Risk Factors Update Summary
- Concentrations with certain CRE collateral types, particularly office CRE, may result in increased delinquencies and defaults.
- Loan balances associated with banking operations in Utah, Idaho, Texas, and California decreased from 77% to 69-70%.
- Increased cybersecurity risks from organized cybercrime, hackers, and state-sponsored organizations penetrating key systems.
- Climate-related events and global climate change pose physical risks to property and disrupt the local economy.
- Deposits fluctuated due to increased interest rates and bank closures, impacting deposit levels and cost of funds.
- Technology advancements are crucial for competitiveness; failure to remain technologically competitive may impede market position.
- The Federal Reserve's tightened monetary policy contributed to a decline in the value of collateral.
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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