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Risks

• The COVID-19 pandemic is adversely affecting us and our customers, employees, and third-party service providers, and the adverse impacts on our business, financial position, results of operations, and prospects could be significant.
• A failure in or breach of the Company’s technology infrastructure, or those of third parties with whom the Company has relationships, could result in a material adverse effect on the Company’s operations, reputation, cash flows, financial condition, and results of operation.
• Consumers may decide not to use banks to complete their financial transactions.
• Strong competition within the market in which the Company operates could reduce its ability to attract and retain business.
• Unauthorized disclosure of sensitive or confidential client or customer information whether through a breach of the Company’s computer systems or otherwise, could severely harm the Company’s business.
• The Company may not be able to adapt to technological change.
• The Company may not be able to attract and retain skilled people.
• The Company’s exposure to credit risk could adversely affect its earnings and financial condition.
• The Company’s allowance for loan losses may be insufficient.
• The Company has significant exposure to risks associated with commercial and commercial real estate loans.
• The Company is subject to liquidity risk.
• The Company is at risk of increased losses from fraud.
• The Company may not be able to successfully implement planned growth as part of its business strategy and may incur expenses and risks related to such growth efforts.
• The Company may need to raise capital in the future, but capital may not be available when needed or at acceptable terms.
• The Bank may be required to repurchase loans it has sold or indemnify loan purchasers under the terms of the sale agreements, which could adversely affect the Company’s liquidity, results of operations, and financial condition.
• Difficult market conditions and economic trends could adversely affect the financial services industry and the Company’s business.
• Changes in interest rates could adversely affect income and financial condition.
• A transition away from LIBOR as a reference rate for financial contracts could negatively affect the Company’s income and expenses and the value of various financial contracts.
• A default by another larger financial institution could adversely affect financial markets generally.
• Legislative, regulatory, or accounting changes or actions could adversely impact the Company or the businesses in which it is engaged.
• Changes in tax laws could adversely affect the Company’s financial condition and results of operations.
• Changes in accounting standards, policies, estimates, or procedures could impact the Company’s reported financial condition or results of operations.
• The Bank’s ability to pay dividends is subject to regulatory limitations which, to the extent the Company requires such dividends in the future, may affect its ability to pay dividends or repurchase its stock.
• Periodic regulatory reviews may affect the Company’s operations and financial condition.