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Financial report summary
?Management Discussion
- Net interest income, when annualized and expressed as a percentage of average interest earning assets, is referred to as "net interest margin." Interest income, which includes loan fees and resultant yield information, is expressed on a taxable-equivalent basis using a federal statutory tax rate of 21% for the three months ended March 31, 2024 and 2023. A comparison of net interest income on a taxable-equivalent basis for the three months ended March 31, 2024 and 2023 is presented below.
- Net interest income (expressed on a taxable-equivalent basis) was $50.4 million for the first quarter of 2024, representing a decrease of $4.0 million, or 7.4% from $54.4 million in the year-ago quarter. The decrease from the year-ago quarter was primarily due to an increase in interest expense of $11.6 million, which was attributable to increases in average balances and average rates paid on interest-bearing deposits, combined with decreases in average investment securities and loans balances. These negative variances were partially offset by increases in average balances and yields earned on interest-bearing deposits in other financial institutions, combined with increases in average yields earned on investment securities and loans. The increases in average balances and average rates paid on interest-bearing deposits reflected the continued shift in the deposit portfolio composition from demand to higher cost savings and money market and time deposits.
- Taxable-equivalent interest income was $74.6 million for the first quarter of 2024, representing an increase of $7.6 million, or 11.3%, from $67.0 million in the year-ago quarter. The increase during the first quarter of 2024, compared to the year-ago quarter was primarily attributable to an increase in average yield earned on loans of 41 basis points ("bps"), resulting in an increase in interest income of approximately $5.8 million, combined with increases in the average balance and average yield earned on interest-bearing deposits in other financial institutions resulting in an increase in interest income of approximately $3.3 million. These were partially offset by decreases in average loan and investment securities balances of $125.4 million and $81.6 million, resulting in decreases in interest income of approximately $1.3 million and $0.5 million, respectively.