Content analysis
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Legalese | ||
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H.S. sophomore Avg
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New words:
AAA, adherence, advent, aggressive, agricultural, AI, blended, bolster, brought, buffer, bypassed, bypassing, calendar, CD, CIO, complicated, concept, concurrent, confidence, conservation, constantly, context, description, disaggregated, disallowance, encompassed, encryption, evenly, exemplary, facilitate, FFIEC, filling, gradually, guideline, Handbook, hardware, hiring, idiosyncratic, indefinite, inflationary, IRC, ISO, Israel, landscape, light, LIHTC, lump, MDR, media, membership, movement, NIST, occupied, outlined, payout, penetration, perfectly, proceed, rapidly, receipt, recession, reconciling, refinance, refine, renamed, reposition, routine, scenario, segregated, sentiment, shift, shortcut, shorter, showcased, sought, stored, subdivision, TCE, traffic, transformation, transmission, turmoil, uncollateralized, unconditional, unrelated
Removed:
achieved, afforded, Aid, aka, alleviated, applicability, ARRC, ATM, booked, broad, called, capitalization, challenge, charitable, chosen, clarify, codification, comprising, concession, consisted, deferral, deployment, deposited, deteriorated, earlier, enrollment, estimating, extension, favorable, forbearance, forgiven, insignificant, insurer, interbank, interpretation, Kingdom, language, London, merit, mitigating, multidistrict, mutually, onset, panel, passed, posted, postponed, postponement, protocol, reached, recommended, remove, replacing, representing, restructure, returned, Roth, September, shopping, standing, steering, stipulated, superseding, targeted, Tiburon, treatment, Undrawn, unimpaired, upgraded, worthy
Financial report summary
?Management Discussion
- Net interest income totaled $102.8 million in 2023, compared to $127.5 million in 2022. The $24.7 million decrease from the prior year was primarily due to higher funding costs of $34.2 million, partially offset by higher average yields on earning assets.
- The tax-equivalent net interest margin was 2.63% for 2023, compared to 3.11% for 2022. The decrease was primarily attributed to higher deposit and borrowing costs, partially offset by higher yields on loans and investment securities. Average interest-bearing deposit balances decreased by $115.2 million, while the average rate increased by 133 basis points, decreasing the margin by 58 basis points. Average borrowings and other obligations increased by $219.3 million, while the average cost increased by 125 basis points, decreasing the net interest margin by 29 basis points. Average loan balances decreased by $75.5 million, while the average yield increased by 36 basis points, increasing the margin by 23 basis points. Average investment securities decreased $42.9 million, while their average yield increased 25 basis points, improving the margin by 14 basis points.