Risk Factors Update Summary
- Key macroeconomic conditions impact business, consumer spending, and demand for credit, relying on loan receivables for earnings.
- Federal budget deficit concerns may increase the risk of a U.S. government default on debt obligations.
- Interest rate changes may affect earnings; 52% of the loan portfolio consists of construction and commercial real estate loans.
- Transition from LIBOR to SOFR may impact financial instruments, with potential costs and risks.
- Failure to comply with regulatory requirements could negatively impact results, financial condition, and operations.
- Merger with Salisbury poses integration challenges, potential delays, and risks to operational efficiency.
- Uncertainties surrounding the merger completion could lead to increased compliance requirements and regulatory enforcement actions.
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=790359&owner=exclude
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