As of December 31, 2023, assets were $3.13 billion, which was $62.7 million, or 2.0%, higher than September 30, 2023, mainly due to a $42.0 million increase in deposits. Blake Chatelain, President and Chief Executive Officer of the Company, stated, “We are pleased with the financial results for the fourth quarter of 2023, which included net interest margin improvement, solid loan activity, and core deposit growth. Net interest margin and net interest income improved as new and renewed loans were booked at higher rates, and we redeployed security portfolio cash flows into higher yielding securities. We expect the fourth quarter loan and securities activity and rates to provide momentum to the net interest margin as we begin 2024.”
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