Content analysis
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Legalese | ||
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H.S. sophomore Bad
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New words:
accommodate, avoid, bilateral, building, closure, concession, convert, disaggregated, disaggregation, entry, equivalent, fixture, fourth, furniture, housing, ICS, migration, mirror, occupancy, pipeline, registration, rehabilitation, repossession, residual, Restated, simultaneously, space, swap, sweep, transparency, treat
Removed:
acquiree, acquirer, addressing, annuity, borrow, burden, clarification, collateralized, confidence, consecutive, continuation, continued, criteria, delivered, disclose, diversity, ease, eroding, establishing, extension, Facilitation, favorable, granting, inconsistency, incorporated, increasing, insured, leverage, liquid, maximize, membership, newly, nineteen, October, originated, outreach, participate, preemptive, proactive, prohibit, prospectively, publicly, reallocation, reference, restructured, satisfactory, speculative, stable, system, TDR, temporary, thirteen, troubled, uninsured, vesting, withholding
Financial report summary
?Management Discussion
- Net income for the first quarter of 2024 was $16.9 million or $1.18 diluted earnings per share, compared to $19.4 million or $1.35 diluted earnings per share for the same period in 2023. The decrease in net income from the first quarter of 2023 was mainly a result of increased funding costs and increased provision for credit loss expense, partially offset by an increase in noninterest income and a decrease in noninterest expenses.
- Return on average assets ("ROA") for the quarter ended March 31, 2024 was 0.87%, compared to 1.03% for the quarter ended March 31, 2023. Return on average shareholders’ equity ("ROE") for the first quarter of 2024 was 10.18%, compared to 12.45% for the same period in 2023.
- The Company operates in the following three business segments, banking, insurance, and wealth management. Insurance is comprised of property and casualty insurance services and employee benefit consulting operated under the Tompkins Insurance Agencies, Inc. subsidiary. Wealth management activities include the results of the Company’s trust, financial planning, and wealth management services, organized under the Tompkins Financial Advisors brand. All other activities are considered banking.