Financial Performance - The company reported a net income of 3,601,000,or0.21 per diluted common share, for 2024, compared to a net loss of 3,346,000,or0.20 per diluted common share, for 2023[104]. - Net income for 2024 was 3,601,000,asignificantrecoveryfromanetlossof3,346,000 in 2023[215]. - Total comprehensive income for 2024 reached 8,494,000,comparedtoalossof802,000 in 2023[215]. - Basic and diluted earnings per share for 2024 were both 0.21,comparedtoalossof0.20 per share in 2023[272]. Loan and Deposit Growth - Total loans grew by 30million,or2.943 million, or 3.7%, for 2024[104]. - Average total loans for 2024 rose by 40.5million,or4.130.0 million, or 2.9%, since December 31, 2023[113]. - Total deposits rose by 42.6million,or3.71,200,995 thousand in 2024, up from 1,158,360thousandin2023,indicatinganincreaseofabout3.736,048,000, a slight increase of 28,000,or0.15,645,000, or 9.3%, to 66,505,000in2024,whileinterestexpenseroseby5,617,000, or 22.6%, to 30,457,000[107].−Totalinterestincomefor2024increasedby5.6 million, or 9.3%, compared to 2023, driven by a 2.5% increase in average total interest-earning assets[112]. - Total interest expense increased by 5.6million,or22.6884,000 in 2024, significantly lower than the 7,429,000in2023,reflectingrecoveriesrecognizedintheloanandsecuritiesportfolios[104].−Theallowanceforcreditlossesdecreasedto13,912 thousand in 2024 from 15,053thousandin2023,areductionofapproximately7.61.1 million, or 7.6%, to 13.9millionatDecember31,2024,comparedto15.0 million at the end of 2023[130]. - The allowance for credit losses on available for sale securities decreased by 566,000,or61.1360,000 as of December 31, 2024[137]. Non-Interest Income and Expenses - Non-interest income represented 33% of total revenue for 2024, driven by strong contributions from the wealth management division[104]. - Non-interest income totaled 17,975thousandin2024,comparedto16,389 thousand in 2023, reflecting an increase of approximately 9.7%[212]. - Non-interest expense for 2024 totaled 48.7million,adecreaseof628,000, or 1.3%, from 2023, primarily due to lower salaries and employee benefits[141]. - Wealth management fees rose to 12,318millionin2024,upfrom11,266 million in 2023, reflecting a growth of 9.4%[294]. Asset and Equity Growth - The Company's total consolidated assets increased by 32.7million,or2.41.422 billion as of December 31, 2024, driven by higher cash, loans, and other assets[145]. - The Company's total shareholders' equity increased by 5.0million,or4.93.7 million to 17.7million,supportedby24.1 million net cash from financing activities[151]. - The tangible common equity ratio increased to 6.64% in 2024 from 6.44% in 2023, while the tangible book value per share rose to 5.66from5.16[183]. Shareholder Returns and Stock Activity - The company maintained a cash dividend of 0.12pershareforboth2024and2023[213].−Thecompanypurchased628,003sharesoftreasurystockin2024,totaling1,511,000[218]. - The company declared a cash dividend of 0.12pershareinboth2024and2023,totaling2,020,000 in 2024[218]. Risk Management and Interest Rate Sensitivity - The Company executed $70 million of interest rate hedges in 2023 to mitigate negative variability of net interest income in a rising interest rate environment[170]. - The Company’s interest rate risk position is relatively neutral, with a slight negative variability in net interest income under upward rate scenarios[171]. - The cumulative GAP ratio through three months indicates a liability-sensitive position with a ratio of 0.82, reflecting an increase in liability sensitivity due to higher interest-bearing deposits[165]. - The Company maintains a disciplined approach to pricing core deposit accounts while controlling overnight borrowed funds[171]. Technological Advancements and Community Involvement - The Company is focused on technological advancements to drive efficiency and improve customer service[199]. - The company plans to continue promoting employee community involvement and leadership, enhancing its corporate image through various community assistance programs[203].
