Risk Factors Update Summary
- Cumulative increase in prevailing interest rates from 5.25% to 5.50% in 2023 may impact earnings.
- Net charge-offs increased from $197,000 to $405,000, resulting in a net charge-off of $275,000.
- Provision for credit losses increased from $10.6 million to $2 million in 2023.
- Commercial real estate loans decreased from $6.88 billion to $6.78 billion in 2023.
- Construction loans decreased from $88 million to $66 million in 2023.
- Dairy & livestock loans decreased from $433 million to $412 million in 2023.
- Adverse effects of rising interest rates on loan portfolios and investment securities may impact financial performance.
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=354647&owner=exclude
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