Risk Factors Update Summary
- Increased interest rates: The U.S. Federal Reserve raised rates eleven times in 2023.
- Shift to Term SOFR: 55.4% of loans were indexed to Term SOFR, replacing LIBOR.
- Construction lending risks: Investments in construction loans may lead to increased lending risks.
- Cybersecurity threats: Increasing sophistication of cyberattacks poses a significant risk to proprietary information.
- Counterparty risk: Counterparty risk associated with hedging activities may adversely affect earnings.
- Regulatory focus on cybersecurity: Regulators globally prioritize cybersecurity, impacting operations and compliance.
- Data privacy regulations: Various jurisdictions have enacted or are considering data privacy laws affecting operations.
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=1631596&owner=exclude
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