Risk Factors Update Summary
- Added a variety of commercial business loans across various industries, increasing the loan portfolio to $37 billion.
- Commercial business loans increased to 77% of the total loan portfolio, with nonaccrual loans at 8%.
- Added potential risks related to acquisitions, including asset quality issues, deposit attrition, and regulatory compliance deficiencies.
- Added risks related to technology and third-party services, emphasizing the importance of cybersecurity and potential disruptions.
- Real estate construction and land development loans increased to $414 million, with residential construction at 8% of the total loan portfolio.
- Increased interest rates by 100 basis points to 5.25%, impacting net interest income and earnings.
- Highlighted risks related to goodwill impairment, requiring annual evaluation and potential impact on financial condition and earnings.
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=1046025&owner=exclude
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