Risk Factors Update Summary
- Increase in commercial real estate loans outstanding from $700 million to $1.2 billion.
- Decrease in construction real estate loans from $393 million to $474 million.
- Adoption of CECL accounting standard may increase allowance for credit losses and provisions.
- Potential impact of deep fake technology on reputation, financials, and legal liability.
- Increase in unfunded credit commitments from $435 million to $359 million.
- Change in methodology from incurred loss to expected loss could impact financial condition.
- Increased focus on cybersecurity risks, including potential deep fake incidents.
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=1693577&owner=exclude
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