Risk Factors.
−Removed: Except as set forth below, as of March 31, 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 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:
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 March 31, 2021, the Company’s assets did exceed $10 billion.
+Added: 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.
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.
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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 $17 to $20 million beginning July 1, 2022.
+Added: The Company is undergoing efforts to reduce total assets below $10 billion at December 31, 2021, but the success of these efforts is uncertain.
Unregistered Sales of Equity Securities and Use of Proceeds.
2 unchanged sentences
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.