Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
8th grade Avg
|
New words:
Alan, allegedly, appointed, bidder, Committee, connection, decided, defense, deflation, Diner, Esquire, fall, favor, FDIC, Fed, fit, FOMC, Gould, great, ICS, intention, leasehold, LLC, merit, Mori, necessitate, November, possession, post, premier, problem, professional, quickly, recession, redemption, rent, REO, Restaurant, Route, settling, shareholder, signaled, situated, suit, tenant, title, VDC
Removed:
amended, armored, assessed, assigned, attempt, authority, backed, beginning, benchmark, broader, brought, calculating, car, classify, closely, collected, collective, comparable, criteria, cumulative, decline, deducted, dividend, electricity, elimination, enter, evaluate, examination, exist, Existence, face, facility, filing, floating, historically, identified, impair, impaired, implemented, improve, incurred, internally, largest, lifetime, lingering, longer, manner, maximize, measuring, met, methodology, minimize, orderly, pandemic, policy, portion, presented, prevent, previously, price, program, pronounced, qualitatively, rated, rating, realized, received, recent, recognition, restrain, resurgence, retained, retrospective, reverse, reviewed, satisfying, SBA, segmentation, sooner, stolen, supervisory, supplemented, supportable, sustained, taxable, taxing, threshold, transaction, treatment, ultimately, uncertainty, unclear, underwriting, unexpected, unfunded, unprecedented, unrecognized, updated, volatile, withdrawn
Financial report summary
?Management Discussion
- Net Income: Our net income available to common shareholders for the first quarter of 2024 decreased $5.0 million, or 44.8%, to $6.1 million, compared to $11.1 million for the same period last year. Earnings per share were $0.51 per basic common share and $0.51 per diluted common share for the first quarter of 2024 compared to $0.93 per basic common share and $0.92 per diluted
- common share for the same period last year. The decrease was primarily due to lower net interest income, an increase in provision for credit losses, and a decrease in non-interest income.
- Net Interest Income: Our net interest income was $14.1 million for the first quarter of 2024 compared to $17.1 million for the first quarter of 2023, a decrease of $3.0 million, or 18.1%. Net interest income decreased during the three months ended March 31, 2024, primarily due to an increase in interest expense on deposits and borrowings, partially offset by an increase in interest and fees on loans. Interest income increased $3.5 million, or 13.3%, during the three months ended March 31, 2024 as compared to the same period in the prior year. The increase in interest income was primarily due to an increase of $3.5 million in interest and fees on loans, due to higher loan balances and market interest rates, partially offset by a $0.1 million decrease in interest on deposits with banks. The increase in interest income was offset by an increase in interest expense during the three months ended March 31, 2024 of $6.5 million, or 73.8%, primarily due to an increase in market interest rates on deposits and the overall mix of deposits of $5.9 million and an increase in interest on borrowings of $0.7 million, due to an increase in market interest rates.