Risk Factors Update Summary
- CECL implementation on Jan 1, 2023, requires increased data collection and review for credit losses.
- Investment securities increased from $172.8 million to $181.8 million, reflecting a $9 million rise.
- Failure in risk management for commercial real estate loans could significantly impact financials.
- Interest rates increased 1.25% to 1.50%, impacting the interest rate spread and profitability.
- Commercial real estate loans concentration in specific regions poses credit risk due to market volatility.
- Real estate loans increased from $565.4 million to $737.9 million, a $172.5 million rise.
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=1750735&owner=exclude
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