Risk Factors Update Summary
- Brokered deposits increased from $150 million to $361 million, representing 13% to 25% of total deposits.
- Military deposits increased from $114.2 million to $311.2 million, representing 10.2% to 22.2% of total deposits.
- Liquidity management risks highlighted, with $344.8 million in uninsured deposits and $102.7 million in available liquidity.
- Large deposit outflows could impact financial condition, with $865.1 million in borrowing capacity at FRBNY.
- Recent bank failures may lead to strengthened capital and liquidity rules affecting financial condition.
- Cybersecurity disclosure updated with a dedicated Chief Information Officer responsible for cybersecurity strategy.
- Wealth management office in Westport, Connecticut, now has a dedicated Chief Information Officer.
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=1847398&owner=exclude
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