Risk Factors Update Summary
- Nonperforming loans totaled $309.5 million, 8.83% of the loan portfolio, impacting financials significantly.
- Exposure to largest lending relationship increased to $301.9 million, comprising 97.5% of nonperforming loans.
- Commercial real estate construction loans increased to $500 million, impacting total portfolio loans.
- Appraisal valuations can be impacted by changes in supply, demand, occupancy, and economic conditions.
- Federal Reserve raised the federal funds benchmark rate by 525 basis points in 2023.
- Transition away from LIBOR to alternative reference rates presents liquidity risks and impacts operations.
- Litigation risks and claims against the company could result in significant expenses or losses.
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=1829576&owner=exclude
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