Risk Factors Update Summary
- Interest rate increases in 2023 led to heightened competition for deposits and bank failures.
- The company adopted ASU No. 2016-13, resulting in a $5.3 million higher credit losses allowance.
- The CECL model replaced the incurred loss model, impacting estimated credit losses on loans.
- The company sold $36.5 million of loans in 2023, compared to $50.8 million in 2022.
- The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank in 2023 caused significant disruption.
- The market price of the company's common stock fluctuated widely between $18.21 and $31.92.
- The SEC enacted rules requiring disclosure of material cybersecurity incidents within four business days.
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=1275168&owner=exclude
This content requires a 'Free' membership to view. Please create one here.
This content requires a 'Free' membership to view. Please create one here.