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New words:
accident, ACL, aforementioned, AI, Alabama, appeal, artificial, Bachelor, BOI, bolster, Brunner, budget, calibration, Carl, CDD, CDPSE, Chairman, CIO, CISA, CISM, CISSP, clarity, Coast, commensurate, commentary, Commerce, Comptroller, concurrent, content, court, covenant, CRE, CRISC, CTA, cybersecurity, Dale, Darryl, dashboard, dataset, DCP, deep, defense, deployment, disparate, Dunne, email, Eric, espionage, fewer, FinCEN, FRBNY, furnish, Garnett, GBLA, grateful, guideline, handling, Hildebrand, illustrate, illustrative, immaterial, incident, intellectual, intelligence, intranet, introduced, involuntary, irrespective, ISO, Jeffrey, Jersey, Jr, Justice, Lawrence, lawsuit, layer, layered, leadership, LLP, Master, MBA, NIST, nonbanking, nonpayment, nonpublic, nursing, OCC, onboarding, overhaul, Pacific, PCBB, PMP, Porto, profound, Rabbi, ransomware, reaction, reinforcing, resale, revocation, robust, rollforward, RSM, Ryan, safeguard, scalar, Science, Seidman, Simplification, skilled, specialist, staffing, staggered, steady, Steve, Steven, stopped, storage, subset, Subtopic, tasked, threat, tracing, trustee, unconstitutional, unforeseeable, unnecessary, unsuccessful, upcoming, Vintage, wage, Wall, Westchester
Removed:
adjust, adjusting, agreed, ALLL, assert, assignment, awarded, benchmark, built, cap, CBLR, confirmed, continuation, conversion, Creating, customize, debate, dedesignate, Deteriorated, Digesting, directional, documented, Dodd, element, enact, enhancement, euro, exact, executing, exercisable, expressing, extensively, finalizing, Frank, hypothetical, inevitably, informal, intensify, intrinsic, Laura, Losing, macro, mentioned, migratory, OTTI, oversee, paragraph, partly, Paycheck, payroll, permanently, poorly, PPP, predicted, production, prompted, retire, revision, simpler, stipulated, straight, stressed, systematically, TDR, tied, unemployment, upgrade, Waitz, world
Financial report summary
?Risks
- Risks Relating to Our Business
- As a business operating in the financial services industry, our business and operations may be adversely affected in numerous and complex ways by weak economic conditions.
- We may not be able to adequately measure and limit our credit risk, which could lead to unexpected losses.
- Our ACL-Loans may not be adequate to absorb losses inherent in our loan portfolio, which could have a material adverse effect on our financial condition and results of operations.
- Our concentration of large loans to certain borrowers may increase our credit risk.
- Our commercial real estate loan, commercial loan and construction loan portfolios expose us to potentially elevated risks.
- Lack of seasoning of our loan portfolio could increase risk of credit defaults in the future.
- Our lending limit may restrict our growth and prevent us from effectively implementing our business strategy.
- A prolonged downturn in the real estate market could result in losses and adversely affect our profitability.
- We are subject to interest rate risk that could negatively impact our profitability.
- Strong competition could reduce our profits and slow growth.
- Our ability to maintain our reputation is critical to the success of our business.
- We are dependent on our executive management team and other key employees, and we could be adversely affected by the unexpected loss of their services.
- We may not be able to execute our strategic plan.
- Failure or disruption of the operating systems and technologies we use, including those of third parties, could adversely affect our business.
- Unauthorized access, cyber-crime, artificial intelligence, and other threats to data security may require significant resources, harm our reputation, and adversely affect our business.
- We are subject to losses due to fraudulent and negligent acts on the part of loan applicants, our clients, vendors, bad actors, and/or our employees.
- We may be unsuccessful in identifying and completing the acquisition of whole financial institutions or related lines of business.
- Some institutions we may acquire may have distressed assets and there can be no assurance that we would be able to realize the value we predict from these assets or that we would make sufficient provision for future losses in the value of, or accurately estimate the future write downs taken in respect of, these assets.
- As a result of an investment or acquisition transaction, we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on our financial condition and results of operations, which could cause you to lose some or all of your investment.
- We may be required to repurchase mortgage loans or indemnify buyers against losses in some circumstances, which could harm liquidity, results of operations and financial condition.
- The fair value of our investment securities can fluctuate due to factors outside of our control.
- We are subject to environmental liability risk associated with our lending activities.
- Climate change and related legislative and regulatory initiatives may materially affect the Company’s business and results of operations.
- Adverse developments affecting the financial services industry, such as bank failures, may adversely affect the Bank’s results of operations and financial condition, including capital and liquidity.
- We operate in a highly regulated environment, which could have a material and adverse impact on our operations and activities, financial condition, results of operations, growth plans and future prospects.
- Federal and state regulators periodically examine our business and we may be required to remediate adverse examination findings.
- The Bank’s FDIC deposit insurance premiums and assessments may increase.
- The Bank is subject to further reporting requirements under FDIC regulations.
- We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act, or CRA, and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.
- We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.
- Resources could be expended in considering or evaluating potential acquisitions that are not consummated, which could materially and adversely affect subsequent attempts to locate and acquire or merge with another business.
- We may be adversely affected by the soundness of other financial institutions.
- We may incur impairment to goodwill.
Management Discussion
- Our net income for the year ended December 31, 2023 was $36.7 million, a decrease of $0.8 million, or 2.0%, compared to the year ended December 31, 2022. Diluted earnings per share was $4.67 for the year ended December 31, 2023, compared to diluted earnings per share of $4.79 for the year ended December 31, 2022. Our returns on average shareholders' equity and average assets for the year ended December 31, 2023, were 14.55% and 1.13%, respectively, compared to 16.72% and 1.44%, respectively for the year ended December 31, 2022.
- Revenues (net interest income plus noninterest income) for the year ended December 31, 2023 were $99.3 million, versus $97.8 million for the year ended December 31, 2022. The increase in revenues for the year ended 2023 was primarily attributable to increases in the gain on sales of loans and servicing charges and fees. The increase was partially offset by a decrease in net interest income of $0.3 million.
- Net income for the year ended December 31, 2023 was $36.7 million, versus $37.4 million for the year ended December 31, 2022. The decrease in net income for the year ended December 31, 2023 was due to an increase in noninterest expense partially offset by the aforementioned increase in revenues and a decrease in the provision for loan losses.