Risk Factors Update Summary
- Resulting from elevated inflation and higher interest rates, Fed Funds Rate increased to 5.25%.
- Net interest income decreased from 83% to 79% of total revenues in 2023.
- Unrealized losses on AFS investment securities decreased from $312 million to $275 million.
- Commercial mortgage loans represented approximately 38% of the loan portfolio in 2023.
- Approximately 33% of deposits were uninsured at December 31, 2023, impacting liquidity.
- Operational risks increased due to reliance on models for capital distributions and dividend payments.
- Acquisition of Prudential Bancorp in 2022 added approximately $933.6 million in total assets.
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=700564&owner=exclude
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