This morning most investors are going to be looking intently into the price action in stocks of those companies that may have been in the news yesterday, and hence, Mission Bancorp (OTC: MSBC) could be worth tracking. The bank holding company, the parent company of Mission Bank, announced its financial results for the fourth fiscal quarter and the 2024 fiscal year.
Financial Performance
The company announced that the unaudited net income available to the shareholders in the fourth quarter was $7.7 million, which worked out to earnings of $2.85 per diluted common share. That reflected a drop from the $7.8 million in net income and earnings of $2.91 per diluted common share reported in the prior quarter. The unaudited net income for the full fiscal year of 2024 stood at $30.1 million, which translated to earnings of $11.27 per diluted common share. In 2023, the net income was $30.5 million, and earnings per diluted common share were $11.54.
Further Information
Despite the slight drop in net income, the company ended the 2024 fiscal year with annualized deposit growth in the double digits over the previous three quarters. Mission Bancorp reported an annual increase of 15% despite the challenges faced owing to higher interest rates.
Key Quote
“We closed the year sustaining our double-digit annualized deposit growth trend of the past three quarters, reporting a 15% annual increase despite the pressure of elevated rates and the intense competition for deposits, even from the US Treasury Department. With annual earnings of $30.1 million, it’s clear that our organization can weather the challenges of our environment,” said President and CEO AJ Antongiovanni. “We are proud of these results and thank our customers for the trust they place in our team. Our hard-working bankers, with their expertise and dedication to concierge-level banking services, have made 2024 a year to celebrate!”
