Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Bad
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Financial report summary
?Risks
- Risks Related to our Business and Industry
- The Company may be adversely affected by conditions in the financial markets and economic conditions generally.
- Deterioration in local economic conditions may negatively impact our financial performance.
- Severe weather, flooding and other effects of climate change and other natural disasters could adversely affect our financial condition, results of operations or liquidity.
- Variations in interest rates could adversely affect our results of operations and financial condition.
- Our lending, and particularly our emphasis on commercial lending, exposes us to the risk of losses upon borrower default.
- Our allowance for loan losses may not be sufficient to cover actual loan losses, which could have a material adverse effect on our business, financial condition and results of operations.
- Strong competition within our industry and market area could adversely affect our performance and slow our growth.
- The Company is subject to liquidity risk, which could adversely affect net interest income and earnings.
- Our ability to service our debt, pay dividends and otherwise pay our obligations as they come due is substantially dependent on capital distributions from our subsidiaries.
- A reduction in the Company’s credit rating could adversely affect our business and/or the holders of our securities.
- The Company relies on third parties to provide key components of its business infrastructure.
- There are substantial risks and uncertainties associated with the introduction or expansion of lines of business or new products and services within existing lines of business.
- Risks Related to Legal, Governmental and Regulatory Changes
- We are subject to extensive government regulation and supervision, which may interfere with our ability to conduct our business and may negatively impact our financial results.
- We are subject to heightened regulatory requirements because we exceed $10 billion in total consolidated assets.
- Replacement of the LIBOR benchmark interest rate could adversely affect our business, financial condition, and results of operations.
- Our controls and procedures may fail or be circumvented, which may result in a material adverse effect on our business.
- We may be held responsible for environmental liabilities with respect to properties to which we obtain title, resulting in significant financial loss.
- We may be adversely affected by the soundness of other financial institutions including the FHLB of New York.
- Provisions of our certificate of incorporation and bylaws, as well as Delaware law and certain banking laws, could delay or prevent a takeover of us by a third party.
- The Company has risk related to legal proceedings.
- Risks Related to Cybersecurity and Data Privacy
- The Company faces operational risks and cybersecurity risks associated with incidents which have the potential to disrupt our operations, cause material harm to our financial condition, result in misappropriation of assets, compromise confidential information and/or damage our business relationships and cannot guarantee that the steps we and our service providers take in response to these risks will be effective.
- The Company may be adversely affected by fraud.
- We continually encounter technological change and the failure to understand and adapt to these changes could have a material adverse impact on our business.
- Risks Related to an Investment in the Company’s Securities
- There may be future sales or other dilution of the Company’s equity, which may adversely affect the market price of the Company’s stock.
- Risks Related to the Merger with Salisbury
- The merger with Salisbury could adversely affect the Company’s future business and financial results.
- The risks presented by acquisitions could adversely affect our financial condition and results of operations.
Management Discussion
- Net income for the year ended December 31, 2023 was $118.8 million, or $2.65 per diluted common share, compared to $152.0 million, or $3.52 per diluted share, in the prior year.