Risk Factors Update Summary
- Inflation levels abated significantly in 2023, but persisting inflation poses a risk to the economy.
- Interest rates increased from 0% to 0.25% in March 2020 to 5.25% to 5.5% in 2023.
- Net loan charge-offs increased from $3.2 million in 2021 to $17.6 million in 2023.
- Provision expense for loan losses increased from a recapture of $67.1 million in 2021 to $814.5 million in 2023.
- Total nonperforming assets remained relatively flat at $31.3 million in 2022 and $25.9 million in 2023.
- Net loan charge-offs increased from $3.2 million in 2021 to $17.6 million in 2023.
- Commercial investor and business loans secured by real estate amounted to $11.09 billion in 2023.
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=1028918&owner=exclude
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