Risk Factors Update Summary
- Total loan portfolio increased from $710.8 million to $1.1 billion, exposing to higher lending risks.
- Commercial real estate loans increased from $175.3 million to $204.4 million, raising credit risk.
- Implementation of CECL method led to a one-time decrease in retained earnings by $220,000.
- Concentrations in office building lessors and retail industry loans pose credit quality risks.
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=1787414&owner=exclude
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