Risk Factors Update Summary
- Approximately 23% of deposits were uninsured and uncollateralized as of December 31, 2023.
- Level of indebtedness increased significantly from $1.6 billion in 2022 to $3.8 billion in 2023.
- FDIC deposit insurance premiums increased due to March 2023 bank failures, impacting net income.
- Commercial and industrial loans increased from $1.5 billion in 2022 to $1.85 billion in 2023.
- Regulatory capital requirements may become more stringent, affecting activities like paying dividends and acquisitions.
- Securities available-for-sale increased from $1.32 billion in 2022 to $2.3 billion in 2023.
- Potential need to raise additional capital in the future to support growth and meet regulatory requirements.
- Increased regulatory oversight and higher capital requirements could impact operations and financial condition.
- Legal proceedings, including those related to the Merger, have diverted resources and may impact financials.
- Geopolitical instability, such as Russia's invasion of Ukraine, could adversely affect business operations.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1169770&owner=exclude
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