Risk Factors Update Summary
- Addition of risks related to adverse developments in the financial services industry or similar institutions.
- Transition away from LIBOR to alternative reference rates, including the discontinuation of U.S. dollar LIBOR.
- Increase in gross unrealized losses on HTM and AFS investment securities: HTM $179 million to $702 million.
- Increase in ACL on funded loans and loss contingency: funded loans $309.7 million to $336 million, loss contingency $47 million to $31.6 million.
- Increase in deposits from December 31, 2022, to December 31, 2023: up $1.7 billion, or 3.1%.
- Impact of inflation and rapid interest rate increases in 2023 leading to a decline in trading value.
- Potential adverse effects of a protracted U.S. government shutdown on loan originations and financial condition.
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=1212545&owner=exclude
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