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New words:
accrual, activist, adhere, Ann, attached, backstopped, Barefoot, broken, campaign, CAPM, cessation, CISO, CL, Coblentz, compensatory, copy, coupon, cure, cured, Daswani, deeply, delegated, depositary, Depositor, detachable, diverge, divest, divested, divestiture, DolFinTech, dormant, duly, East, embedded, escalating, exact, explore, exploring, extinguished, extinguishment, false, format, fortifying, front, FSB, fuel, fundamental, guesswork, hard, hereof, holiday, hundred, Inline, insecurity, insolvency, intermediary, irrespective, Jo, Jonathan, junior, lag, length, lingering, macro, Master, math, Middle, Mohit, motivated, Neil, omitted, oral, pendency, postpone, President, pressure, proportion, ratifying, Raul, receivership, recessionary, reconciling, Republic, revealed, Sandra, Servicio, shortly, Silicon, Silvergate, Smith, Society, sort, static, substitute, substitution, sunsetting, swept, swift, thereunto, therewith, timeframe, today, tooth, Tributaria, trustworthy, unaffiliated, unclear, underpayment, undersigned, undertaken, unintended, union, Valley, Vazquez, virtue, WACC, waterfall, wrote, XBRL
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acquiring, AI, Arizona, attribution, calling, comprising, CPRA, curve, dedicate, denominated, deployment, fall, falling, floor, forma, growing, interpolated, introduced, Isaac, Kingdom, loyalty, nation, opening, originally, phase, prepay, pro, profitably, replacement, retrospective, saved, segmentation, sensitivity, slowly, solution, subjected, tied, transmitter, Twitter, unaudited, vast, voluntarily, weak, wide
Financial report summary
?Management Discussion
- Interest income. Total interest income increased by $87.4 million, or 10.0%, from $876.1 million for 2022 to $963.5 million for 2023. The increase is primarily attributable to growth in our Average Daily Principal Balance, which grew from $2.74 billion for 2022 to $2.99 billion for 2023, an increase of 9.2% and an increase in portfolio yield of 23 basis points in the year ended December 31, 2023, compared to the year ended December 31, 2022.
- Non-interest income. Total non-interest income increased by $17.0 million, or 22.2%, from $76.4 million for 2022 to $93.4 million for 2023. This increase is primarily due to a $20.3 million increase in interest earned on Set & Save member accounts, $10.3 million increase in documentation fees and servicing fees on loans retained by Pathward, and $2.8 million increase related to the gain on loan sales. The increase was offset by $7.8 million decrease in servicing revenue due to the amortization of our serviced portfolio, a $6.5 million decrease related to subscription revenue, a $1.3 million decrease as a result of a decline in credit card income and a $0.8 million decrease in sublease income.
- See Note 2, Summary of Significant Accounting Policies, and Note 12, Revenue, of the Notes to the Consolidated Financial Statements included elsewhere in this report for further discussion on our interest income, non-interest income and revenue.