Executive Summary

Q4 2024 delivered solid profitability with net income of $5.224M and EPS of $1.47, up sequentially from $1.42 and a sharp YoY swing from a Q4 2023 loss due to prior merger-related costs .
Balance sheet mix continued to improve: deposits rose $1.96M in the quarter as management migrated customer repurchase agreements into core deposits; short-term borrowings fell $4.637M and long-term borrowings fell $4.929M, supporting liquidity optimization .
Asset quality tightened: non-performing assets increased to $10.117M (0.63% of assets) from $8.575M (0.53%) in Q3, driven by higher non-accrual residential real estate loans; monitoring credit trends is a near-term focus .
Capital and margin improved: equity-to-assets was 10.43% and YTD fully tax-equivalent net interest margin reached 3.46% (vs. 3.40% in Q3 and 2.34% in 2023), aided by earning asset yields and funding mix .
Wall Street consensus estimates were unavailable via S&P Global during retrieval; beat/miss vs estimates cannot be assessed at this time (S&P Global request limit) [GetEstimates error].

What Went Well and What Went Wrong

EPS rose to $1.47 and net income to $5.224M, continuing sequential improvement and reversing last year’s merger-driven loss .
Funding mix improved as deposits increased and both short-term and long-term borrowings declined, consistent with the strategic migration of repurchase agreements to core deposits, which management says will continue into 2025 .
Capital and margin strengthened: equity-to-assets hit 10.43% at year-end; YTD FTE NIM reached 3.46%, up from 3.40% in Q3 and 2.34% in 2023, signaling sustained spread improvement .
Quote: “The Bank anticipates a continued migration of customer repurchase accounts from short-term borrowings to deposits moving into 2025.” .

Asset quality pressure: non-performing assets rose to $10.117M (0.63% of assets) from $8.575M (0.53%) in Q3, driven by higher non-accrual loans including a $1.285M increase in non-accrual residential real estate .
Net interest expense remained elevated vs pre-merger comparisons, reflecting industry rate dynamics (deposits interest expense $6.049M in Q4), though funding mix is improving .
Slight book value per share decline sequentially ($47.11 vs. $47.35 in Q3), though up YoY; accumulated other comprehensive loss remains a headwind to equity (AOCI -$13.896M at Dec 31, 2024) .

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Total net revenue ($USD Millions)	$10.52	$14.78	$15.49	$16.11
Net interest income ($USD Millions)	$8.26	$12.36	$12.77	$13.40
Non-interest income ($USD Millions)	$2.27	$2.42	$2.72	$2.71
EPS ($USD)	($0.41)	$1.32	$1.42	$1.47
Net income ($USD Millions)	$(1.19)	$4.71	$5.06	$5.22
ROAA (%)	-0.35%	1.20%	1.26%	1.30%
ROAE (%)	-3.95%	12.28%	12.34%	12.30%
FTE NIM (YTD, %)	2.34%	3.36%	3.40%	3.46%

Notes: “Total net revenue” is derived as Net interest income + Non-interest income using reported figures in the Consolidated Statements of Income .

Segment breakdown: Not applicable; results are reported on a consolidated basis.

KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Total assets ($USD Millions)	$1,592.3	$1,607.3	$1,596.0
Loans, net + HFS ($USD Millions)	$1,092.1	$1,105.4	$1,117.8
Total deposits ($USD Millions)	$1,265.6	$1,290.5	$1,292.4
Short-term borrowings ($USD Millions)	$89.3	$73.0	$68.4
Long-term borrowings ($USD Millions)	$65.6	$60.5	$55.5
Core deposits ($USD Millions)	$926.8	$938.9	$943.7
NPA ($USD Millions)	$7.736	$8.575	$10.117
NPA / Assets (%)	0.49%	0.53%	0.63%
ACL to total loans (%)	0.85%	0.85%	0.88%
Equity-to-assets (%)	9.90%	10.53%	10.43%
Book value per share ($)	$44.11	$47.35	$47.11
Dividend declared per share ($)	$0.44	$0.44	$0.44

Metric	Period	Previous Guidance	Current Guidance	Change
Deposit mix migration (repurchase to core deposits)	2024→2025	Initiative underway in Q2–Q3 2024	“Continued migration … moving into 2025”	Maintained/extended
Dividend (quarterly)	Q4 2024	$0.44 in Q2–Q3 2024	$0.44 in Q4 2024	Maintained

Note: No explicit revenue, margin, OpEx, OI&E, or tax-rate guidance ranges were provided in Q4 materials .

Transcript unavailable in our document set for Q4 2024; themes reflect management’s press releases.

Topic	Q2 2024 (Prev-2)	Q3 2024 (Prev-1)	Q4 2024 (Current)	Trend
Deposit migration to core accounts	Initiative launched; deposits +$52.1M; ST borrowings -$36.6M	Continued; deposits +$24.8M; ST borrowings -$16.3M	Continues into 2025; deposits +$1.96M; ST borrowings -$4.6M	Positive mix shift
Net interest margin	YTD FTE NIM 3.36%	YTD FTE NIM 3.40%	YTD FTE NIM 3.46%	Improving
Asset quality (NPA)	NPA $7.736M (0.49%)	NPA $8.575M (0.53%)	NPA $10.117M (0.63%); non-accrual residential +$1.285M	Worsening
Capital	Equity/assets 9.90%; BVPS $44.11	Equity/assets 10.53%; BVPS $47.35	Equity/assets 10.43%; BVPS $47.11	Strong, stable
AOCI on securities	Unrealized losses reduce equity by $16.936M	Unrealized losses reduce equity by $8.809M	Unrealized losses reduce equity by $13.896M (YoY improvement vs $15.036M)	Variable with rates

“The Bank anticipates a continued migration of customer repurchase accounts from short-term borrowings to deposits moving into 2025. The execution of this initiative will assist in optimizing the Bank’s long-term liquidity needs and balance sheet management strategies.” .
Management reiterated that changes in market interest rates, mortgage prepayment speeds, and bid-ask spreads drive valuation swings in agency MBS/agency debt and flow through AOCI; debt securities are not considered credit impaired (intent/ability to hold to recovery) .
Q4 2023 results were “significantly impacted by merger related expenses” tied to the November 2023 transaction, contextualizing YoY improvement in Q4 2024 .

No Q4 2024 earnings call transcript found in our document set; Q&A highlights unavailable.

S&P Global consensus estimates for Q4 2024 EPS and revenue were unavailable at time of retrieval (SPGI daily request limit exceeded), so beat/miss vs Street cannot be determined now [GetEstimates error].
Near-term estimate revisions may reflect: stronger sequential EPS, higher net interest income, and elevated NPA levels that could temper credit cost assumptions .

Earnings momentum: Sequential EPS improvement to $1.47, with total net revenue up to ~$16.1M; supports short-term constructive sentiment absent Street consensus context .
Funding mix: Ongoing migration from repurchase agreements to core deposits is lowering reliance on wholesale funding and could support margin durability into 2025 .
Margin trajectory: YTD FTE NIM increased to 3.46%, signaling improving core profitability as repricing benefits and mix changes flow through .
Credit watch: NPA rose to 0.63% of assets and non-accrual residential real estate increased by $1.285M; monitor credit costs and any spillover into provisions .
Capital cushion: Equity-to-assets at 10.43% and BVPS at $47.11 provide balance sheet resilience; dividend maintained at $0.44 in Q4 .
AOCI sensitivity: Unrealized losses in the securities portfolio continue to affect equity (AOCI -$13.896M), tied to rate and market dynamics; rate normalization could improve AOCI over time .
Tactical lens: Near-term catalysts include continued deposit migration progress and any updates on credit trends; negative surprises would likely center on asset quality deterioration or margin compression.