Risk Factors Update Summary
- The company increased its allowance for loan credit losses from 39% to 44%.
- Commercial real estate loans increased by 10% to $102 billion in the 36 months.
- The company's purchased commercial and industrial loans increased to $53.5 million, a 65% rise.
- The company's deposit liabilities decreased from $1.9 billion to $1.8 billion.
- The Federal Reserve implemented monetary tightening policies, leading to increased interest rates.
- The company adopted ASU 2016-13, Topic 326, replacing the incurred loss methodology with CECL.
- The company's non-performing assets decreased from $8.5 million to $4.5 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=1754226&owner=exclude
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