Risk Factors Update Summary
- Interest rates increased from 4.50% to 5.25% in March and July 2023.
- Majority of loans are adjustable rate, with $6,898 million gross loan portfolio in 2023.
- Loan portfolio composition changed with multi-family residential loans decreasing to 74.2%.
- Brokered deposit accounts increased to $1,102.0 million, impacting funding costs and liquidity.
- Cybersecurity risks heightened with increased reliance on digital technologies and potential breaches.
- Changes in cybersecurity regulations may lead to enforcement actions and increased regulatory scrutiny.
- New regulations require notification of cybersecurity incidents within 36 hours to primary regulator.
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=923139&owner=exclude
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