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New words:
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Removed:
accessed, actuarial, agricultural, amounted, applying, array, backdrop, began, broader, burden, calibrate, cautionary, cease, chiefly, collect, concession, concurrent, confidence, continuation, contractually, CRE, cyber, decoupled, Deferral, delayed, deriving, discontinuing, dispute, disruption, diverse, duration, ease, enforcement, establishment, expressed, extend, formed, fundamentally, granting, granular, identifying, impaired, implicit, imply, improvement, improving, initial, issue, led, legislative, LIBOR, liquidating, localized, main, Nevada, nonforfeitable, observed, occurred, organic, participated, Paycheck, possessing, postpone, prepaid, prospectively, published, rapidly, recently, recession, referred, refinancing, reflecting, reflective, reliance, Republic, resolving, retired, reviewing, Road, run, Scotland, serving, Signature, Silicon, similarity, standard, subsequently, Subtopic, suffice, sum, sunset, supervisory, systemic, TDR, Valley, valuated, withdrawal
Financial report summary
?Risks
- Economic conditions may adversely affect the Corporation’s financial performance.
- Imposition of limits by bank regulators on commercial real estate lending activities could curtail the Corporation’s growth and adversely affect our earnings.
- Commercial real estate and commercial and industrial loans increase the Corporation’s exposure to credit risks.
- Loan participations may have a higher risk of loss than loans the Bank originates because the Bank is not the lead lender and has limited control over credit monitoring.
- We are subject to environmental liability risk associated with lending activities.
- The foreclosure process may adversely impact the Bank’s recoveries on non-performing loans.
- The Corporation's portfolio of indirect automobile lending exposes it to increased credit risks.
- The allowance for credit losses may prove to be insufficient to absorb losses in the loan portfolio.
- The Corporation is subject to risks and losses resulting from fraudulent activities that could adversely impact its financial performance and results of operations.
- Use of appraisals when underwriting loans secured by real property may not accurately represent the net value of collateral the Bank can realize at a future date.
- Liquidity needs could adversely affect the Corporation’s financial condition and results of operation.
- The Corporation is subject to interest rate risk, and fluctuations in market interest rates may affect its interest margin and income, demand for products, defaults on loans, loan prepayments and the fair value of its financial instruments.
- Strong competition within the Corporation's industry and market area could limit its growth and profitability.
- The Corporation may not be able to attract and retain skilled people.
- The Corporation’s growth strategy may not prove to be successful and its market value and profitability may suffer.
- The risks presented by acquisitions could adversely affect the Corporation's financial condition and results of operations.
- The Corporation operates in a highly regulated environment and may be adversely affected by changes in laws and regulations.
- Monetary policies and regulations of the Federal Reserve Board could adversely affect our business, financial condition and results of operations.
- We are subject to the Community Reinvestment Act and fair lending laws, and alleged failure to comply with fair lending laws has led to material penalties.
- Non-compliance with the USA PATRIOT Act, Bank Secrecy Act, or other laws and regulations could result in fines or sanctions.
- The Corporation may be required to raise additional capital in the future, but that capital may not be available when it is needed, or it may only be available on unacceptable terms, which could adversely affect its financial condition and results of operations.
- Changes in tax rates could adversely affect the Corporation's results of operations and financial condition.
- The Corporation's controls and procedures may fail or be circumvented, which may result in a material adverse effect on its business.
- Our risk management framework may not be effective in mitigating risk and reducing the potential for significant losses.
- We face significant operational risks because the financial services business involves a high volume of transactions.
- The Corporation continually encounters technological change and the failure to understand and adapt to these changes could adversely affect its business.
- Systems failures or breaches of our network security could subject us to increased operating costs as well as litigation and other liabilities.
- Operating systems and infrastructure, managed or supplied by third parties on whom we rely, could be interrupted, compromised, or otherwise breached.
- The Corporation's accounting policies and estimates are critical to how the Corporation reports its financial condition and results of operations, and any changes to such accounting policies and estimates could materially affect how the Corporation reports its financial condition and results of operations.
- The Corporation holds certain intangible assets that could be classified as impaired in the future. If these assets are considered to be either partially or fully impaired in the future, its earnings and the book values of these assets would decrease.
- Financial counterparties expose the Corporation to risks.
- Involvement in wealth management creates risks associated with the industry.
- There may be claims and litigation pertaining to fiduciary responsibility.
- Severe weather and other natural disasters can affect the Corporation’s business.
- Inflation can have an adverse impact on our business and on our customers.
- The geographic concentration of the Corporation's market in upstate New York makes it more sensitive to adverse changes in regional conditions than larger or more geographically diversified competitors.
- The Corporation’s common stock is not heavily traded, and the stock price may fluctuate significantly.
- The Corporation is a holding company and depends on its subsidiaries for dividends, distributions and other payments.
- Provisions of the Corporation's certificate of incorporation, bylaws, as well as New York law and certain banking laws, could delay or prevent a takeover of the Corporation by a third party.