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New words:
abnormal, agreed, aim, altering, attrition, BIC, BTFP, called, chargeable, clear, concentrated, contingency, DFPI, disciplined, dynamic, eligible, Emerging, employ, Excessive, focusing, Force, geographic, GNMA, guide, holistically, housing, influenced, IRR, Joint, light, LIHTC, live, mitigate, OIS, outflow, par, permitted, perspective, proactively, production, profile, purpose, putable, regularly, repricing, sensitivity, seventeen, slightly, stability, stabilized, swap, Task, team, threat, Uncommitted, undertaken, unencumbered, unfunded, unplanned, vulnerability
Removed:
advance, annum, August, bear, benchmark, bore, commencing, convert, indenture, invested, marketable, redemption
Financial report summary
?Management Discussion
- The primary sources of revenue for Banking are net interest income, fees from its deposits and trust services, certain loan fees, and consulting fees. The primary sources of revenue for Wealth Management are asset management fees assessed on the balance of assets under management (“AUM”). Customer service costs and compensation and benefits constitute the largest components of noninterest expense accounting for 38% and 31% of total combined noninterest expense, respectively.
- Combined net income for the third quarter of 2023 was $2.2 million, compared to net income of $29.0 million for the third quarter of 2022. Combined net income before taxes for the third quarter of 2023 was $1.6 million, compared to net income of $39.5 million for the third quarter of 2022. The $37.9 million decrease in combined net income before taxes from the year-ago quarter was primarily due to a decrease in net income before taxes in the Banking segment of $39.3 million, resulting primarily from a $35.7 million decrease in net interest income, and an increase in noninterest expense of $4.4 million. Wealth Management net income before taxes was $2.3 million for the third quarter of 2023, compared to $0.5 million for the third quarter of 2022. The $1.8 million increase in Wealth Management net income before taxes from the year-ago quarter was primarily due to an increase in noninterest income of $0.7 million and a decrease in noninterest expense of $1.1 million. Net interest income, noninterest income, and noninterest expense are discussed in more detail in the tables that follow.
- Combined net loss for the nine months ended September 30, 2023 was $201.6 million, compared to net income of $93.2 million for the nine months ended September 30, 2022. Combined net loss before taxes for the nine months ended September 30, 2023 was $200.3 million, compared to net income of $128.9 million for the nine months ended September 30, 2022. The $329.2 million decrease in combined net income before taxes from the year-ago period was primarily due to a decrease in net income before taxes in the Banking segment of $328.0 million, resulting primarily from the $215.3 million goodwill impairment charge which was recorded in the quarter ended June 30, 2023, a decrease in net interest income of $83.5 million, a decrease in noninterest income of $4.7 million, and an increase in operating noninterest expense of $24.6 million. Net interest income, noninterest income, and noninterest expense are discussed in more detail in the tables that follow. The increase in Wealth Management net income before taxes of $1.3 million was due to a $2.3 million decrease in operating noninterest expense, offset by a $1.0 million decrease in asset management fee income, classified as part of noninterest income.