Dollars in thousands except per share amounts. Certain items in the prior period financial statements have been reclassified to conform with the December 31, 2024 presentation.

FENTON, Mich., Jan. 23, 2025 (GLOBE NEWSWIRE) -- Fentura Financial, Inc. (OTCQX: FETM) announces net income of $3,730 and $9,367 for the quarter and year ended December 31, 2024, respectively. During the quarter, gross loans declined by $5,487. The moderation of the loan portfolio can be contributed to management's continued focus on enhancing the Corporation's liquidity and capital positions. Despite the modest decline in gross loans, net interest income increased by $382 on a fully tax equivalent basis during the quarter. This increase was a direct result of the 0.02% expansion of net interest margins during the quarter as interest rates paid on deposit accounts were reduced more than those on loans. Excluding the impact of merger related expenses and other nonrecurring items, adjusted net income for the quarter and year ended December 31, 2024 was $4,104 and $10,572, respectively compared to $3,759 and $15,064 in the same periods in 2023.

Ronald L. Justice, President and CEO, stated, "We experienced a strong improvement in net income during the 2024 fourth quarter, compared to the 2024 third quarter reflecting strong asset quality, a stable net interest margin, and reduced operating expenses. We continue to work on completing the all-stock merger with ChoiceOne Financial Services, Inc., which is expected to close during the 2025 first quarter. As a result, Fentura shareholders should expect to receive their first quarter dividend payment as part of ChoiceOne, when ChoiceOne declares its first quarter dividend in late March. Once completed, the combination of Fentura and ChoiceOne will create the third largest publicly traded bank in Michigan with over $4 billion in consolidated total assets and 56 offices in Western, Central and Southeastern Michigan.”

Following is a summary of our financial performance as of, and for the quarter and year ended December 31, 2024.

Results of Operations (unaudited)

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The following table outlines our QTD results of operations and provides certain performance measures as of, and for the three months ended:

  12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
INCOME STATEMENT DATA          
Interest income $22,500  $22,194  $21,487  $21,541  $21,033 
Interest expense  10,126   10,202   9,650   9,315   8,526 
Net interest income  12,374   11,992   11,837   12,226   12,507 
Credit loss expense (reversal)  (302)  1,203   796   (43)  (190)
Noninterest income  2,124   2,210   2,314   2,355   2,145 
Noninterest expenses  10,155   11,974   10,921   11,166   10,121 
Federal income tax expense  915   158   454   668   937 
Net income $3,730  $867  $1,980  $2,790  $3,784 
PER SHARE          
Earnings $0.83  $0.19  $0.44  $0.63  $0.85 
Dividends $0.11  $0.11  $0.11  $0.11  $0.10 
Tangible book value(1) $31.03  $30.51  $29.84  $29.38  $28.92 
Quoted market value          
High $48.00  $40.00  $24.39  $27.20  $27.20 
Low $37.01  $22.16  $22.33  $24.00  $22.26 
Close(1) $45.00  $39.07  $22.50  $24.40  $27.20 
PERFORMANCE RATIOS          
Return on average assets  0.81%  0.19%  0.45%  0.63%  0.86%
Return on average shareholders' equity  10.04%  2.37%  5.59%  7.98%  11.11%
Return on average tangible shareholders' equity  10.71%  2.54%  5.98%  8.55%  11.94%
Efficiency ratio  70.04%  84.31%  77.17%  76.58%  69.08%
Yield on average earning assets (FTE)  5.12%  5.17%  5.18%  5.15%  5.06%
Rate on interest bearing liabilities  3.20%  3.28%  3.22%  3.11%  2.90%
Net interest margin to average earning assets (FTE)  2.82%  2.80%  2.85%  2.92%  3.01%
BALANCE SHEET DATA(1)          
Total investment securities $93,999  $99,724  $100,167  $103,210  $107,615 
Gross loans $1,436,902  $1,442,389  $1,459,929  $1,461,465  $1,473,471 
Allowance for credit losses $14,400  $14,700  $15,300  $15,300  $15,400 
Total assets $1,807,618  $1,807,370  $1,756,629  $1,764,629  $1,738,952 
Total deposits $1,469,496  $1,470,586  $1,427,059  $1,438,408  $1,394,182 
Borrowed funds $179,634  $179,970 Advertisement