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Financial report summary
?Risks
- General economic conditions in the areas where our operations or loans are concentrated may adversely affect our financial results or liquidity.
- We may be vulnerable to certain sectors of the economy, including real estate.
- Unpredictable market conditions may adversely affect the industry in which we operate.
- We must maintain an appropriate allowance for credit losses.
- We are subject to risks related to changes in market interest rates.
- Certain changes in interest rates, inflation, or the financial markets could affect demand for our products and our ability to deliver products efficiently.
- Evaluation of investment securities for impairment involves subjective determinations and could materially impact our results of operations and financial condition.
- Changes in the policies of monetary authorities and other government action could adversely affect profitability.
- We are subject to regulation by various Federal and State entities.
- Tax law and regulatory changes could adversely affect our financial condition and results of operations.
- We may be required to pay additional insurance premiums to the FDIC, which could negatively impact earnings.
- We are subject to industry competition which may have an adverse impact upon our success.
- Our information systems may experience an interruption or breach in security.
- Natural disasters, public health emergencies, acts of war or terrorism and other external events could affect our ability to operate.
- Our business is susceptible to fraud.
- The soundness of other financial institutions could adversely affect the Company.
- Recent negative developments affecting the banking industry, and resulting media coverage, have eroded customer confidence in the banking system.
- We may engage in acquisitions of other businesses from time to time, which may adversely impact our results.
- We may fail to realize the anticipated cost savings and other financial benefits of recent acquisitions in the timeframe we expect, or at all.
- We have incurred and may continue to incur significant transaction and merger-related costs in connection with our recent acquisitions.
- We may incur impairment to goodwill.
- The price of our common stock may fluctuate significantly, which may make it difficult for investors to resell shares of common stock at a time or price they find attractive.
- We may need to rely on the financial markets to provide needed capital.
- Securities issued by the Company, including the Company’s common stock, are not FDIC insured.
- Anti-takeover laws and certain agreements and charter provisions may adversely affect the price of our common stock.
- The trading volume in our common stock is less than that of other larger financial services companies.
- You may not receive dividends on our common stock.
Management Discussion
- The Company reported consolidated net income available to common stockholders of $75.5 million for the year ended December 31, 2023, compared to a consolidated net income of $62.9 million for the year ended December 31, 2022.
- Net interest income was $249.3 million for the twelve months ended December 31, 2023, an increase of $71.5 million in year-over-year comparison, primarily due to interest income earned on a higher volume of loans (including loans acquired from Heritage Bank and Beach Bank).
- Non-interest income was $46.7 million for the year ended December 31, 2023, an increase of $9.7 million as compared to the same period ended December 31, 2022. Service charges on deposit accounts and interchange fee income accounted for $11.7 million of the increase.