Total Revenue

+43% (Q4 2024: $278.38M vs Q4 2023: $194.19M)

Total revenue grew dramatically due to a combination of improved net interest income and enhanced noninterest revenue sources. This growth builds on previous period gains in loan and securities performance, reflecting effective revenue diversification and acquisition-related benefits that raised the baseline in Q4 2023, making the jump to Q4 2024 substantial. " "

Net Income

+15% (Q4 2024: $34.09M vs Q4 2023: $29.54M)

Net income increased moderately, driven by better overall revenue quality and disciplined cost management. The 15% increase reflects the cumulative benefits of higher net interest income and improved fee income, along with cost efficiency measures implemented previously that continued to bear fruit in Q4 2024. " "

Interest Income

+5% (Q4 2024: $185.93M vs Q4 2023: $176.86M)

Interest income saw modest growth due to higher yields on new loan production and improved securities yields, even as lower accretion on acquired loans partially offset gains. This reflects a continuation of prior period trends with incremental rate improvements and shifting product mixes that enhance yield, albeit at a slower pace than revenue overall. " "

Total Assets

+4.2% (Q4 2024: $15.18B vs Q4 2023: $14.58B)

The increase in total assets builds on previous asset acquisitions and organic growth in the balance sheet. Expanded debt securities holdings, loan growth, and the residual effects of earlier acquisitions (such as those boosting prior period asset bases) contributed to the strengthened asset position. " "

Total Deposits

+4% (Q4 2024: $12.24B vs Q4 2023: $11.78B)

Deposit growth was primarily driven by a shift towards organic, relationship-based funding and a more customer-focused deposit mix. The modest yet steady increase in deposits compared to prior periods reflects strategic efforts to grow low-cost, stable deposit funding, offsetting declines in brokered deposits. " "

Liquidity (Cash and Cash Equivalents)

+6.5% (Q4 2024: $476.61M vs Q4 2023: $447.18M)

Liquidity improved due to robust deposit inflows and proactive balance sheet management. The numerical increase reflects effective cash management initiatives and the cumulative effect of higher deposit and funding bill inflows noted in previous quarters, ensuring a stronger liquidity position moving into Q4 2024. " "

Loan Growth

FY 2025

no prior guidance

Early 2025: expected low- to mid-single-digit loan growth; Late 2025: expected high-single-digit loan growth. " " "

no prior guidance

Net Interest Margin

FY 2025

no prior guidance

Q1 2025: expected expansion by approximately 7 to 10 basis points; Full Year 2025: expected core NIM around 3.35%, with potential additional 5 bps if a rate cut occurs. " "

no prior guidance

Noninterest Income

FY 2025

no prior guidance

Q1 2025: expected noninterest income in the range of $20 million to $22 million. "

no prior guidance

Deposit Costs

FY 2025

no prior guidance

2025: expected stabilization in deposit costs, with a possibility of a slight drift upwards if there is no midyear rate cut. "

no prior guidance

Operating Leverage

FY 2025

no prior guidance

2025: expected positive operating leverage with a target efficiency ratio maintained within the 55% to 60% range. "

no prior guidance

Loan Growth & Pipeline Dynamics

In Q3, loan growth was strong with annualized increases of about 6.6% and a balanced pipeline between CRE and C&I. " " " In Q2, growth was modest at around 2.4% with a rapidly expanding pipeline and notable increases in commercial originations. " " " Q1 featured a record pipeline and high volumes despite some declines in loan outstandings driven by paydowns. " " "

Q4 highlighted guidance for low- to mid-single-digit growth early in 2025, record quarterly production (loan outstandings up by 3.7% and over $900 million in production), and a rebuilding pipeline supported by investments in talent, even as elevated payoffs and loan sales provided some headwinds. " " "

Steady improvement with an increased focus on talent and pipeline rebuilding.

Net Interest Margin Expansion

Q3 saw modest expansion (around 3 basis points) driven by loan and securities repricing with expectations of further margin benefits from rate cuts. " " " Q2 was characterized as a modest expansion phase with a focus on the fixed loan book stepping into a higher rate regime. " " Q1 discussions centered on a bottoming out of margins prior to anticipated rate cuts, with caution due to uncertainty. " "

Q4 delivered a stronger expansion of 22 basis points to 3.39% (15 basis points when excluding accretion), driven primarily by a 26-basis point decline in deposit costs and a more favorable yield curve, alongside positive near-term guidance for continued expansion. " " "

Accelerated margin expansion as deposit costs decline and rate cut expectations become clearer.

Deposit Funding Growth & Cost Stabilization

In Q1, deposit growth was robust (8% annualized) though accompanied by rising costs (costs reached about 2.19%) as the bank aggressively built relationships. " " " In Q2, growth was moderate with deposits increasing by around $100 million and deposit costs stabilizing (flat month-over-month). " " Q3 continued the trend with steady deposit growth, diversified relationship deposits, and cost levels that had slightly increased before trending lower later in the quarter. " " "

In Q4, the focus was on relationship-based deposits with a deliberate strategy to avoid high-cost products; total deposits remained flat at around $12.2 billion while deposit costs declined by 26 basis points to 2.08%. The bank also highlighted flexibility via securities cash flow to fund loan growth if needed. " " "

Improved cost stabilization and a disciplined, relationship-focused deposit growth strategy.

Interest Rate Environment & Rate Uncertainty

Q1 discussions were marked by significant uncertainty regarding rate trajectories and GDP growth, resulting in a cautious tone. " " Q2 reflected efforts to model for a 125-basis point rate cut and noted the comfort of a fixed loan book as a buffer. " " " Q3 provided more clarity with expectations for specific rate cuts (with estimates of 2–4 basis points impact per cut) and detailed repricing dynamics, although some uncertainty remained. " "

In Q4, the sentiment shifted positively with recognition of a supportive long-end yield curve that underpins stronger loan add-on rates and margin expansion. The discussion included expectations for one Fed rate cut in 2025 and more confident capital deployment despite inherent rate uncertainty. " " "

A transition from high uncertainty in early quarters to a more defined and positive rate outlook.

Credit Quality & Accretion Income Variability

Q1 showcased stable credit quality with an ACL of around 1.47%, low charge-offs (15 basis points annualized), and a $10 million run rate for accretion income, though noting variability due to prepayments. " " " Q2 reported a slight improvement with ACL dropping to 1.41% and modest declines in accretion income, along with very low nonperforming loans. " " " Q3 continued with stable quality metrics such as unchanged ratios for criticized loans and a slight downward trend in accretion income. " "

Q4 maintained strong credit quality with further reduced ACL (1.34%) and low nonperforming loans. Accretion income was noted to be variable but expected to align more with the lower end of previously observed ranges as elevated payoffs normalized. " "

Consistently strong credit quality with a normalization of accretion income variability.

Opportunistic Capital Deployment & M&A Strategy

Q1 did not mention this topic. In Q2, there were cautious comments about M&A—emphasizing that any deal must be economically compelling relative to robust organic growth. " Q3 brought in discussions of a historically successful but carefully disciplined M&A strategy, including interest in wealth management acquisitions and targeted bond repositioning. " " "

In Q4, discussions on capital deployment became more pronounced with accelerated M&A conversations postelection. Although the bank passed on some opportunities due to unfavorable pricing, it remains open to opportunistic deals and targeted capital deployment that promise attractive earnback periods, alongside continued hiring to support growth. " " "

Emergence and increasing discussion of opportunistic capital deployment and M&A opportunities.

Wealth Management & Revenue Diversification

Q1 emphasized robust wealth management growth with fee-based AUM increasing by $160 million, coupled with rising revenue diversification through noninterest income enhancements (insurance and treasury management). " " " In Q2, wealth management revenues grew by 6% and AUM increased by about 12% year-to-date, reinforcing their strategic focus. " " " Q3 reported continued strength with a 16% year-to-date increase in AUM and significant contributions from treasury and insurance revenues. " "

Q4 delivered record results in wealth management with AUM up 20% year-over-year to $2.1 billion and noninterest income (excluding securities activity) increasing by 8% to $25.5 million. These figures reflect a continued strategic emphasis on revenue diversification and cross-sell opportunities. " "

A consistently strong and expanding focus on wealth management and revenue diversification.

CRE, Hurricane & Insurance Risks

Q1 and Q2 did not mention these risks. In Q3, discussions emerged around CRE with balanced production between CRE and C&I, and executives noted challenges from hurricanes impacting insurance premiums—especially in specific markets like the Tampa/St. Pete West Coast—along with active monitoring of CRE exposures. " "

Q4 had minimal discussion on CRE, hurricane, or insurance risks—with only a brief mention of hurricanes affecting early-quarter loan production and no significant emphasis on CRE or insurance risk factors—suggesting that earlier concerns had largely dissipated. " "

A transient concern that emerged in Q3 and subsequently faded in Q4.