Risk Factors Update Summary
- Interest rates increased significantly from 2022 to 2023, impacting financial markets and operations.
- Inflation continued to rise in 2023, reaching levels not seen for over 40 years.
- The total loans increased from $1.4 billion to $1.5 billion from 2022 to 2023.
- Nonperforming loans increased from $6.3 million to $7.5 million from 2022 to 2023.
- The loan portfolio composition changed, with 83% of loans being commercial real estate and commercial, financial, and agricultural loans.
- The provision and allowance for loan credit losses may not cover actual losses, impacting financial condition.
- Acquisitions could disrupt business operations and competition may reduce net income.
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=711669&owner=exclude
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