Risk Factors Update Summary
- Added political conditions risk factor related to the 2024 elections. This change increases uncertainty.
- Increased loan portfolio value from $2.94 billion to $2.75 billion, a significant decrease.
- Loan portfolio composition changed with CRE loans decreasing from 32.8% to 28.1%.
- Total loan portfolio value decreased from $6.55 billion to $6.83 billion.
- Added a new risk factor related to the FDIC special assessment and its impact on financials.
- Increased junior subordinated debentures from $30.7 million to $30.9 million.
- Added a risk factor about recent negative developments in the banking industry affecting operations.
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=1501570&owner=exclude
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