Calder Financial Corporation Reports Fourth Quarter and Full Year 2023 Results

CHATTANOOGA, Tenn. Calder Financial Corporation, the holding company for Calder Bank & Trust, N.A., today reported net income of $9.3 million, or $0.74 per diluted share, for the quarter ended December 31, 2023. The company reported net income of $11.0 million, or $0.88 per diluted share, for the same quarter of 2022.

For the full year, net income was $44.6 million, or $3.55 per diluted share.

Total assets were $3.85 billion at quarter end. Total deposits were $3.25 billion and total loans were $2.74 billion. Net interest margin was 3.33 percent for the quarter. The efficiency ratio was 58.7 percent. Nonperforming assets were 0.31 percent of total assets. Return on average assets was 0.97 percent.

Assets under administration in the Wealth and Trust division were $3.0 billion at quarter end.

"Our commercial pipeline going into next quarter is the fullest it has been since we finished the core work, and most of it sits in Knoxville and Huntsville," said Ellis R. Vandergriff, President and Chief Executive Officer. "We opened 41 new commercial relationships in the period."

"Expenses came in where we planned and the efficiency ratio was 58.7 percent," said Margo Ballew, Executive Vice President and Chief Financial Officer. "We would rather carry the 12.4 percent capital position than spend it proving a point about growth."

The board of directors declared a quarterly cash dividend of $0.19 per share, payable March 1, 2024 to shareholders of record on February 16, 2024.