Net income for the third quarter of 2024 was $3.861 million, a significant increase from $1.756 million in the third quarter of 2023. Diluted earnings per common share reached $0.50, up from $0.23 in the prior year's third quarter. This performance was achieved despite a one-time pre-tax loss of $1.2 million in Q3 2023 from the sale of U.S. Treasuries.
The company reported net interest income of $13.412 million for the third quarter of 2024, an increase from $12.103 million in the same period last year. The net interest margin expanded to 2.96%, up from 2.93% in the second quarter of 2024, driven by a 13 basis point increase in the loan portfolio yield to 5.73%. The $150 million interest rate swap positively impacted interest on loans by $681 thousand during the quarter.
Total loans increased by $7.5 million to $1.197 billion at September 30, 2024, representing an annualized growth rate of 7.4% year-to-date. Total deposits grew by $39.5 million to $1.644 billion, with 'pure deposits' increasing by $31.0 million, demonstrating a 9.4% annualized growth rate. Asset quality remained strong with a non-performing assets ratio of 0.04% of total assets.
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