According to the bank, spending in this area included contributions to the Affordable Housing Program, discretionary housing, community investment expenses, and operating costs.
Together, these expenses surged by $13.1 million, but was somewhat mitigated by an $8.8 million increase in net interest income after accounting for credit loss provisions.
As for its annual net income, the bank saw a big jump from $184.2 million in 2022 as it benefited from a $92.9 million rise in net interest income after provision for credit losses.
Additionally, the board of directors announced a dividend with an annual yield of 8.40%, which equates to the daily average of the Secured Overnight Financing Rate for the fourth quarter, plus 300 basis points.
President and CEO Timothy J. Barrett said the bank’s 2023 performance was a result of “stronger demand for advances and an increase in net interest income.”
Source: mpamag.com