Risk Factors Update Summary
- Interest rates have increased, leading to higher competitive pressures on deposit costs. Funding costs may continue to rise if rates remain high, impacting net interest income.
- The Federal Reserve increased the federal funds rate target range to 5.50%, impacting economic activity.
- Commercial real estate loan portfolio increased to $1.30 billion, representing 43% of the total loan portfolio.
- Commercial and industrial loans increased to $291.3 million, representing 11.8% of total loans.
- Residential mortgage loans secured by property in Washington State increased to $161.7 million.
- SBA loans balance increased to $8.3 million, with $3.9 million in non-PPP SBA loans.
- The outstanding balance of the Bank's regulatory CRE portfolio increased by 16.8% to $49.7 million for the year ended December 31, 2023.
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=1437958&owner=exclude
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