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Tectonic Financial Inc. (TECTP0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $847.5 million from $677.3 million as of December 31, 2023. This increase is attributed to growth in loans held for investment and cash equivalents.
Net income available to common shareholders for the quarter was $4.2 million, up from $3.8 million in the previous year. Earnings per diluted common share were $0.58, compared to $0.52 in the prior year.
Net interest income increased to $8.4 million from $6.6 million in the previous year, driven by higher loan volumes and yields.
Provision for credit losses increased to $606,000 from a credit provision of $38,000 in the previous year, reflecting increased loan volume and specific reserves.
Non-interest income rose to $11.2 million from $10.1 million, with gains in trust and advisory income.
Non-interest expense increased to $13.3 million from $11.4 million, primarily due to higher salaries and employee benefits.
The company reported total deposits of $686.1 million, up from $526.9 million at the end of 2023, with an increase in time deposits.
Tectonic Financial's regulatory capital ratios remained above well-capitalized standards, with a Tier 1 capital ratio of 17.33% on a consolidated basis.
The filing also discusses the company's liquidity position, highlighting borrowing capacities with the Federal Home Loan Bank and Federal Reserve Bank.
Tectonic Financial continues to focus on expanding its banking and financial services, with an emphasis on SBA lending and investment advisory services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tectonic Financial Inc. 9.00% Fixed-to-Floating Rate Series B Non-Cumulative Perpetual Preferred Stock quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.