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New words:
elevated, explicit, implicit, Joint, staffing, transparency
Removed:
accuracy, aforementioned, attached, began, benchmarked, broader, building, burden, calculating, cancellable, collected, community, comparability, Concurrent, confidence, confirmed, connection, consulting, context, CRE, create, creating, curtailment, DCF, decided, decreasing, deducted, depending, derived, directed, disclose, diversity, documentation, driver, ease, elimination, establish, estimation, exiting, exposed, extension, face, Facilitation, foregoing, formed, formula, fourth, framework, Frye, garage, GDP, governance, group, housing, impaired, implementation, improve, index, inform, intent, irrevocably, left, LGD, LIBOR, likelihood, limit, main, media, minimal, modification, move, moved, negatively, newly, optional, original, outlook, parking, PD, periodically, pooled, potentially, premised, pressure, professional, prospectively, putting, realization, realized, Reform, regression, regular, Relief, renewal, respond, retrospective, routine, scope, scrutiny, separately, similarly, size, slower, sponsored, statement, steep, structure, Subtopic, sunset, Targeted, TDR, thereto, uncollectibility, unconditionally, validation, varying, viewed, volatile, winding
Financial report summary
?Management Discussion
- During the first quarter 2024, net income was $5.2 million, or $0.59 diluted earnings per share, compared to a net loss of $3.0 million, or $0.33 diluted loss per share, during the first quarter 2023, representing an increase in net income of $8.2 million and an increase in diluted earnings per share of $0.92.
- The $8.2 million increase in net income for the first quarter 2024 compared to the first quarter 2023 was due primarily to a $7.0 million, or 74.0%, decrease in the provision for credit losses, an increase of $2.9 million, or 53.3%, in noninterest income and a $1.2 million, or 5.9%, increase in net interest income, partially offset by a $2.8 million increase in income tax expense.
- During the first quarter 2024, return on average assets (“ROAA”), return on average shareholders’ equity (“ROAE”), and return on average tangible common equity (“ROATCE”) were 0.40%, 5.64%, and 5.71%, respectively, compared to (0.26%), (3.37%), and (3.41%), respectively, for the first quarter 2023.