Risk Factors Update Summary
- Commercial real estate and commercial and industrial loans increased from $1.249 billion to $1.387 billion.
- Loan participation balances increased from $150 million to $177 million, impacting 8% to 9% of the loan portfolio.
- The allowance for credit losses increased from $202 million to $210 million, affecting 11% to 10% of the total loan portfolio.
- The Bank had $1.8 billion of deposit liabilities, representing 74.8% of total deposits.
- The FRB raised benchmark interest rates by 100 basis points in 2023 to combat continued inflation.
- The Corporation plans to open a second full-service branch in Williamsville, New York in 2024.
- Failure to properly anticipate and manage risks could result in losses impacting financial condition.
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=763563&owner=exclude
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