Risk Factors Update Summary
- Inflationary pressures due to significant inflation in 2023 led to higher gas and food prices. This may result in adverse effects on financial position and operations.
- Total real estate lending increased from $2.73 billion to $2.78 billion, representing 68% of the loan portfolio.
- Outstanding commercial real estate loans decreased to 286% of Tier 1 capital plus allowance for credit losses.
- Net deferred tax assets decreased from $44.8 million to $31.4 million, including adjustments related to other items.
- Nonperforming assets increased by 109% to $68.8 million at December 31, 2023, compared to $32.9 million in 2022.
- Other real estate owned increased by 228.2% to $1 million at December 31, 2023, compared to $0.3 million in 2022.
- Changes in agency personnel, policies, and priorities due to the turnover of the presidential administration may impact the company.
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=357173&owner=exclude
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