Risk Factors Update Summary
- The allowance for credit losses on loans increased from $654 million to $291 million.
- The percentage of total assets represented by the allowance for credit losses on loans decreased from 0.09% to 0.04%.
- The company executed a securities repositioning strategy resulting in a pre-tax loss of $4,986,000.
- The percentage of loans secured by mortgages decreased from 78% to 81% to 64% to 15%.
- The percentage of loans secured by commercial real estate decreased from 52% to 50% to 86% to 54%.
- The percentage of the loan portfolio consisting of construction and land loans decreased from 38% to 26%.
- The net proceeds from the securities sale were used to reduce FHLB borrowings by $15.0 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=1290476&owner=exclude
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