Risk Factors Update Summary
- A slowing labor market, declining savings, and higher interest rates could cause financial stress to consumers.
- Interest rate increases resulted in $41 million of incremental net income in 2023.
- Loan portfolio provision expense increased from $19.0 million in 2022 to $43.1 million in 2023.
- The target fed funds rate increased by 100 basis points in 2023.
- Assets under management decreased from $3.2 billion in 2022 to $2.5 billion in 2023.
- Accumulated other comprehensive loss decreased from $358.7 million in 2022 to $309.8 million in 2023.
- The Federal Reserve increased the target fed funds rate from 3.77% to 4.40%.
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=708955&owner=exclude
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