Management's Discussion Sample Clauses

Management's Discussion. And Analysis of Financial Condition Of The Partnership................................................................. 7 Business.................................................................... 7
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Management's Discussion. Each financial statement delivered pursuant to paragraph (a), (b) or (c) hereof shall be accompanied by a brief informal narrative description of material business and financial trends and developments and significant transactions that have occurred in the appropriate period or periods covered thereby equivalent to the Management's Discussion and Analysis required by Item 303 of Regulation S-K under the Exchange Act, or subsequently enacted rules, as then in effect.
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Management's Discussion. Selected Consolidated Financial Data The following table sets forth selected financial data of State Financial Services Corporation (hereinafter referred to as the "Company") and its subsidiaries on a consolidated basis for the last five years (dollars in thousands, except per share data). As of or for the years ended December 31,1 1998 1997 1996 1995 1994 ------------------------------------------------------------------------------------------------------------- Condensed Income Statement: Total interest income (taxable equivalent) 2 $ 58,397 $ 49,743 $ 45,935 $ 42,707 $ 40,370 Total interest expense 25,923 20,072 19,633 18,186 15,257 ------------------------------------------------------------------------------------------------------------- Net interest income 32,474 26,671 26,302 24,521 25,113 Provision for loan losses 690 450 330 370 360 Other income 6,965 4,664 4,281 3,631 5,592 Other expense 34,801 22,195 22,732 18,529 18,580 ------------------------------------------------------------------------------------------------------------- Income before income tax 3,948 11,690 7,521 9,253 11,765 Income tax 1,981 3,961 2,420 3,191 4,127 Less taxable equivalent adjustment 810 512 453 419 473 ------------------------------------------------------------------------------------------------------------- Net income $ 1,157 $ 7,217 $ 4,648 $ 5,643 $ 7,165 ------------------------------------------------------------------------------------------------------------- Per share data 3: Basic earnings per share 4 $ 0.12 $ 0.75 $ 0.48 $ n/a $ n/a Diluted earnings per share 4 0.12 0.74 0.48 n/a n/a Cash dividends declared 5 0.48 0.40 0.33 0.28 0.24 Book value 13.36 13.19 14.10 n/a n/a Balance sheet totals (at period end): Total assets 828,369 773,873 657,557 589,558 560,534 Loans, net of unearned discount 607,949 563,174 460,369 450,196 401,294 Allowance for loan losses 4,485 4,370 3,552 3,537 2,632 Deposits 652,905 617,995 508,464 508,049 475,440 Borrowed funds 29,117 9,850 8,000 7,300 0 Subordinated debentures and long-term debt 6,750 5,300 962 5,062 115 Shareholders' equity 134,637 133,763 135,408 69,064 60,488
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Management's Discussion. The following table presents the amount of changes in interest income and interest expense for major components of interest-earning assets and interest-bearing liabilities (dollars in thousands). The table distinguishes between the changes related to average outstanding balances (changes in volume holding the initial rate constant) and the changes related to average interest rates (changes in average rate holding the initial balance constant). Change attributable to the combined impact of volume and rate have been allocated proportionately to change due to volume and change due to rate. 1998 Compared to 1997 1997 Compared to 1996 Increase/(Decrease) Due to Increase/(Decrease) Due to ------------------------------------------------------------------------------------------------------------------------- Volume Rate Net Volume Rate Net ------------------------------------------------------------------------------------------------------------------------- Interest earned on: Loans 1,2 $ 7,842 $ (699) $ 7,143 $ 2,939 $ (461) $ 2,478 Taxable investment securities (606) (57) (663) 674 365 1,039 Tax-exempt investment securities 2 853 (85) 768 133 (11) 122 Other short-term investments 371 (2) 369 (82) 2 (80) Interest-earnings deposits 485 67 552 366 (20) 346 Federal funds sold 486 (1) 485 (106) 9 (97) ------------------------------------------------------------------------------------------------------------------------- Total interest-earning assets 9,431 (777) 8,654 3,924 (116) 3,808 Interest paid on: NOW accounts 382 185 567 2 (11) (9) Money market accounts 1,015 9 1,024 299 180 479 Savings deposits 128 (72) 56 (192) (43) (235) Time deposits 3,533 163 3,696 116 (102) 14 Notes payable, mortgage payable, federal funds purchased and securities sold under agreement to repurchase 545 (37) 508 178 11 189 ------------------------------------------------------------------------------------------------------------------------ Total interest-bearing liabilities 5,603 248 5,851 403 35 438 ------------------------------------------------------------------------------------------------------------------------ Net interest income $ 3,828 $ (1,025) $ 2,803 $ 3,540 $ (171) $ 3,370 ======================================================================================================================== 1. Interest earned on loans includes loan fees (which are not material in amount) and interest income, which has been received from borrowers whose loans were removed from nonaccr...
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Management's Discussion. Other Expense Other expense increased $12,606,000 (56.8%) for the year ended December 31, 1998 which included $3,731,000 for expenses at Richmond and $7,917,000 in merger-related charges related to the Home acquisition. Exclusive of Richmond and the merger-related charges, other expense was $23,154,000, an increase of $958,000 (4.3%) from the year ended December 31, 1997. For the year ended December 31, 1997, other expense decreased $537,000 (2.4%). The major components of other expense are detailed in the following table (dollars in thousands). Years ended December 31, ------------------------------------------------------------------------------- 1998 1997 1996 ------------------------------------------------------------------------------- Salaries and employee benefits $ 12,907 $ 10,195 $ 9,403 Occupancy and equipment 4,004 3,713 3,616 Data processing 1,978 1,698 1,599 Legal and professional 1,141 994 543 Merchant services 949 917 871 ATM 630 621 619 Advertising 901 806 746 Goodwill amortization 633 151 156 Merger-related charge 7,917 0 0 Other 3,742 3,101 5,180 ------------------------------------------------------------------------------- Total other expense $ 34,802 $ 22,196 $ 22,733 ===============================================================================
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Management's Discussion. Other expense increased $641,000 in 1998, including $162,000 in expenses at Richmond and LCC. Exclusive of Richmond and LCC, other expense increased $479,000 (15.4%) due to increases in correspondent bank fees due to reduced compensating balances maintained by the Banks, postage and delivery cost increases at SFB related to volume increases during the year, increased telephone expense related to the Company's geographic expansion, and increased regulatory assessments resulting from deposit growth over the preceding year. For the year ended December 31, 1997, other expenses decreased $2,079,000, virtually all of which was due to reduced regulatory assessment costs from 1996, as 1996 included additional FDIC insurance assessments in resolution of the agency's funding of the Savings Association Insurance Fund.
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Management's Discussion. The Company's real estate loans, like all of the Company's loans, are underwritten according to its written loan policy. The loan policy sets forth the term, debt service capacity, credit extension, and loan to value guidelines which the Company considers acceptable to recognize the level of risk associated with each specific loan category. The following table sets forth the percentage composition of the real estate loan portfolio as of December 31, 1998.
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Management's Discussion. The maturities and weighted-average yield of the Company's investment securities at December 31, 1998 are presented in the following table (dollars in thousands, Equity Securities are included in the "within one year" column). Taxable-equivalent adjustments (using a 34% rate) have been made in calculating the yields on obligations of states and political subdivisions.
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Related to Management's Discussion

  • Discussion The Parties mutually desire that friendly collaboration will continue between them. Accordingly, they will try, and they will cause their respective Group members to try, to resolve in an amicable manner all disagreements and misunderstandings connected with their respective rights and obligations under this Agreement, including any amendments hereto. In furtherance thereof, in the event of any dispute or disagreement (a “Dispute”) between any member of the Remainco Group and any member of the Spinco Group or RMT Partner as to the interpretation of any provision of this Agreement or the performance of obligations hereunder, the Tax departments of the Parties shall negotiate in good faith to resolve the Dispute.

  • Financial Condition The audited consolidated balance sheets of the Borrower and its consolidated Subsidiaries as at December 31, 2005, and the related consolidated statements of income and of cash flows for the Fiscal Year ended on such date, reported on by and accompanied by an unqualified report from Deloitte & Touche LLP, present fairly in all material respects the consolidated financial condition of the Borrower and its consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for such Fiscal Year. The unaudited consolidated balance sheets of the Borrower and its consolidated Subsidiaries as at March 31, 2006, or if available on or prior to the Amended and Restated Effective Date, June 30, 2006, and the related unaudited consolidated statements of income and cash flows for the 3-month period (or, in the event the June 30, 2006 unaudited consolidated balance sheets are available, the 6-month period) ended on such date, present fairly in all material respects the consolidated financial condition of the Borrower and its consolidated Subsidiaries as at such date, and the consolidated results of its operations and its consolidated cash flows for the 3-month period (or, in the event the June 30, 2006 unaudited consolidated balance sheets are available, the 6-month period) then ended (subject to normal year-end audit adjustments). All such financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied consistently throughout the periods involved (except as approved by the aforementioned firm of accountants and disclosed therein and except with respect to interim financials, normal year-end audit adjustments). As of the Amended and Restated Effective Date, the Borrower and its Subsidiaries do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including, without limitation, any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in this paragraph.

  • Financial Conditions The Borrower shall ensure that:

  • Statement of Operations d. Statement of Changes in Net Assets.

  • Financial Condition of Company Any Credit Extension may be made to Company or continued from time to time, and any Hedge Agreements may be entered into from time to time, in each case without notice to or authorization from any Guarantor regardless of the financial or other condition of Company at the time of any such grant or continuation or at the time such Hedge Agreement is entered into, as the case may be. No Beneficiary shall have any obligation to disclose or discuss with any Guarantor its assessment, or any Guarantor's assessment, of the financial condition of Company. Each Guarantor has adequate means to obtain information from Company on a continuing basis concerning the financial condition of Company and its ability to perform its obligations under the Credit Documents and the Hedge Agreements, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of Company and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of any Beneficiary to disclose any matter, fact or thing relating to the business, operations or conditions of Company now known or hereafter known by any Beneficiary.

  • Financial Statements; Financial Condition All consolidated financial statements for Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank.

  • Financial Condition and Operations The Borrower will not permit any of the events set forth below to occur.

  • Change of Management or Financial Condition Prompt notice of any change in the senior management of the Parent, the Borrower, any Subsidiary or any other Loan Party and any change in the business, assets, liabilities, financial condition, results of operations or business prospects of the Parent, the Borrower, any Subsidiary or any other Loan Party which has had or could reasonably be expected to have a Material Adverse Effect;

  • Financial Statements; Material Adverse Change The consolidated balance sheet of such Borrower and its Subsidiaries, as at December 31, 2020, and the related consolidated statements of income, retained earnings and cash flows of such Borrower and its Subsidiaries, certified by PricewaterhouseCoopers LLP, independent public accountants, and the unaudited consolidated balance sheet of such Borrower and its Subsidiaries, as at June 30, 2021, and the related consolidated statements of income, retained earnings and cash flows of such Borrower and its Subsidiaries, for the six months then ended, copies of which have been furnished to each Lender and each Fronting Bank, in all cases as amended and restated to the date hereof, present fairly in all material respects the consolidated financial position of such Borrower and its Subsidiaries as at the indicated dates and the consolidated results of the operations of such Borrower and its Subsidiaries for the periods ended on the indicated dates, all in accordance with GAAP consistently applied (in the case of such statements that are unaudited, subject to year-end adjustments and the exclusion of detailed footnotes). Except as disclosed in the Disclosure Documents, there has been no change, event or occurrence since December 31, 2020 that has had a Material Adverse Effect with respect to such Borrower.

  • Investigation of Financial Condition Without in any manner reducing or otherwise mitigating the representations contained herein, Company shall have the opportunity to meet with Buyer's accountants and attorneys to discuss the financial condition of Buyer. Buyer shall make available to Company all books and records of Buyer.

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