Risk Factors Update Summary
- Allowance for credit losses increased from 1% to 12% of total loans.
- Percentage of total nonperforming loans increased from 121% to 56%.
- Elevated interest rates negatively impacted the securities portfolio, with unrealized losses decreasing from $105 million to $99 million.
- Loan portfolio composition changed with real estate loans secured by property values.
- Real estate construction loans decreased from 7% to 4% of total loans.
- Commercial loans increased from 70% to 8% of total loans, impacting risk exposure.
- Other real estate owned increased from $6 million to $9 million.
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=1466026&owner=exclude
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