Risk Factors.
−Removed: Except as set forth below, as of June 30, 2021, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020:
+Added: Except as set forth below, as of September 30, 2021, there have been no material changes from the risk factors previously disclosed in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020:
The Durbin Amendment is a provision in the larger Dodd-Frank Act that gave the Federal Reserve the authority to establish rates on debit card transactions.
1 unchanged sentence
The law applies to banks with over $10 billion in assets and limits what these banks may charge for debit card interchange fees.
−Removed: At December 31, 2020, the Company’s assets did not exceed $10 billion, but at June 30, 2021 the Company’s assets did exceed $10 billion.
−Removed: Prior to the COVID-19 pandemic, there was little or no likelihood that the Company would surpass $10 billion in total assets for several years.
+Added: At December 31, 2020, the Company’s assets did not exceed $10 billion, but at September 30, 2021 the Company’s assets did exceed $10 billion.
+Added: Prior to the COVID-19 pandemic, there was minimal likelihood that the Company would surpass $10 billion in total assets for several years.
However, with the CARES Act, including PPP loans, stimulus payments to households, and artificially high household savings rates, our deposits and assets have grown dramatically beyond reasonably foreseeable levels.
−Removed: To the extent the COVID-19 pandemic continues and the government response to it continues on the same or similar basis, it is likely the Company will exceed $10 billion in total assets at December 31, 2021.
+Added: To the extent the COVID-19 pandemic and the effects of the aforementioned stimulus programs continue, it is likely the Company will exceed $10 billion in total assets at December 31, 2021.
Pursuant to the Durbin Amendment of the Dodd-Frank Act, based on current run rates, this would trigger an approximate reduction of annual pretax income from debit card interchange fees of between $20 to $22 million beginning July 1, 2022.
−Removed: The Company is undergoing efforts to reduce total assets below $10 billion at December 31, 2021, but the success of these efforts is uncertain.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds.
−Removed: Defaults Upon Senior Securities.
−Removed: Mine Safety Disclosures.
+Added: The Company is undergoing efforts through the use of our existing sweep product to reduce total assets below $10 billion at December 31, 2021, but the success of these efforts is uncertain.
+Added: On November 5, 2021, the Occupational Safety and Health Administration issued an interim final rule that requires employers with 100 or more employees to develop, to implement and to enforce a mandatory COVID-19 vaccination policy, unless unvaccinated employees comply with masking and testing requirements.
+Added: Such requirements are currently scheduled to be effective on January 4, 2022.
+Added: The Company is evaluating the effect of such mandate on its workforce, but is concerned that, if the mandate becomes effective, it may have a material adverse effect on employee retention and morale.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.