Risk Factors Update Summary
- Concentrations with certain CRE collateral types, particularly office CRE, may result in increased delinquencies and defaults.
- Increased deposit outflows and costs due to declining noninterest-bearing deposits and higher interest rates.
- Loan balances associated with banking operations in Utah, Idaho, Texas, and California changed from 71% to 69%.
- The Federal Reserve's tightened monetary policy contributed to a decline in the value of collateral.
- Increased cybersecurity risks from threat actors, hackers, and state-sponsored organizations penetrating key systems.
- Deposits across the banking industry fluctuated due to increased interest rates and bank closures.
- Increased risks from climate change and catastrophic events affecting the local economy and property.
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=109380&owner=exclude
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