Risk Factors Update Summary
- Loss of deposits or a change in deposit mix could increase funding costs, impacting financial results.
- Yields on loans and securities may be impacted by changes in interest rates.
- Transitioning from LIBOR to alternative rates may affect financial products and contracts. This transition is planned for completion by June 30, 2023.
- The Federal Reserve has increased the benchmark federal funds interest rate by 125 basis points.
- The company sold 35% of mortgage loans in 2023, down from 36% in 2022.
- The company's home equity portfolio decreased from $2.9 billion to $2.6 billion.
- The company's SCB for the fourth quarter of 2023 through the third quarter of 2024 remains at 2.5%.
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=1281761&owner=exclude
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