Risk Factors Update Summary
- Adoption of new CECL model resulted in $5.8 million increase to allowance for credit losses.
- Recent bank failures may reduce customer confidence, affect funding sources, and increase regulatory costs.
- FDIC issued a special assessment to recover losses from 2023 bank failures, not applied to the Bank.
- The change in calculation methodology may lead to less favorable loan terms for the Bank.
- The Company's success heavily relies on key executives, David Turner and Brent M. Giles.
- Public health threats or outbreaks could adversely affect global economy and the Company's performance.
- Changes in economic downturn and industry conditions have led to market volatility.
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=893847&owner=exclude
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