Risk Factors Update Summary
- Risks Related to Proposed Merger: Uncertainties and distractions from the merger with Southern California Bancorp may adversely affect operations. This includes potential delays in approvals and increased expenses.
- Changes in Loan Portfolio: Decrease in ABL loans from $50 million to $35 million and decrease in construction and land loans from 4% to 3%.
- Concentration Risk: Concentration of loans secured by properties in California decreased from 67% to 65%.
- Commercial Real Estate Risk: Potential need to raise capital or restrict growth due to higher commercial real estate loan levels.
- Deposit Concentrations: Largest depositor relationship decreased from 3% to 2% of deposits.
- Regulatory Compliance Risks: Potential consequences from federal and state fair lending violations could impact operations.
- Executive Dependence: Dependence on executive officers and key personnel poses a risk to business continuity.
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=1752036&owner=exclude
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