Risk Factors Update Summary
- The Federal Reserve increased the FFTR by a total of 525 bps in 2022 and an additional 100 bps in 2023, driving the FFTR to 5.50%, and Prime to 8.50% as of December 31, 2023.
- The rise in interest rates in 2022 provided significant benefit to NIM, but liquidity dissipation in 2023 led to NIM compression.
- The economic outlook for 2024 suggests potential slowing growth, recession risks, and continued rising rates.
- The bank failures in early 2023 created a liquidity crisis, impacting the banking industry and raising questions about system soundness.
- The dissolution of the Captive in December 2023 due to potential IRS regulation changes could negatively impact financial results.
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=835324&owner=exclude
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