Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.
Morgan Stanley analyst Eddy Wang downgraded the rating for New Oriental Education & Technology Group Inc. EDU from Overweight Equal-Weight and lowered the price target from $83 to $52. New Oriental Education shares closed at $46.71 on Tuesday. See how other analysts view this stock.
Barclays analyst Simon Coles downgraded STMicroelectronics N.V.STM from Equal-Weight to Underweight. STMicroelectronics shares closed at $25.75 on Tuesday. See how other analysts view this stock.
JP Morgan analyst Mark Murphy downgraded Paycor HCM, Inc. PYCR from Neutral to Underweight but raised the price target from $21 to $22.5. Paycor HCM shares closed at $22.12 on Tuesday. See how other analysts view this stock.
William Blair analyst Max Smock downgraded Charles River Laboratories International, Inc. CRL from Outperform to Market Perform. Charles River shares closed at $169.81 on Tuesday. See how other analysts view this stock.
Jefferies analyst Julien Dumoulin-Smith downgraded the rating for Fluence Energy, IncFLNC from Buy to Hold and slashed the price target from $22 to $15. Fluence Energy shares closed at $14.41 on Tuesday. See how other analysts view this stock.
Considering buying STM stock? Here’s what analysts think:
DAVOS, Switzerland (Reuters) – Japanese companies remain bullish about investing in the United States but need to prepare for supply chain shocks that could arise during Donald Trump’s presidency, the chief executive of drinks giant Suntory Holdings said on Wednesday.
Takeshi Niinami, who also heads one of Japan’s biggest business lobbies, said on the sidelines of the World Economic Forum’s (WEF) Davos meeting that it is important for firms to show that their investments will create jobs in the U.S..
A survey last week showed that most Japanese firms operating in the United States are bracing for new tariffs.
“Tariff imposing by the Trump administration would create huge, unexpected changes in the supply chain landscape,” Niinami told the Reuters Global Markets Forum.
“Japanese companies have to be agile to respond to any change,” he added.
Japan maintains a sizable trade surplus with the U.S., a sore point for Trump, but that friction may ease as the Asian nation bulks up its military through purchases of American-made weapons, he said.
Niinami, 65, is one of Japan’s most influential executives, serving as chair of the Keizai Doyukai business lobby and as an economic adviser to former prime ministers.
In 2014, he became the first non-founding family member to lead century-old Suntory, engineering a $16 billion takeover of U.S. spirits maker Beam that year. He will cede the role of president to Nobuhiro Torii, the great-grandson of Suntory’s founder, in March while remaining CEO.
Niinami held out hope that Nippon Steel’s $14.9 billion bid for U.S. Steel could be revived after the deal was blocked by then President Joe Biden earlier this month.
Nippon Steel has sued to overturn Biden’s decision. If the Japanese firm can make the case that the companies would be stronger together against China and can revitalise U.S. industry, that may sway the case, Niinami said.
As for his own company, Suntory is reconsidering investments in China due to a lack of positive signs in the market, but it is eager to grow in India through local partnerships and manufacturing.
“We want to be somebody in India,” he said.
(Join GMF, a chat room hosted on LSEG Messenger, for live interviews: https://lseg.group/4ajdDTy)
(Reporting by Divya Chowdhury in Davos and Rocky Swift in Tokyo; Editing by Kirsten Donovan)
Fourth-quarter sales of $11.0 billion; full-year 2024 sales of $42.0 billion
Fourth-quarter reported sales increased 7.2 percent; organic sales growth for the underlying base business increased 10.1 percent1
Full-year 2024 reported sales increased 4.6 percent; organic sales growth for the underlying base business increased 9.6 percent2
Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%
ABBOTT PARK, Ill., Jan. 22, 2025 /PRNewswire/ — Abbott ABT today announced financial results for the fourth quarter ended Dec. 31, 2024.
Fourth-quarter sales increased 7.2 percent on a reported basis, 8.8 percent on an organic basis, and 10.1 percent on an organic basis, excluding COVID-19 testing-related sales.
Fourth-quarter GAAP diluted EPS of $5.27 and adjusted diluted EPS of $1.34, which excludes specified items (see table titled “Non-GAAP Reconciliation of Financial Information”).
Full-year 2024 sales of $42.0 billion increased 4.6 percent on a reported basis, 7.1 percent on an organic basis, and 9.6 percent on an organic basis, excluding COVID-19 testing-related sales.
Full-year 2024 gross margin as a percent of sales improved 60 basis points on a GAAP basis compared to 2023 and improved 70 basis points on an adjusted basis.
Full-year 2024 GAAP diluted EPS of $7.64 and adjusted diluted EPS of $4.67, which excludes specified items (see table titled “Non-GAAP Reconciliation of Financial Information”).
For the full-year 2024, Abbott achieved the upper end of the initial guidance ranges the company provided in January 2024 for both organic sales growth and adjusted earnings per share.
During 2024, Abbott announced more than 15 new growth opportunities coming from the company’s highly productive R&D pipeline. These include a combination of new product approvals and new treatment indications.
Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.
Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales, which reflects an increase of 150 basis points at the midpoint compared to 2024.
Abbott projects full-year 2025 adjusted diluted EPS of $5.05 to $5.25, which reflects double-digit growth at the midpoint.
“We finished the year with very strong momentum. Sales growth and earnings per share growth in the fourth quarter were the highest of the year,” said Robert B. Ford, chairman and chief executive officer, Abbott. “We continued our track record for delivering on our commitments by achieving the upper end of our initial guidance ranges for 2024 and are well-positioned to deliver another year of strong growth in 2025.”
FOURTH-QUARTER BUSINESS OVERVIEW Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance in 2024, as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.
Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.
Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
Total Company
Nutrition
Diagnostics
Established Pharmaceuticals
Medical Devices
U.S.
4,341
928
1,055
—
2,353
International
6,633
1,201
1,465
1,268
2,699
Total reported
10,974
2,129
2,520
1,268
5,052
% Change vs. 4Q23
U.S.
10.0
8.0
3.5
n/a
14.0
International
5.4
2.0
(3.4)
3.8
13.5
Total reported
7.2
4.5
(0.6)
3.8
13.7
Impact of foreign exchange
(1.4)
(1.7)
(1.6)
(4.7)
(0.3)
Impact of business exit*
(0.2)
(0.9)
—
—
—
Organic
8.8
7.1
1.0
8.5
14.0
Impact of COVID-19 testing sales (3)
(1.3)
—
(5.1)
—
—
Organic (excluding COVID-19 tests)
10.1
7.1
6.1
8.5
14.0
U.S.
13.5
10.0
15.9
n/a
14.0
International
8.1
4.9
0.8
8.5
14.0
Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
Total Company
Nutrition
Diagnostics
Established Pharmaceuticals
Medical Devices
U.S.
16,323
3,689
3,830
—
8,788
International
25,627
4,724
5,511
5,194
10,198
Total reported
41,950
8,413
9,341
5,194
18,986
% Change vs. 12M23
U.S.
5.6
8.1
(11.5)
n/a
14.2
International
3.9
(0.4)
(2.6)
2.5
11.0
Total reported
4.6
3.2
(6.5)
2.5
12.4
Impact of foreign exchange
(2.6)
(2.7)
(2.6)
(6.7)
(1.3)
Impact of business exit and acquisition*
0.1
(0.5)
—
—
0.3
Organic
7.1
6.4
(3.9)
9.2
13.4
Impact of COVID-19 testing sales (3)
(2.5)
—
(9.1)
—
—
Organic (excluding COVID-19 tests)
9.6
6.4
5.2
9.2
13.4
U.S.
10.9
9.2
6.3
n/a
13.5
International
8.8
4.4
4.5
9.2
13.3
Refer to table titled “Non-GAAP Revenue Reconciliation” for a reconciliation of adjusted historical revenue to reported revenue.
*Quarter to date Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024. Full-year Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect product line in the Nutrition business in March 2024 and the acquisition of CSI on April 27, 2023. Organic sales growth excludes the impact of the acquired business from January through April 2024.
Nutrition
Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
Total
Pediatric
Adult
U.S.
928
562
366
International
1,201
438
763
Total reported
2,129
1,000
1,129
% Change vs. 4Q23
U.S.
8.0
11.3
3.2
International
2.0
(8.9)
9.5
Total reported
4.5
1.5
7.4
Impact of foreign exchange
(1.7)
(1.0)
(2.3)
Impact of business exit*
(0.9)
—
(1.7)
Organic
7.1
2.5
11.4
U.S.
10.0
11.3
8.1
International
4.9
(6.7)
13.0
Worldwide Nutrition sales increased 4.5 percent on a reported basis and increased 7.1 percent on an organic basis in the fourth quarter.
In Pediatric Nutrition, global sales increased 1.5 percent on a reported basis and 2.5 percent on an organic basis. Sales in the U.S. reflect continued market share gains in the infant formula business.
In Adult Nutrition, global sales increased 7.4 percent on a reported basis and 11.4 percent on an organic basis, which was led by strong growth of Ensure®, Abbott’s market-leading complete and balanced nutrition brand, and Glucerna®, Abbott’s market-leading brand of products designed to meet the nutritional requirements for people with diabetes.
Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
Total
Pediatric
Adult
U.S.
3,689
2,208
1,481
International
4,724
1,815
2,909
Total reported
8,413
4,023
4,390
% Change vs. 12M23
U.S.
8.1
11.7
3.2
International
(0.4)
(7.3)
4.5
Total reported
3.2
2.2
4.0
Impact of foreign exchange
(2.7)
(1.5)
(4.0)
Impact of business exit*
(0.5)
—
(0.9)
Organic
6.4
3.7
8.9
U.S.
9.2
11.7
5.8
International
4.4
(4.3)
10.5
*Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024.
Diagnostics
Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
Total
Core Laboratory
Molecular
Point of Care
Rapid Diagnostics
U.S.
1,055
363
38
100
554
International
1,465
1,024
99
47
295
Total reported
2,520
1,387
137
147
849
% Change vs. 4Q23
U.S.
3.5
11.6
(13.9)
(6.1)
2.1
International
(3.4)
(1.9)
(9.1)
11.0
(7.9)
Total reported
(0.6)
1.3
(10.5)
(1.3)
(1.6)
Impact of foreign exchange
(1.6)
(2.5)
(0.3)
0.1
(0.6)
Organic
1.0
3.8
(10.2)
(1.4)
(1.0)
Impact of COVID-19 testing sales (3)
(5.1)
(0.2)
(2.8)
—
(17.4)
Organic (excluding COVID-19 tests)
6.1
4.0
(7.4)
(1.4)
16.4
U.S.
15.9
11.9
(7.2)
(6.1)
30.0
International
0.8
1.5
(7.5)
10.7
(0.6)
As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales3. Worldwide COVID-19 testing sales were $176 million in the fourth quarter of 2024 compared to $288 million in the fourth quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics sales increased 4.3 percent on a reported basis and increased 6.1 percent on an organic basis.
Excluding COVID-19 testing-related sales, growth in Rapid Diagnostics was driven by strong demand for Abbott’s portfolio of respiratory disease tests used to diagnose influenza, strep throat, and respiratory syncytial virus (RSV).
Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
Total
Core Laboratory
Molecular
Point of Care
Rapid Diagnostics
U.S.
3,830
1,332
150
408
1,940
International
5,511
3,903
371
180
1,057
Total reported
9,341
5,235
521
588
2,997
% Change vs. 12M23
U.S.
(11.5)
7.2
(12.7)
3.1
(23.0)
International
(2.6)
(0.3)
(7.7)
6.4
(9.8)
Total reported
(6.5)
1.5
(9.2)
4.1
(18.8)
Impact of foreign exchange
(2.6)
(4.1)
(0.7)
—
(1.0)
Organic
(3.9)
5.6
(8.5)
4.1
(17.8)
Impact of COVID-19 testing sales (3)
(9.1)
(0.2)
(5.3)
—
(23.8)
Organic (excluding COVID-19 tests)
5.2
5.8
(3.2)
4.1
6.0
U.S.
6.3
7.5
(4.3)
3.1
7.4
International
4.5
5.3
(2.8)
6.5
3.8
Established Pharmaceuticals
Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
Total
Key Emerging Markets
Other
U.S.
—
—
—
International
1,268
948
320
Total reported
1,268
948
320
% Change vs. 4Q23
U.S.
n/a
n/a
n/a
International
3.8
3.3
5.2
Total reported
3.8
3.3
5.2
Impact of foreign exchange
(4.7)
(5.5)
(2.6)
Organic
8.5
8.8
7.8
U.S.
n/a
n/a
n/a
International
8.5
8.8
7.8
Established Pharmaceuticals sales increased 3.8 percent on a reported basis and 8.5 percent on an organic basis in the fourth quarter.
Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott’s branded generics product portfolio. Sales in these geographies increased 3.3 percent on a reported basis and increased 8.8 percent on an organic basis, led by growth in several geographies and therapeutic areas, including gastroenterology, women’s health, and central nervous system/pain management.
Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
Total
Key Emerging Markets
Other
U.S.
—
—
—
International
5,194
3,858
1,336
Total reported
5,194
3,858
1,336
% Change vs. 12M23
U.S.
n/a
n/a
n/a
International
2.5
1.3
6.1
Total reported
2.5
1.3
6.1
Impact of foreign exchange
(6.7)
(8.2)
(2.3)
Organic
9.2
9.5
8.4
U.S.
n/a
n/a
n/a
International
9.2
9.5
8.4
Medical Devices
Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
Total
Rhythm Management
Electro-
physiology
Heart Failure
Vascular
Structural Heart
Neuro- modulation
Diabetes Care
U.S.
2,353
303
300
253
269
290
204
734
International
2,699
321
343
78
456
319
53
1,129
Total reported
5,052
624
643
331
725
609
257
1,863
% Change vs. 4Q23
U.S.
14.0
6.0
7.7
11.5
9.7
25.7
4.2
22.0
International
13.5
8.2
8.8
5.0
5.7
19.5
23.9
18.8
Total reported
13.7
7.1
8.3
9.9
7.1
22.4
7.7
20.1
Impact of foreign exchange
(0.3)
(0.1)
(0.5)
0.3
0.3
(0.2)
(0.7)
(0.5)
Organic
14.0
7.2
8.8
9.6
6.8
22.6
8.4
20.6
U.S.
14.0
6.0
7.7
11.5
9.7
25.7
4.2
22.0
International
14.0
8.4
9.8
4.1
5.2
20.0
27.8
19.7
Worldwide Medical Devices sales increased 13.7 percent on a reported basis and 14.0 percent on an organic basis in the fourth quarter, including double-digit growth in both the U.S. and internationally.
Several products contributed to the strong performance, including FreeStyle Libre®, Navitor®, TriClip®, Amplatzer® Amulet®, and AVEIR®.
In Diabetes Care, sales of continuous glucose monitors were $1.8 billion and grew 22.7 percent on a reported basis and 22.8 percent on an organic basis.
For the full-year 2024, Medical Devices sales were $19 billion and increased more than $2 billion compared to the previous year.
Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
Total
Rhythm Management
Electro-
physiology
Heart Failure
Vascular
Structural Heart
Neuro- modulation
Diabetes Care
U.S.
8,788
1,154
1,141
986
1,056
1,051
767
2,633
International
10,198
1,236
1,326
293
1,781
1,195
195
4,172
Total reported
18,986
2,390
2,467
1,279
2,837
2,246
962
6,805
% Change vs. 12M23
U.S.
14.2
6.3
13.2
11.1
8.0
19.0
5.9
23.6
International
11.0
5.7
11.6
7.3
4.6
12.6
18.4
14.9
Total reported
12.4
6.0
12.3
10.2
5.8
15.5
8.2
18.1
Impact of foreign exchange
(1.3)
(0.9)
(2.1)
(0.1)
(0.9)
(1.5)
(1.3)
(1.6)
Impact of acquisition*
0.3
—
—
—
2.1
—
—
—
Organic
13.4
6.9
14.4
10.3
4.6
17.0
9.5
19.7
U.S.
13.5
6.3
13.2
11.1
2.5
19.0
5.9
23.6
International
13.3
7.5
15.4
7.6
5.8
15.3
25.5
17.3
*Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.
ABBOTT’S GUIDANCE Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.
Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales.
Abbott projects full-year 2025 adjusted diluted earnings per share of $5.05 to $5.25 and first-quarter 2025 adjusted diluted earnings per share of $1.05 to $1.09.
Abbott has not provided the related GAAP financial measures on a forward-looking basis for these forward-looking non-GAAP financial measures because the company is unable to predict with reasonable certainty and without unreasonable effort the timing and impact of certain items such as restructuring and cost reduction initiatives, charges for intangible asset impairments, acquisition-related expenses, and foreign exchange, which could significantly impact Abbott’s results in accordance with GAAP.
ABBOTT DECLARES 404th CONSECUTIVE QUARTERLY DIVIDEND On Dec. 13, 2024, the board of directors of Abbott declared the company’s quarterly dividend of $0.59 per share. Abbott’s cash dividend is payable Feb. 14, 2025, to shareholders of record at the close of business on Jan. 15, 2025.
Abbott has increased its dividend payout for 53 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.
About Abbott: Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.
Abbott will live-webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8:30 a.m. Central time today. An archived edition of the webcast will be available later in the day.
— Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott’s operations are discussed in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended Dec. 31, 2023, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
1
In the fourth quarter of 2024, total worldwide sales were $10.974 billion and COVID-19 testing-related sales were $176 million. In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million.
2
In the full-year 2024, total worldwide sales were $41.950 billion and COVID-19 testing related sales were $747 million. In the full-year 2023, total worldwide sales were $40.109 billion and COVID-19 testing sales were $1.586 billion.
3
Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below:
Sales 4Q24
COVID Tests Sales 4Q24
($ in millions)
U.S.
Int’l
Total
U.S.
Int’l
Total
Total Diagnostics
1,055
1,465
2,520
134
42
176
Core Laboratory
363
1,024
1,387
1
1
2
Molecular
38
99
137
1
1
2
Rapid Diagnostics
554
295
849
132
40
172
Sales 4Q23
COVID Tests Sales 4Q23
($ in millions)
U.S.
Int’l
Total
U.S.
Int’l
Total
Total Diagnostics
1,020
1,514
2,534
224
64
288
Core Laboratory
326
1,044
1,370
1
3
4
Molecular
44
109
153
5
2
7
Rapid Diagnostics
543
319
862
218
59
277
Sales 12M24
COVID Tests Sales 12M24
($ in millions)
U.S.
Int’l
Total
U.S.
Int’l
Total
Total Diagnostics
3,830
5,511
9,341
562
185
747
Core Laboratory
1,332
3,903
5,235
4
6
10
Molecular
150
371
521
8
4
12
Rapid Diagnostics
1,940
1,057
2,997
550
175
725
Sales 12M23
COVID Tests Sales 12M23
($ in millions)
U.S.
Int’l
Total
U.S.
Int’l
Total
Total Diagnostics
4,329
5,659
9,988
1,255
331
1,586
Core Laboratory
1,243
3,916
5,159
7
13
20
Molecular
172
402
574
24
19
43
Rapid Diagnostics
2,518
1,172
3,690
1,224
299
1,523
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Fourth Quarter Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)
4Q24
4Q23
% Change
Net Sales
$10,974
$10,241
7.2
Cost of products sold, excluding amortization expense
4,942
4,556
8.5
Amortization of intangible assets
465
481
(3.1)
Research and development
749
700
7.0
Selling, general, and administrative
2,907
2,724
6.7
Total Operating Cost and Expenses
9,063
8,461
7.1
Operating Earnings
1,911
1,780
7.4
Interest expense, net
45
70
(35.6)
Net foreign exchange (gain) loss
(10)
24
n/m
Other (income) expense, net
(154)
(109)
n/m
Earnings before taxes
2,030
1,795
13.1
Taxes on earnings
(7,199)
201
n/m
1)
Net Earnings
$9,229
$1,594
n/m
Net Earnings excluding Specified Items, as described below
$2,349
$2,094
12.2
2)
Diluted Earnings per Common Share
$5.27
$0.91
n/m
Diluted Earnings per Common Share,
excluding Specified Items, as described below
$1.34
$1.19
12.6
2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
1,746
1,748
NOTES:
See table titled “Non-GAAP Reconciliation of Financial Information” for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following section.
1)
2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.
2)
2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $6.880 billion, or $3.93 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and other net expenses.
2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $500 million, or $0.28 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Twelve Months Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)
12M24
12M23
% Change
Net Sales
$41,950
$40,109
4.6
Cost of products sold, excluding amortization expense
18,706
17,975
4.1
Amortization of intangible assets
1,878
1,966
(4.4)
Research and development
2,844
2,741
3.8
Selling, general, and administrative
11,697
10,949
6.8
Total Operating Cost and Expenses
35,125
33,631
4.4
Operating Earnings
6,825
6,478
5.4
Interest expense, net
215
252
(14.5)
Net foreign exchange (gain) loss
(27)
41
n/m
Other (income) expense, net
(376)
(479)
n/m
Earnings before taxes
7,013
6,664
5.2
Taxes on earnings
(6,389)
941
n/m
1)
Net Earnings
$13,402
$5,723
n/m
Net Earnings excluding Specified Items, as described below
$8,200
$7,802
5.1
2)
Diluted Earnings per Common Share
$7.64
$3.26
n/m
Diluted Earnings per Common Share,
excluding Specified Items, as described below
$4.67
$4.44
5.2
2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
1,748
1,749
NOTES:
See table title “Non-GAAP Reconciliation of Financial Information” for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following section.
1)
2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.
2023 Taxes on Earnings includes the recognition of approximately $80 million of net tax expense as a result of the resolution of various tax positions related to prior years.
2)
2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $5.202 billion, or $2.97 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and a divestiture, and other net expenses.
2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $2.079 billion, or $1.18 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.
Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Fourth Quarter Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)
4Q24
As
Reported (GAAP)
Specified Items
As
Adjusted
Intangible Amortization
$ 465
$ (465)
$ —
Gross Margin
5,567
673
6,240
R&D
749
(59)
690
SG&A
2,907
(21)
2,886
Other (income) expense, net
(154)
20
(134)
Earnings before taxes
2,030
733
2,763
Taxes on Earnings
(7,199)
7,613
414
Net Earnings
9,229
(6,880)
2,349
Diluted Earnings per Share
$ 5.27
$ (3.93)
$ 1.34
Specified items reflect intangible amortization expense of $465 million and other net expenses of $268 million associated with intangible impairments, restructuring actions, acquisitions and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.
4Q23
As
Reported (GAAP)
Specified Items
As
Adjusted
Intangible Amortization
$ 481
$ (481)
$ —
Gross Margin
5,204
518
5,722
R&D
700
(78)
622
SG&A
2,724
(35)
2,689
Other (income) expense, net
(109)
(9)
(118)
Earnings before taxes
1,795
640
2,435
Taxes on Earnings
201
140
341
Net Earnings
1,594
500
2,094
Diluted Earnings per Share
$ 0.91
$ 0.28
$ 1.19
Specified items reflect intangible amortization expense of $481 million and other net expenses of $159 million associated with restructuring actions, acquisitions and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.
Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Twelve Months Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)
12M24
As
Reported (GAAP)
Specified Items
As
Adjusted
Intangible Amortization
$ 1,878
$ (1,878)
$ —
Gross Margin
21,366
2,213
23,579
R&D
2,844
(140)
2,704
SG&A
11,697
(117)
11,580
Other (income) expense, net
(376)
(163)
(539)
Earnings before taxes
7,013
2,633
9,646
Taxes on Earnings
(6,389)
7,835
1,446
Net Earnings
13,402
(5,202)
8,200
Diluted Earnings per Share
$ 7.64
$ (2.97)
$ 4.67
Specified items reflect intangible amortization expense of $1.878 billion and other net expenses of $755 million associated with intangible impairments, restructuring actions, acquisitions, a divestiture and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.
12M23
As
Reported (GAAP)
Specified Items
As
Adjusted
Intangible Amortization
$ 1,966
$ (1,966)
$ —
Gross Margin
20,168
2,109
22,277
R&D
2,741
(222)
2,519
SG&A
10,949
(102)
10,847
Other (income) expense, net
(479)
25
(454)
Earnings before taxes
6,664
2,408
9,072
Taxes on Earnings
941
329
1,270
Net Earnings
5,723
2,079
7,802
Diluted Earnings per Share
$ 3.26
$ 1.18
$ 4.44
Specified items reflect intangible amortization expense of $1.966 billion and other net expenses of $442 million associated with restructuring actions, acquisitions and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.
A reconciliation of the fourth-quarter tax rates for 2024 and 2023 is shown below:
4Q24
($ in millions)
Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)
$ 2,030
$ (7,199)
(354.6 %)
1)
Specified items
733
7,613
Excluding specified items
$ 2,763
$ 414
15.0 %
4Q23
($ in millions)
Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)
$ 1,795
$ 201
11.2 %
2)
Specified items
640
140
Excluding specified items
$ 2,435
$ 341
14.0 %
A reconciliation of the year-to-date tax rates for 2024 and 2023 is shown below:
12M24
($ in millions)
Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)
$ 7,013
$ (6,389)
(91.1 %)
1)
Specified items
2,633
7,835
Excluding specified items
$ 9,646
$ 1,446
15.0 %
12M23
($ in millions)
Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)
$ 6,664
$ 941
14.1 %
2)
Specified items
2,408
329
Excluding specified items
$ 9,072
$ 1,270
14.0 %
1)
2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.
2)
2023 Taxes on Earnings includes the recognition of approximately $80 million of net tax expense as a result of the resolution of various tax positions related to prior years.
Abbott Laboratories and Subsidiaries
Non-GAAP Revenue Reconciliation
Fourth Quarter and Twelve Months Ended December 31, 2024 and 2023
($ in millions)
(unaudited)
4Q24
4Q23
% Change vs. 4Q23
Non-GAAP
Abbott Reported
Impact from business exit (b)
Adjusted Revenue
Abbott Reported
Impact from business exit (b)
Adjusted Revenue
Reported
Adjusted
Organic
Total Company
10,974
(1)
10,973
10,241
(17)
10,224
7.2
7.4
8.8
U.S.
4,341
(1)
4,340
3,949
(17)
3,932
10.0
10.4
10.4
Intl
6,633
—
6,633
6,292
—
6,292
5.4
5.4
7.7
Total Nutrition
2,129
(1)
2,128
2,038
(17)
2,021
4.5
5.4
7.1
U.S.
928
(1)
927
860
(17)
843
8.0
10.0
10.0
Intl
1,201
—
1,201
1,178
—
1,178
2.0
2.0
4.9
Adult Nutrition
1,129
(1)
1,128
1,053
(17)
1,036
7.4
9.1
11.4
U.S.
366
(1)
365
355
(17)
338
3.2
8.1
8.1
Intl
763
—
763
698
—
698
9.5
9.5
13.0
Total Medical Devices
5,052
—
5,052
4,443
—
4,443
13.7
13.7
14.0
U.S.
2,353
—
2,353
2,065
—
2,065
14.0
14.0
14.0
Intl
2,699
—
2,699
2,378
—
2,378
13.5
13.5
14.0
Vascular
725
—
725
677
—
677
7.1
7.1
6.8
U.S.
269
—
269
245
—
245
9.7
9.7
9.7
Intl
456
—
456
432
—
432
5.7
5.7
5.2
12M24
12M23
% Change vs. 12M23
Non-GAAP
Abbott Reported
Impact of acquisition (a)
Impact from business exit (b)
Adjusted Revenue
Abbott Reported
Impact from business exit (b)
Adjusted Revenue
Reported
Adjusted
Organic
Total Company
41,950
(57)
(14)
41,879
40,109
(49)
40,060
4.6
4.5
7.1
U.S.
16,323
(53)
(14)
16,256
15,452
(49)
15,403
5.6
5.5
5.5
Intl
25,627
(4)
—
25,623
24,657
—
24,657
3.9
3.9
8.1
Total Nutrition
8,413
—
(14)
8,399
8,154
(49)
8,105
3.2
3.7
6.4
U.S.
3,689
—
(14)
3,675
3,413
(49)
3,364
8.1
9.2
9.2
Intl
4,724
—
—
4,724
4,741
—
4,741
(0.4)
(0.4)
4.4
Adult Nutrition
4,390
—
(14)
4,376
4,220
(49)
4,171
4.0
4.9
8.9
U.S.
1,481
—
(14)
1,467
1,436
(49)
1,387
3.2
5.8
5.8
Intl
2,909
—
—
2,909
2,784
—
2,784
4.5
4.5
10.5
Total Medical Devices
18,986
(57)
—
18,929
16,887
—
16,887
12.4
12.1
13.4
U.S.
8,788
(53)
—
8,735
7,696
—
7,696
14.2
13.5
13.5
Intl
10,198
(4)
—
10,194
9,191
—
9,191
11.0
10.9
13.3
Vascular
2,837
(57)
—
2,780
2,681
—
2,681
5.8
3.7
4.6
U.S.
1,056
(53)
—
1,003
978
—
978
8.0
2.5
2.5
Intl
1,781
(4)
—
1,777
1,703
—
1,703
4.6
4.4
5.8
(a)
Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.
(b)
Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business. This action was initiated in March 2024.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Fourth Quarter Ended December 31, 2024
(in millions, except per share data)
(unaudited)
Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)
Total
Specifieds
Gross Margin
$ —
$ 49
$ 465
$ 159
$ 673
R&D
(1)
(20)
—
(38)
(59)
SG&A
(5)
(22)
—
6
(21)
Other (income) expense, net
(2)
—
—
22
20
Earnings before taxes
$ 8
$ 91
$ 465
$ 169
733
Taxes on Earnings (d)
7,613
Net Earnings
$ (6,880)
Diluted Earnings per Share
$ (3.93)
The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”
a)
Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses.
b)
Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.
c)
Other includes incremental costs to comply with the European Union’s Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and intangible asset impairment charges.
d)
Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Fourth Quarter Ended December 31, 2023
(in millions, except per share data)
(unaudited)
Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)
Total
Specifieds
Gross Margin
$ 1
$ 29
$ 481
$ 7
$ 518
R&D
(6)
(4)
—
(68)
(78)
SG&A
(15)
(5)
—
(15)
(35)
Other (income) expense, net
(6)
—
—
(3)
(9)
Earnings before taxes
$ 28
$ 38
$ 481
$ 93
640
Taxes on Earnings (d)
140
Net Earnings
$ 500
Diluted Earnings per Share
$ 0.28
The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”
a)
Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as legal and other costs related to business acquisitions.
b)
Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.
c)
Other includes incremental costs to comply with the MDR and IVDR requirements for previously approved products and charges for intangible asset impairments.
d)
Reflects the net tax benefit associated with the specified items.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Twelve Months Ended December 31, 2024
(in millions, except per share data)
(unaudited)
Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)
Total
Specifieds
Gross Margin
$ 2
$ 125
$ 1,878
$ 208
$ 2,213
R&D
(5)
(21)
—
(114)
(140)
SG&A
(37)
(39)
—
(41)
(117)
Other (income) expense, net
(155)
—
—
(8)
(163)
Earnings before taxes
$ 199
$ 185
$ 1,878
$ 371
2,633
Taxes on Earnings (d)
7,835
Net Earnings
$ (5,202)
Diluted Earnings per Share
$ (2.97)
The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”
a)
Includes the loss on the sale of a non-core business. Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as other costs related to business acquisitions.
b)
Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.
c)
Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for investment and intangible asset impairments.
d)
Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Twelve Months Ended December 31, 2023
(in millions, except per share data)
(unaudited)
Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)
Total
Specifieds
Gross Margin
$ 16
$ 80
$ 1,966
$ 47
$ 2,109
R&D
(19)
(9)
—
(194)
(222)
SG&A
(58)
(33)
—
(11)
(102)
Other (income) expense, net
40
—
—
(15)
25
Earnings before taxes
$ 53
$ 122
$ 1,966
$ 267
2,408
Taxes on Earnings (d)
329
Net Earnings
$ 2,079
Diluted Earnings per Share
$ 1.18
The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”
a)
Acquisition-related expenses include legal and other costs related to business acquisitions as well as integration costs, which represent incremental costs directly related to integrating acquired businesses.
b)
Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.
c)
Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for intangible asset impairments.
d)
Reflects the net tax benefit associated with the specified items.
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Rockville, MD, Jan. 22, 2025 (GLOBE NEWSWIRE) — According to a recently updated industry report by Fact.MR, a market research and competitive intelligence provider, the global wound irrigation solution market is approximated at a value of US$ 732 million in 2024 and is foreseen to expand at a CAGR of 3.4% through 2034.
Technological advancements such as the integration of automation are leading to the development of advanced wound irrigation solutions. Increasing prevalence of chronic wounds and number of surgical procedures across the world are also driving the adoption of advanced wound irrigation systems.
Wound irrigation solutions are focused on the mitigation of cellular debris and excess microorganisms around the wound area. Wound irrigation solutions are effective for the treatment of both acute and chronic wounds. In comparison to the bathing and swiping method, wound irrigation is emerging as the most effective technique to clean wounds. Wound infection risk increases the demand for effective wound management and care. To control chronic wound growth such as diabetic ulcers, advanced wound cleansing techniques are adopted.
According to a 2023 report by the National Center of Biotechnology Information, global prevalence of chronic wounds is around 1.67 per 1,000 population.
The global wound irrigation solution market is calculated to reach US$ 1.02 billion for 2034.
Sales of wound irrigation solutions in the United States are evaluated at US$ 231.8 million in 2024.
The South Korea market is projected to reach US$ 42 billion by 2034.
Demand for wound irrigation solutions in India is forecasted to rise at a CAGR of 5% from 2024 to 2034.
Wetting agents are set to capture 1% of the global market share by 2034.
Under product type, the antiseptics segment is estimated at US$ 183.6 million in 2024.
“Ongoing developments in wound irrigation fluid formations are set to offer lucrative opportunities for leading companies operating in this market,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Wound Irrigation Solution Market
Key players in the wound irrigation solution market are Cooper Surgical Inc., Medtronic Plc., B. Braun Melsungen AG, ConvaTec Group Plc., Stryker Corporation, and Westmed Inc.
North America to Hold Leading Position in Global Market Over the Decade
Rising cases of accidental burns are increasing the demand for wound irrigation systems in North America. The strong presence of industry giants is further driving the wound irrigation solution market growth in North America. North America has the presence of well-established healthcare facilities and the availability of skilled medical professionals, which offers profitable opportunities for wound care solution providers.
Asia Pacific is emerging as a fast-growing market for wound irrigation solution suppliers. Increasing cases of diabetes leading to diabetic ulcers are contributing to the high demand for wound irrigation systems in Asia Pacific. The rapidly increasing aging population who are more prone to chronic wounds is contributing to the overall growth of wound irrigation system sales in Asia Pacific.
Sanara MedTech Inc. was granted 510(k) clearance in 2023 for BIASURGETM, a cutting-edge surgical solution that aids in clearing wounds of debris, including infections.
Sanara MedTech Inc. partnered with Pixalere Healthcare Inc. in 2021 to improve its all-encompassing approach to wound and skin care.
More Valuable Insightson Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global wound irrigation solution market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on product type (wetting agents, antiseptics) and end user (hospitals, ambulatory surgical centers, clinics, long-term care centers, home care settings), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.
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Rockville, MD, Jan. 22, 2025 (GLOBE NEWSWIRE) — The global Automotive Human Machine Interface (HMI) Market is currently valued at US$ 13.9 billion in 2024 and expand at a CAGR of 11.0% to end up at US$ 39.5 billion by 2034.
Automotive HMI represents an intersection where automotive technology merges with user-experience design and fundamentally shifts the way that drivers interact with passengers, in and on vehicles. This technology encompasses sophisticated touchscreens, voice recognition systems, gesture controls, and haptic feedback mechanisms that create seamless communication between users and vehicle functions. The market has dramatically evolved from traditional button-based controls to advanced multimodal interfaces supporting entertainment, navigation, vehicle diagnostics, and safety features.
Modern HMI solutions incorporate artificial intelligence and machine learning capabilities, enabling more natural and contextual interactions while adapting to user preferences. Integration of smartphone connectivity and digital assistants has become a standard part of modern consumer expectations, and integration is also happening with electric and autonomous vehicles. Manufacturers are designing new interface solutions to address requirements for monitoring battery status, autonomous driving modes, and advanced driver assistance systems.
Global automotive human machine interface market will grow at a CAGR of 11.0% reaching US$ 39.5 billion by the end of 2034.
North America will expand at a CAGR of 11.2% from 2024 to 2034, capturing 35.8% of the market share in 2024 and offering an absolute opportunity of US$ 9.4 billion.
East Asia will account for 24.6% of market share in 2024, generating an absolute dollar opportunity of US$ 6.7 billion between 2024 and 2034.
Between 2024 and 2034, passenger vehicles classification is expected to produce an absolute dollar opportunity US$ 19.3 billion.
With a 2% market share, visual interfaces under technology type is estimated to be worth US$ 5.6 billion in 2024.
“The automotive human machine interface market is a revolution change with the current trends for intelligent and intuitive cockpit experience among manufacturers. Such will boost innovation in connected technologies, improving safety and user engagement”, says a Fact.MR analyst.
Market Development
Key companies like as DENSO Corporation, Valeo SA, Continental AG, Harman International, Delphi Automotive plc, Magneti Marelli S.P.A, Visteon Corporation, Clarion Co Ltd, Tata Elxsi, Luxoft and others are propelling the market growth.
These important companies used a variety of primary strategies, such as product releases, mergers and acquisitions, expansions, and deals, to strengthen their positions in the automotive market.
Industry News-
In March 2024, Continental AG launched its new generation of automotive displays featuring enhanced haptic feedback and improved user interaction. The company introduced innovative 3D display technology with eye-tracking capabilities, aiming to reduce driver distraction while increasing information accessibility.
In November 2023, Denso Corporation unveiled its latest AI-powered HMI system featuring advanced driver monitoring and natural language processing capabilities. The system incorporates machine learning algorithms to adapt to individual driver preferences and behavior patterns, enhancing both safety and user experience.
In June 2023, Visteon Corporation launched its next-generation SmartCore cockpit domain controller, supporting multiple displays and advanced HMI features. The platform enables seamless integration of various vehicle functions through a unified interface, improving user experience and system efficiency.
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive human machine interface market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on by vehicle type (commercial vehicles, passenger vehicles), by technology (mechanical interfaces, acoustics interfaces, visual interfaces, haptic interfaces), by product type (voice controls, central displays, instrument clusters, steering-mounted controls, Rear-Seat Entertainment (RSE) Displays, Heads-up Displays (HUDs), and across major seven regions of the world.
Explore More Related Studies Published by Fact.MR Research:
The global V/TI monitor (vehicle / track interaction) market was valued at US$ 26.2 billion in 2024 and has been forecasted to expand at a noteworthy CAGR of 10.5% to end up at US$ 71.1 billion by 2034.
Expanding at a CAGR of 3.1%, the global aviation carpet market is projected to increase from a valuation of US$ 15.82 billion in 2024 to US$ 21.46 billion by 2034.
The global automatic train protection signaling market is estimated at a valuation of US$ 3.65 billion in 2024 and further expand at a CAGR of 7.9% to end up at US$ 7.81 billion by the year 2034.
Worldwide revenue from the motorcycle fairings market is estimated to stand at US$ 31.07 billion in 2024 and is slated to increase at a CAGR of 9.2% to reach US$ 74.92 billion by 2034.
The global seismic support vessel market is valued at US$ 7.64 billion in the year 2024. Furthermore, the market is forecasted to expand at a CAGR of 5.2% to reach US$ 12.69 billion by 2034.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.
With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.
Contact: 11140 Rockville Pike Suite 400 Rockville, MD 20852 United States Tel: +1 (628) 251-1583 Sales Team: sales@factmr.com Follow Us:LinkedIn | Twitter | Blog
The Nasdaq led US stock futures higher on Wednesday after Donald Trump’s boost to AI demand hopes outweighed fresh tariff threats from the new US president.
Shares in Oracle (ORCL), a partner in the “Stargate” venture, continued to rise, up almost 9% in pre-market trading on the prospect of higher AI spending. In Tokyo, SoftBank (9984.T, SFTBY) stock jumped 10%.
Meanwhile, Netflix stock soared 15% in early trading after it reported record new subscriber additions and beats on earnings and revenue.
Spirits were high despite heightened worries about a Trump-spurred trade war. The president said Tuesday his administration was considering imposing a 10% duty on China imports on Feb. 1, as he vowed to hit the EU with additional tariffs.
The stepped-up tariff threats come after US stocks rallied on Tuesday amid relief that China wasn’t targeted in Trump’s first policy moves, which promised new duties for Mexico and Canada. Chinese stocks fell on Wednesday as markets were rattled by the new trade-defense plan.
Net income of $20.3 million, or $0.64 per diluted share; return on average assets (“ROAA”) of 1.61%; return on average stockholders’ equity (“ROAE”) of 14.89%; and return on average tangible common equity (“ROATCE”)(1) of 17.40%
Adjusted net income(1) of $19.5 million; or $0.62 per diluted share; adjusted ROAA(1) of 1.56%; adjusted ROAE(1) of 14.36%; and adjusted ROATCE(1) of 16.77%
Asset quality remained strong with nonperforming assets to total assets of 0.16% and net charge-offs to average loans of 0.08%, on an annualized basis
Net interest margin and net interest margin (tax-equivalent basis)(1) nearly unchanged at 3.96% and 4.01%, respectively
BLOOMINGTON, Ill., Jan. 22, 2025 (GLOBE NEWSWIRE) — HBT Financial, Inc. HBT (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024. This compares to net income of $18.2 million, or $0.57 diluted earnings per share, for the third quarter of 2024, and net income of $18.4 million, or $0.58 diluted earnings per share, for the fourth quarter of 2023.
J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We ended 2024 with another quarter of strong earnings. Adjusted net income(1) of $19.5 million, or $0.62 per diluted share, increased from $19.2 million, or $0.61 per diluted share, in the third quarter of 2024. Underpinning this strong financial performance was our resilient net interest margin (tax equivalent basis)(1) of 4.01% for the fourth quarter of 2024, down only 2 basis points from the third quarter of 2024 despite the Federal Reserve cutting the federal funds target range by 100 basis points since September 18, 2024. Our strong earnings generated good returns with adjusted ROAA(1) of 1.56% and adjusted ROATCE(1) of 16.77% for the fourth quarter of 2024 and 1.50% and 17.19%, respectively, for the full year of 2024. Tangible book value per share(1) continued to increase during the quarter and has increased 14.7% during 2024. In addition to our strong earnings and profitability, our balance sheet remains strong with all capital ratios increasing during the fourth quarter of 2024. Finally, asset quality remains exceptional with nonperforming assets to total assets of 0.16% at December 31, 2024 and net charge-offs to average loans on an annualized basis of only 0.08% during the fourth quarter of 2024 and 0.05% for the full year of 2024.
Looking ahead to 2025, we feel confident that our balance sheet is well positioned to absorb the market’s interest rate outlook, our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise, and our asset quality remains strong with no significant signs of stress in any specific sector.” ____________________________________ (1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Adjusted Net Income
In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, net earnings (losses) from closed or sold operations, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024. This compares to adjusted net income of $19.2 million, or $0.61 adjusted diluted earnings per share, for the third quarter of 2024, and adjusted net income of $19.3 million, or $0.60 adjusted diluted earnings per share, for the fourth quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).
Cash Dividend
On January 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock (the “Dividend”). The Dividend is payable on February 11, 2025 to shareholders of record as of February 4, 2025. This represents an increase of $0.02 from the previous quarterly dividend of $0.19 per share.
Mr. Carter noted, “We are very pleased to announce that our strong financial performance and capital ratios have enabled us to further increase our quarterly cash dividend by $0.02 per share, or 10.5%, while maintaining more than sufficient capital to support the continued growth of the Company.”
Net Interest Income and Net Interest Margin
Net interest income for the fourth quarter of 2024 was $47.4 million, a decrease of 0.7% from $47.7 million for the third quarter of 2024. The decrease was primarily attributable to lower yields on loans and deposits with banks, driven by the recent cuts to short-term interest rates by the Federal Reserve, which were mostly offset by lower funding costs and higher yields on debt securities.
Relative to the fourth quarter of 2023, net interest income increased 0.7% from $47.1 million. The increase was primarily attributable to improved interest-earning asset yields which were mostly offset by an increase in funding costs.
Net interest margin for the fourth quarter of 2024 was 3.96%, compared to 3.98% for the third quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the fourth quarter of 2024 was 4.01%, compared to 4.03% for the third quarter of 2024. Lower loan yields, which decreased 13 basis points to 6.32%, were largely offset by a decrease in funding costs, with the cost of funds decreasing 8 basis points to 1.39%, and an increase in debt securities yields, which increased 9 basis points to 2.41%.
Relative to the fourth quarter of 2023, net interest margin increased 3 basis points from 3.93% and net interest margin (tax-equivalent basis)(1) increased 2 basis points from 3.99%. These increases were primarily attributable to increases in interest-earning asset yields outpacing increases in funding costs. ____________________________________ (1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
Noninterest Income
Noninterest income for the fourth quarter of 2024 was $11.6 million, an increase from $8.7 million for the third quarter of 2024. The increase was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results compared to a $1.5 million negative MSR fair value adjustment included in the third quarter 2024 results. Additionally, a $0.5 million increase in wealth management fees was primarily driven by an increase in farm real estate brokerage fees, and a $0.2 million increase in income on bank owned life insurance was primarily attributable to a $0.2 million gain on life insurance proceeds. Partially offsetting these increases was a $0.3 million loss on the sale of $2.4 million of debt securities during the fourth quarter of 2024.
Relative to the fourth quarter of 2023, noninterest income increased 26.3% from $9.2 million. The increase was primarily attributable to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results compared to a $1.2 million negative MSR fair value adjustment included in the fourth quarter 2023 results.
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 was $30.9 million, a 1.3% decrease from $31.3 million for the third quarter of 2024. The decrease was primarily attributable to a $0.5 million decrease in salaries, primarily driven by lower vacation accruals, and a $0.3 million decrease in employee benefits, primarily driven by lower medical benefits expense. Partially offsetting these decreases was a $0.4 million increase in data processing expense.
Relative to the fourth quarter of 2023, noninterest expense increased 1.7% from $30.4 million. The increase was primarily attributable to a $0.4 million increase in data processing expense and a $0.3 million increase in occupancy expense, driven in part by planned building maintenance projects. These increases were partially offset by a $0.2 million decrease in marketing and customer relations expense.
On February 1, 2023, HBT Financial completed its acquisition of Town and Country Financial Corporation (“Town and Country”) with the core system conversion successfully completed in April 2023. Acquisition-related expenses recognized during the year ended December 31, 2023 are summarized below. No Town and Country acquisition-related expenses were recognized subsequent to the second quarter of 2023.
(dollars in thousands)
Year Ended December 31, 2023
PROVISION FOR CREDIT LOSSES
$
5,924
NONINTEREST EXPENSE
Salaries
3,584
Furniture and equipment
39
Data processing
2,031
Marketing and customer relations
24
Loan collection and servicing
125
Legal fees and other noninterest expense
1,964
Total noninterest expense
7,767
Total acquisition-related expenses
$
13,691
Loan Portfolio
Total loans outstanding, before allowance for credit losses, were $3.47 billion at December 31, 2024, compared with $3.37 billion at September 30, 2024, and $3.40 billion at December 31, 2023. The $96.3 million increase from September 30, 2024 was primarily attributable to new originations to recurring customers and higher usage on existing lines of credit in our commercial and industrial portfolio. Higher line usage in our commercial and industrial portfolio was driven in part by a $11.3 million seasonal increase in grain elevator line balances as well as $12.0 million drawn on two customers’ lines which were funded shortly before and paid off shortly after year-end.
Deposits
Total deposits were $4.32 billion at December 31, 2024, compared with $4.28 billion at September 30, 2024, and $4.40 billion at December 31, 2023. The $37.6 million increase from September 30, 2024 was primarily attributable to higher balances maintained in retail accounts and a $17.2 million increase in wealth management customer reciprocal deposits included in money market accounts. Partially offsetting these increases was a decrease in public funds and a $30.0 million decrease in brokered deposits due to planned repayment at scheduled maturity.
Asset Quality
Nonperforming loans totaled $7.7 million, or 0.22% of total loans, at December 31, 2024, compared with $8.2 million, or 0.24% of total loans, at September 30, 2024, and $7.9 million, or 0.23% of total loans, at December 31, 2023. Additionally, of the $7.7 million of nonperforming loans held as of December 31, 2024, $1.6 million is either wholly or partially guaranteed by the U.S. government. The $0.5 million decrease in nonperforming loans from September 30, 2024 was primarily attributable to a decrease in one-to-four family residential nonaccrual balances.
The Company recorded a provision for credit losses of $0.7 million for the fourth quarter of 2024. The provision for credit losses primarily reflects a $1.5 million increase in required reserves driven by increased loan balances and changes within the portfolio; a $0.6 million decrease in required reserves resulting from changes in economic forecasts; and a $0.2 million decrease in specific reserves.
The Company had net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, compared to net charge-offs of $0.6 million, or 0.07% of average loans on an annualized basis, for the third quarter of 2024, and net charge-offs of $0.5 million, or 0.06% of average loans on an annualized basis, for the fourth quarter of 2023.
The Company’s allowance for credit losses was 1.21% of total loans and 549% of nonperforming loans at December 31, 2024, compared with 1.22% of total loans and 499% of nonperforming loans at September 30, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.1 million as of December 31, 2024, compared with $4.1 million as of September 30, 2024.
Capital
As of December 31, 2024, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:
December 31, 2024
For Capital Adequacy Purposes With Capital Conservation Buffer
Total capital to risk-weighted assets
16.51
%
10.50
%
Tier 1 capital to risk-weighted assets
14.50
8.50
Common equity tier 1 capital ratio
13.21
7.00
Tier 1 leverage ratio
11.51
4.00
The ratio of tangible common equity to tangible assets(1) increased to 9.42% as of December 31, 2024, from 9.35% as of September 30, 2024, and tangible book value per share(1) increased by $0.25 to $14.80 as of December 31, 2024, when compared to September 30, 2024.
During the fourth quarter of 2024, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors authorized a new stock repurchase program that took effect upon the expiration of the Company’s prior stock repurchase program on January 1, 2025. The new stock repurchase program will be in effect until January 1, 2026 and authorizes the Company to repurchase up to $15 million of its common stock. ____________________________________ (1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
About HBT Financial, Inc.
HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of December 31, 2024, HBT Financial had total assets of $5.0 billion, total loans of $3.5 billion, and total deposits of $4.3 billion.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the implementation of policies proposed by the new presidential administration, including tariffs, mass deportations and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) changes in interest rates and prepayment rates of the Company’s assets; (vii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (viii) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (ix) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (x) the loss of key executives, talent shortages or employee turnover; (xi) changes in consumer spending; (xii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiii) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xiv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xv) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvi) the overall health of the local and national real estate market; (xvii) the ability to maintain an adequate level of allowance for credit losses on loans; (xviii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (ix) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xx) the level of nonperforming assets on our balance sheets; (xxi) interruptions involving our information technology and communications systems or third-party servicers; (xxii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.
HBT Financial, Inc. Unaudited Consolidated Financial Summary
As of or for the Three Months Ended
Year Ended December 31,
(dollars in thousands, except per share data)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Interest and dividend income
$
62,798
$
64,117
$
61,411
$
251,700
$
228,999
Interest expense
15,397
16,384
14,327
62,850
37,927
Net interest income
47,401
47,733
47,084
188,850
191,072
Provision for credit losses
725
603
1,113
3,031
7,573
Net interest income after provision for credit losses
46,676
47,130
45,971
185,819
183,499
Noninterest income
11,630
8,705
9,205
35,571
36,046
Noninterest expense
30,908
31,322
30,387
124,007
130,964
Income before income tax expense
27,398
24,513
24,789
97,383
88,581
Income tax expense
7,126
6,333
6,343
25,603
22,739
Net income
$
20,272
$
18,180
$
18,446
$
71,780
$
65,842
Earnings per share – Diluted
$
0.64
$
0.57
$
0.58
$
2.26
$
2.07
Adjusted net income (1)
$
19,546
$
19,244
$
19,272
$
75,002
$
78,182
Adjusted earnings per share – Diluted (1)
0.62
0.61
0.60
2.37
2.46
Book value per share
$
17.26
$
17.04
$
15.44
Tangible book value per share (1)
14.80
14.55
12.90
Shares of common stock outstanding
31,559,366
31,559,366
31,695,828
Weighted average shares of common stock outstanding
31,559,366
31,559,366
31,708,381
31,590,117
31,626,308
SUMMARY RATIOS
Net interest margin *
3.96
%
3.98
%
3.93
%
3.96
%
4.09
%
Net interest margin (tax-equivalent basis) * (1)(2)
4.01
4.03
3.99
4.01
4.15
Efficiency ratio
51.16
%
54.24
%
52.70
%
53.99
%
56.49
%
Efficiency ratio (tax-equivalent basis) (1)(2)
50.68
53.71
52.09
53.46
55.81
Loan to deposit ratio
80.27
%
78.72
%
77.35
%
Return on average assets *
1.61
%
1.44
%
1.46
%
1.43
%
1.34
%
Return on average stockholders’ equity *
14.89
13.81
15.68
13.93
14.60
Return on average tangible common equity * (1)
17.40
16.25
18.96
16.45
17.63
Adjusted return on average assets * (1)
1.56
%
1.53
%
1.53
%
1.50
%
1.59
%
Adjusted return on average stockholders’ equity * (1)
14.36
14.62
16.38
14.55
17.34
Adjusted return on average tangible common equity * (1)
16.77
17.20
19.81
17.19
20.94
CAPITAL
Total capital to risk-weighted assets
16.51
%
16.54
%
15.33
%
Tier 1 capital to risk-weighted assets
14.50
14.48
13.42
Common equity tier 1 capital ratio
13.21
13.15
12.12
Tier 1 leverage ratio
11.51
11.16
10.49
Total stockholders’ equity to total assets
10.82
10.77
9.65
Tangible common equity to tangible assets (1)
9.42
9.35
8.19
ASSET QUALITY
Net charge-offs (recoveries) to average loans *
0.08
%
0.07
%
0.06
%
0.05
%
0.01
%
Allowance for credit losses to loans, before allowance for credit losses
1.21
1.22
1.18
Nonperforming loans to loans, before allowance for credit losses
0.22
0.24
0.23
Nonperforming assets to total assets
0.16
0.17
0.17
____________________________________
* Annualized measure. (1) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. (2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Statements of Income
Three Months Ended
Year Ended December 31,
(dollars in thousands, except per share data)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
INTEREST AND DIVIDEND INCOME
Loans, including fees:
Taxable
$
52,587
$
53,650
$
52,060
$
210,340
$
191,008
Federally tax exempt
1,199
1,133
1,125
4,523
4,189
Debt securities:
Taxable
6,829
6,453
6,286
25,801
25,746
Federally tax exempt
482
502
888
2,102
4,225
Interest-bearing deposits in bank
1,520
2,230
786
8,272
3,020
Other interest and dividend income
181
149
266
662
811
Total interest and dividend income
62,798
64,117
61,411
251,700
228,999
INTEREST EXPENSE
Deposits
13,672
14,649
11,227
56,047
25,135
Securities sold under agreements to repurchase
179
134
148
594
255
Borrowings
115
119
1,534
480
7,128
Subordinated notes
470
470
470
1,879
1,879
Junior subordinated debentures issued to capital trusts
961
1,012
948
3,850
3,530
Total interest expense
15,397
16,384
14,327
62,850
37,927
Net interest income
47,401
47,733
47,084
188,850
191,072
PROVISION FOR CREDIT LOSSES
725
603
1,113
3,031
7,573
Net interest income after provision for credit losses
46,676
47,130
45,971
185,819
183,499
NONINTEREST INCOME
Card income
2,797
2,753
2,717
11,051
11,043
Wealth management fees
3,138
2,670
2,885
10,978
9,883
Service charges on deposit accounts
2,080
2,081
2,016
7,932
7,846
Mortgage servicing
1,158
1,113
1,156
4,437
4,678
Mortgage servicing rights fair value adjustment
1,331
(1,488
)
(1,155
)
(174
)
(1,615
)
Gains on sale of mortgage loans
409
461
401
1,611
1,526
Realized gains (losses) on sales of securities
(315
)
—
—
(3,697
)
(1,820
)
Unrealized gains (losses) on equity securities
(83
)
136
221
(59
)
160
Gains (losses) on foreclosed assets
7
(44
)
58
22
501
Gains (losses) on other assets
2
(2
)
5
(635
)
166
Income on bank owned life insurance
415
170
158
915
573
Other noninterest income
691
855
743
3,190
3,105
Total noninterest income
11,630
8,705
9,205
35,571
36,046
NONINTEREST EXPENSE
Salaries
15,784
16,325
15,738
65,130
67,453
Employee benefits
2,649
2,997
2,379
11,311
10,037
Occupancy of bank premises
2,773
2,695
2,458
10,293
9,918
Furniture and equipment
460
446
655
2,004
2,790
Data processing
2,998
2,640
2,565
11,169
12,352
Marketing and customer relations
948
1,380
1,169
4,320
5,043
Amortization of intangible assets
709
710
720
2,839
2,670
FDIC insurance
557
572
575
2,254
2,280
Loan collection and servicing
653
476
431
2,056
1,402
Foreclosed assets
31
19
17
109
251
Other noninterest expense
3,346
3,062
3,680
12,522
16,768
Total noninterest expense
30,908
31,322
30,387
124,007
130,964
INCOME BEFORE INCOME TAX EXPENSE
27,398
24,513
24,789
97,383
88,581
INCOME TAX EXPENSE
7,126
6,333
6,343
25,603
22,739
NET INCOME
$
20,272
$
18,180
$
18,446
$
71,780
$
65,842
EARNINGS PER SHARE – BASIC
$
0.64
$
0.58
$
0.58
$
2.27
$
2.08
EARNINGS PER SHARE – DILUTED
$
0.64
$
0.57
$
0.58
$
2.26
$
2.07
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING
31,559,366
31,559,366
31,708,381
31,590,117
31,626,308
HBT Financial, Inc. Unaudited Consolidated Financial Summary Consolidated Balance Sheets
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
ASSETS
Cash and due from banks
$
29,552
$
26,776
$
26,256
Interest-bearing deposits with banks
108,140
152,895
114,996
Cash and cash equivalents
137,692
179,671
141,252
Interest-bearing time deposits with banks
—
—
509
Debt securities available-for-sale, at fair value
698,049
710,303
759,461
Debt securities held-to-maturity
499,858
505,075
521,439
Equity securities with readily determinable fair value
3,315
3,364
3,360
Equity securities with no readily determinable fair value
2,629
2,638
2,505
Restricted stock, at cost
5,086
5,086
7,160
Loans held for sale
1,586
2,959
2,318
Loans, before allowance for credit losses
3,466,146
3,369,830
3,404,417
Allowance for credit losses
(42,044
)
(40,966
)
(40,048
)
Loans, net of allowance for credit losses
3,424,102
3,328,864
3,364,369
Bank owned life insurance
23,989
24,405
23,905
Bank premises and equipment, net
66,758
65,919
65,150
Bank premises held for sale
317
317
—
Foreclosed assets
367
376
852
Goodwill
59,820
59,820
59,820
Intangible assets, net
17,843
18,552
20,682
Mortgage servicing rights, at fair value
18,827
17,496
19,001
Investments in unconsolidated subsidiaries
1,614
1,614
1,614
Accrued interest receivable
24,770
24,160
24,534
Other assets
46,280
40,109
55,239
Total assets
$
5,032,902
$
4,990,728
$
5,073,170
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Noninterest-bearing
$
1,046,405
$
1,008,359
$
1,072,407
Interest-bearing
3,271,849
3,272,341
3,329,030
Total deposits
4,318,254
4,280,700
4,401,437
Securities sold under agreements to repurchase
28,969
29,029
42,442
Federal Home Loan Bank advances
13,231
13,435
12,623
Subordinated notes
39,553
39,533
39,474
Junior subordinated debentures issued to capital trusts
52,849
52,834
52,789
Other liabilities
35,441
37,535
34,909
Total liabilities
4,488,297
4,453,066
4,583,674
Stockholders’ Equity
Common stock
328
328
327
Surplus
297,297
296,810
295,877
Retained earnings
316,764
302,532
269,051
Accumulated other comprehensive income (loss)
(46,765
)
(38,989
)
(57,163
)
Treasury stock at cost
(23,019
)
(23,019
)
(18,596
)
Total stockholders’ equity
544,605
537,662
489,496
Total liabilities and stockholders’ equity
$
5,032,902
$
4,990,728
$
5,073,170
SHARES OF COMMON STOCK OUTSTANDING
31,559,366
31,559,366
31,695,828
HBT Financial, Inc. Unaudited Consolidated Financial Summary
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
LOANS
Commercial and industrial
$
428,389
$
395,598
$
427,800
Commercial real estate – owner occupied
322,316
288,838
295,842
Commercial real estate – non-owner occupied
899,565
889,188
880,681
Construction and land development
374,657
359,151
363,983
Multi-family
431,524
432,712
417,923
One-to-four family residential
463,968
472,040
491,508
Agricultural and farmland
293,375
297,102
287,294
Municipal, consumer, and other
252,352
235,201
239,386
Total loans
$
3,466,146
$
3,369,830
$
3,404,417
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
DEPOSITS
Noninterest-bearing deposits
$
1,046,405
$
1,008,359
$
1,072,407
Interest-bearing deposits:
Interest-bearing demand
1,099,061
1,076,445
1,145,092
Money market
820,825
795,150
803,381
Savings
566,533
566,783
608,424
Time
785,430
803,964
627,253
Brokered
—
29,999
144,880
Total interest-bearing deposits
3,271,849
3,272,341
3,329,030
Total deposits
$
4,318,254
$
4,280,700
$
4,401,437
HBT Financial, Inc. Unaudited Consolidated Financial Summary
Three Months Ended
December 31, 2024
September 30, 2024
December 31, 2023
(dollars in thousands)
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
Average Balance
Interest
Yield/Cost *
ASSETS
Loans
$
3,387,541
$
53,786
6.32
%
$
3,379,299
$
54,783
6.45
%
$
3,374,451
$
53,185
6.25
%
Debt securities
1,208,404
7,311
2.41
1,191,642
6,955
2.32
1,275,531
7,174
2.23
Deposits with banks
149,691
1,520
4.04
185,870
2,230
4.77
84,021
786
3.71
Other
12,698
181
5.68
12,660
149
4.68
14,747
266
7.16
Total interest-earning assets
4,758,334
$
62,798
5.25
%
4,769,471
$
64,117
5.35
%
4,748,750
$
61,411
5.13
%
Allowance for credit losses
(40,942
)
(40,780
)
(38,844
)
Noninterest-earning assets
277,074
278,030
292,543
Total assets
$
4,994,466
$
5,006,721
$
5,002,449
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand
$
1,088,082
$
1,351
0.49
%
$
1,085,609
$
1,408
0.52
%
$
1,140,438
$
1,228
0.43
%
Money market
787,768
4,444
2.24
800,651
4,726
2.35
684,197
2,885
1.67
Savings
562,833
389
0.27
573,077
396
0.27
610,767
417
0.27
Time
796,494
7,439
3.72
804,379
7,702
3.81
599,293
4,773
3.16
Brokered
3,261
49
5.96
29,996
417
5.54
140,963
1,924
5.42
Total interest-bearing deposits
3,238,438
13,672
1.68
3,293,712
14,649
1.77
3,175,658
11,227
1.40
Securities sold under agreements to repurchase
31,624
179
2.26
29,426
134
1.80
34,282
148
1.71
Borrowings
13,370
115
3.42
13,691
119
3.47
114,220
1,534
5.33
Subordinated notes
39,543
470
4.73
39,524
470
4.73
39,464
470
4.72
Junior subordinated debentures issued to capital trusts
52,841
961
7.23
52,827
1,012
7.63
52,782
948
7.13
Total interest-bearing liabilities
3,375,816
$
15,397
1.81
%
3,429,180
$
16,384
1.90
%
3,416,406
$
14,327
1.66
%
Noninterest-bearing deposits
1,041,471
1,013,893
1,081,795
Noninterest-bearing liabilities
35,644
39,903
37,440
Total liabilities
4,452,931
4,482,976
4,535,641
Stockholders’ Equity
541,535
523,745
466,808
Total liabilities and stockholders’ equity
$
4,994,466
$
5,006,721
$
5,002,449
Net interest income/Net interest margin (1)
$
47,401
3.96
%
$
47,733
3.98
%
$
47,084
3.93
%
Tax-equivalent adjustment (2)
562
0.05
552
0.05
666
0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)
$
47,963
4.01
%
$
48,285
4.03
%
$
47,750
3.99
%
Net interest rate spread (4)
3.44
%
3.45
%
3.47
%
Net interest-earning assets (5)
$
1,382,518
$
1,340,291
$
1,332,344
Ratio of interest-earning assets to interest-bearing liabilities
1.41
1.39
1.39
Cost of total deposits
1.27
%
1.35
%
1.05
%
Cost of funds
1.39
1.47
1.26
____________________________________
* Annualized measure.
(1) Net interest margin represents net interest income divided by average total interest-earning assets. (2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%. (3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. (4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
HBT Financial, Inc. Unaudited Consolidated Financial Summary
Year Ended
December 31, 2024
December 31, 2023
(dollars in thousands)
Average Balance
Interest
Yield/Cost
Average Balance
Interest
Yield/Cost
ASSETS
Loans
$
3,378,059
$
214,863
6.36
%
$
3,231,736
$
195,197
6.04
%
Debt securities
1,200,444
27,903
2.32
1,343,419
29,971
2.23
Deposits with banks
178,436
8,272
4.64
84,544
3,020
3.57
Other
12,732
662
5.20
15,326
811
5.29
Total interest-earning assets
4,769,671
$
251,700
5.28
%
4,675,025
$
228,999
4.90
%
Allowance for credit losses
(40,694
)
(37,504
)
Noninterest-earning assets
279,106
290,383
Total assets
$
5,008,083
$
4,927,904
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Interest-bearing deposits:
Interest-bearing demand
$
1,106,136
$
5,499
0.50
%
$
1,188,680
$
3,130
0.26
%
Money market
797,444
18,637
2.34
669,118
7,352
1.10
Savings
584,769
1,621
0.28
661,424
1,033
0.16
Time
757,456
28,183
3.72
481,466
10,784
2.24
Brokered
38,286
2,107
5.50
52,724
2,836
5.38
Total interest-bearing deposits
3,284,091
56,047
1.71
3,053,412
25,135
0.82
Securities sold under agreements to repurchase
30,984
594
1.92
35,450
255
0.72
Borrowings
13,383
480
3.59
139,817
7,128
5.10
Subordinated notes
39,514
1,879
4.75
39,434
1,879
4.76
Junior subordinated debentures issued to capital trusts
52,819
3,850
7.29
51,489
3,530
6.86
Total interest-bearing liabilities
3,420,791
$
62,850
1.84
%
3,319,602
$
37,927
1.14
%
Noninterest-bearing deposits
1,033,811
1,113,300
Noninterest-bearing liabilities
38,113
44,074
Total liabilities
4,492,715
4,476,976
Stockholders’ Equity
515,368
450,928
Total liabilities and stockholders’ equity
$
5,008,083
4,927,904
Net interest income/Net interest margin (1)
$
188,850
3.96
%
$
191,072
4.09
%
Tax-equivalent adjustment (2)
2,242
0.05
2,758
0.06
Net interest income (tax-equivalent basis)/ Net interest margin (tax-equivalent basis) (2) (3)
$
191,092
4.01
%
$
193,830
4.15
%
Net interest rate spread (4)
3.44
%
3.76
%
Net interest-earning assets (5)
$
1,348,880
$
1,355,423
Ratio of interest-earning assets to interest-bearing liabilities
1.39
1.41
Cost of total deposits
1.30
%
0.60
%
Cost of funds
1.41
0.86
____________________________________ (1) Net interest margin represents net interest income divided by average total interest-earning assets. (2) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%. (3) See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures. (4) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities. (5) Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
HBT Financial, Inc. Unaudited Consolidated Financial Summary
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
NONPERFORMING ASSETS
Nonaccrual
$
7,652
$
8,200
$
7,820
Past due 90 days or more, still accruing
4
5
37
Total nonperforming loans
7,656
8,205
7,857
Foreclosed assets
367
376
852
Total nonperforming assets
$
8,023
$
8,581
$
8,709
Nonperforming loans that are wholly or partially guaranteed by the U.S. Government
$
1,573
$
2,046
$
2,641
Allowance for credit losses
$
42,044
$
40,966
$
40,048
Loans, before allowance for credit losses
3,466,146
3,369,830
3,404,417
CREDIT QUALITY RATIOS
Allowance for credit losses to loans, before allowance for credit losses
1.21
%
1.22
%
1.18
%
Allowance for credit losses to nonaccrual loans
549.45
499.59
512.12
Allowance for credit losses to nonperforming loans
549.16
499.28
509.71
Nonaccrual loans to loans, before allowance for credit losses
0.22
0.24
0.23
Nonperforming loans to loans, before allowance for credit losses
0.22
0.24
0.23
Nonperforming assets to total assets
0.16
0.17
0.17
Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets
0.23
0.25
0.26
Three Months Ended
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
ALLOWANCE FOR CREDIT LOSSES
Beginning balance
$
40,966
$
40,806
$
38,863
$
40,048
$
25,333
Adoption of ASC 326
—
—
—
—
6,983
PCD allowance established in acquisition
—
—
—
—
1,247
Provision for credit losses
1,771
746
1,661
3,754
6,665
Charge-offs
(1,086
)
(1,101
)
(626
)
(3,284
)
(1,359
)
Recoveries
393
515
150
1,526
1,179
Ending balance
$
42,044
$
40,966
$
40,048
$
42,044
$
40,048
Net charge-offs
$
693
$
586
$
476
$
1,758
$
180
Average loans
3,387,541
3,379,299
3,374,451
3,378,059
3,231,736
Net charge-offs to average loans *
0.08
%
0.07
%
0.06
%
0.05
%
0.01
%
____________________________________
* Annualized measure.
Three Months Ended
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
PROVISION FOR CREDIT LOSSES
Loans (1)
$
1,771
$
746
$
1,661
$
3,754
$
6,665
Unfunded lending-related commitments (1)
(1,046
)
(143
)
(548
)
(723
)
908
Total provision for credit losses
$
725
$
603
$
1,113
$
3,031
$
7,573
____________________________________ (1) Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023.
Reconciliation of Non-GAAP Financial Measures – Adjusted Net Income and Adjusted Return on Average Assets
Three Months Ended
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Net income
$
20,272
$
18,180
$
18,446
$
71,780
$
65,842
Less: adjustments
Acquisition expenses (1)
—
—
—
—
(13,691
)
Gains (losses) on closed branch premises
—
—
—
(635
)
75
Realized gains (losses) on sales of securities
(315
)
—
—
(3,697
)
(1,820
)
Mortgage servicing rights fair value adjustment
1,331
(1,488
)
(1,155
)
(174
)
(1,615
)
Total adjustments
1,016
(1,488
)
(1,155
)
(4,506
)
(17,051
)
Tax effect of adjustments (2)
(290
)
424
329
1,284
4,711
Total adjustments after tax effect
726
(1,064
)
(826
)
(3,222
)
(12,340
)
Adjusted net income
$
19,546
$
19,244
$
19,272
$
75,002
$
78,182
Average assets
$
4,994,466
$
5,006,721
$
5,002,449
$
5,008,083
$
4,927,904
Return on average assets *
1.61
%
1.44
%
1.46
%
1.43
%
1.34
%
Adjusted return on average assets *
1.56
1.53
1.53
1.50
1.59
____________________________________
* Annualized measure.
(1) Includes recognition of an allowance for credit losses on non-PCD loans of $5.2 million and an allowance for credit losses on unfunded commitments of $0.7 million in connection with the Town and Country merger during the first quarter of 2023. (2) Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures – Adjusted Earnings Per Share — Basic and Diluted
Three Months Ended
Year Ended December 31,
(dollars in thousands, except per share amounts)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Numerator:
Net income
$
20,272
$
18,180
$
18,446
$
71,780
$
65,842
Earnings allocated to participating securities (1)
—
—
(10
)
—
(36
)
Numerator for earnings per share – basic and diluted
$
20,272
$
18,180
$
18,436
$
71,780
$
65,806
Adjusted net income
$
19,546
$
19,244
$
19,272
$
75,002
$
78,182
Earnings allocated to participating securities (1)
—
—
(9
)
—
(42
)
Numerator for adjusted earnings per share – basic and diluted
$
19,546
$
19,244
$
19,263
$
75,002
$
78,140
Denominator:
Weighted average common shares outstanding
31,559,366
31,559,366
31,708,381
31,590,117
31,626,308
Dilutive effect of outstanding restricted stock units
143,498
118,180
139,332
122,363
111,839
Weighted average common shares outstanding, including all dilutive potential shares
31,702,864
31,677,546
31,847,713
31,712,480
31,738,147
Earnings per share – Basic
$
0.64
$
0.58
$
0.58
$
2.27
$
2.08
Earnings per share – Diluted
$
0.64
$
0.57
$
0.58
$
2.26
$
2.07
Adjusted earnings per share – Basic
$
0.62
$
0.61
$
0.61
$
2.37
$
2.47
Adjusted earnings per share – Diluted
$
0.62
$
0.61
$
0.60
$
2.37
$
2.46
____________________________________ (1) The Company previously granted restricted stock units that contain non-forfeitable rights to dividend equivalents, which were considered participating securities. Prior to 2024, these restricted stock units were included in the calculation of basic earnings per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings.
Reconciliation of Non-GAAP Financial Measures – Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries), Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
Three Months Ended December 31,
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Net interest income
$
47,401
$
47,733
$
47,084
$
188,850
$
191,072
Noninterest income
11,630
8,705
9,205
35,571
36,046
Noninterest expense
(30,908
)
(31,322
)
(30,387
)
(124,007
)
(130,964
)
Pre-provision net revenue
28,123
25,116
25,902
100,414
96,154
Less: adjustments
Acquisition expenses
—
—
—
—
(7,767
)
Gains (losses) on closed branch premises
—
—
—
(635
)
75
Realized gains (losses) on sales of securities
(315
)
—
—
(3,697
)
(1,820
)
Mortgage servicing rights fair value adjustment
1,331
(1,488
)
(1,155
)
(174
)
(1,615
)
Total adjustments
1,016
(1,488
)
(1,155
)
(4,506
)
(11,127
)
Adjusted pre-provision net revenue
$
27,107
$
26,604
$
27,057
$
104,920
$
107,281
Pre-provision net revenue
$
28,123
$
25,116
$
25,902
$
100,414
$
96,154
Less: net charge-offs
693
586
476
1,758
180
Pre-provision net revenue less net charge-offs
$
27,430
$
24,530
$
25,426
$
98,656
$
95,974
Adjusted pre-provision net revenue
$
27,107
$
26,604
$
27,057
$
104,920
$
107,281
Less: net charge-offs
693
586
476
1,758
180
Adjusted pre-provision net revenue less net charge-offs
$
26,414
$
26,018
$
26,581
$
103,162
$
107,101
Reconciliation of Non-GAAP Financial Measures – Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
Three Months Ended
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Net interest income (tax-equivalent basis)
Net interest income
$
47,401
$
47,733
$
47,084
$
188,850
$
191,072
Tax-equivalent adjustment (1)
562
552
666
2,242
2,758
Net interest income (tax-equivalent basis) (1)
$
47,963
$
48,285
$
47,750
$
191,092
$
193,830
Net interest margin (tax-equivalent basis)
Net interest margin *
3.96
%
3.98
%
3.93
%
3.96
%
4.09
%
Tax-equivalent adjustment * (1)
0.05
0.05
0.06
0.05
0.06
Net interest margin (tax-equivalent basis) * (1)
4.01
%
4.03
%
3.99
%
4.01
%
4.15
%
Average interest-earning assets
$
4,758,334
$
4,769,471
$
4,748,750
$
4,769,671
$
4,675,025
____________________________________
* Annualized measure.
(1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures – Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
Three Months Ended
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Total noninterest expense
$
30,908
$
31,322
$
30,387
$
124,007
$
130,964
Less: amortization of intangible assets
709
710
720
2,839
2,670
Noninterest expense excluding amortization of intangible assets
Adjusted efficiency ratio (tax-equivalent basis) (1)
51.55
52.35
51.05
52.42
51.68
____________________________________ (1) On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.
Reconciliation of Non-GAAP Financial Measures – Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
(dollars in thousands, except per share data)
December 31, 2024
September 30, 2024
December 31, 2023
Tangible Common Equity
Total stockholders’ equity
$
544,605
$
537,662
$
489,496
Less: Goodwill
59,820
59,820
59,820
Less: Intangible assets, net
17,843
18,552
20,682
Tangible common equity
$
466,942
$
459,290
$
408,994
Tangible Assets
Total assets
$
5,032,902
$
4,990,728
$
5,073,170
Less: Goodwill
59,820
59,820
59,820
Less: Intangible assets, net
17,843
18,552
20,682
Tangible assets
$
4,955,239
$
4,912,356
$
4,992,668
Total stockholders’ equity to total assets
10.82
%
10.77
%
9.65
%
Tangible common equity to tangible assets
9.42
9.35
8.19
Shares of common stock outstanding
31,559,366
31,559,366
31,695,828
Book value per share
$
17.26
$
17.04
$
15.44
Tangible book value per share
14.80
14.55
12.90
Reconciliation of Non-GAAP Financial Measures – Return on Average Tangible Common Equity, Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
Three Months Ended
Year Ended December 31,
(dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
2024
2023
Average Tangible Common Equity
Total stockholders’ equity
$
541,535
$
523,745
$
466,808
$
515,368
$
450,928
Less: Goodwill
59,820
59,820
59,820
59,820
57,266
Less: Intangible assets, net
18,170
18,892
21,060
19,247
20,272
Average tangible common equity
$
463,545
$
445,033
$
385,928
$
436,301
$
373,390
Net income
$
20,272
$
18,180
$
18,446
$
71,780
$
65,842
Adjusted net income
19,546
19,244
19,272
75,002
78,182
Return on average stockholders’ equity *
14.89
%
13.81
%
15.68
%
13.93
%
14.60
%
Return on average tangible common equity *
17.40
16.25
18.96
16.45
17.63
Adjusted return on average stockholders’ equity *
14.36
%
14.62
%
16.38
%
14.55
%
17.34
%
Adjusted return on average tangible common equity *
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