancshares (MBLU) net income for 2024?

Morris State Bancshares reported a net income of $21.8 million for the full year 2024, compared to $19.3 million in 2023.

How much did MBLU increase its quarterly dividend in 2024?

MBLU increased its quarterly dividend by 30.43% to $0.12 per share, up from $0.092 in the previous quarters.

What is the amount of MBLU's special dividend announced in 2024?

MBLU announced a one-time special dividend of $0.15 per common share, payable on March 21, 2025.

What was MBLU's net loan growth in 2024?

MBLU's net loans grew by $52.1 million, representing a 4.96% increase during 2024.

What is MBLU's plan for subordinated debt retirement in 2025?

MBLU plans to retire the remaining $15.0 million in subordinated debt when the window for retirement opens in July 2025.

What was MBLU's tangible book value per share at the end of 2024?

MBLU's tangible book value per share was $17.45 at December 31, 2024, compared to $15.79 at December 31, 2023.

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