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Louis and Kansas City, which serve as central hubs for the Company.
−Removed: The Company also has offices supporting its commercial customers in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids, and operates a commercial payments business with sales representatives covering the continental United States of America (“U.S.”).
+Added: The Company also has offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids that support customers in its commercial and/or wealth segments and operates a commercial payments business with sales representatives covering the continental United States of America (“U.S.”).
The Company’s goal is to be the preferred provider of financial services in its communities, based on strong customer relationships built through providing top quality service with a strong risk management culture, and employing a strong balance sheet with strong capital levels.
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The Company’s focus on local markets is supported by an experienced team of bankers assigned to each market coupled with industry specialists.
−Removed: The Company also uses regional advisory boards, comprised of local business persons, professionals and other community representatives, who assist the Company in responding to local banking needs.
+Added: The Company also uses regional advisory boards, comprised of local business leaders, professionals and other community representatives, who assist the Company in responding to local banking needs.
In addition to this local market, community-based focus, the Company offers sophisticated financial products usually only available at much larger financial institutions.
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Job shadowing, leadership
+Added: Table of Conte nts
development programs, Aspiring Managers program, Managing at Commerce, competency assessments and education assistance are just a few of the ways the Company helps team members excel.
−Removed: During 2021 the ongoing impacts of the pandemic continued to create challenges for our team members.
−Removed: The Company continued focused efforts on providing team members support and resources to navigate the ever-changing environment.
+Added: During the COVID-19 pandemic, the Company focused efforts on providing team members support and resources to navigate the ever-changing environment.
Initiatives included routine communications providing relevant updates and information, resources for leaders to help keep their teams engaged and connected, new resources for working parents, and access to emotional support resources.
The Company implemented a phased-in approach to returning to on-site work and created more flexible work categories for team members to provide for ongoing flexibility.
+Added: While the most significant impacts of the pandemic appear to have passed, the Company continues to provide most of its team members flexible work schedules.
The Company believes diversity, equity, and inclusion (DEI) builds stronger companies with better results.
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The Company continues to build a sense of belonging by engaging team members in a variety of Employee Resource Groups (ERGs) to support its diverse workforce.
−Removed: RISE (empowering women), EMERGE (connecting young professionals), VIBE (valuing multicultural perspectives), and PRIDE (engaging the LGBTQIA+ community) are important forums that provide team members opportunities to connect, learn, and encourage diverse perspectives.
−Removed: All programs were moved to a virtual environment to enable team members to continue to network and learn even in the environment brought on by the pandemic.
+Added: RISE (empowering women), EMERGE (connecting young professionals), VIBE (valuing multicultural perspectives), PRIDE (engaging the LGBTQIA+ community), and SALUTE (supporting veterans) are important forums that provide team members opportunities to connect, learn, and encourage diverse perspectives.
+Added: Participation in these ERGs is voluntary, and more than 40% of team members belong to one of these groups.
Other internal DEI efforts have included unconscious bias training, book clubs, listen, talk, and learn sessions, courageous conversation training, mentoring programs, and review of talent at all levels of the organization.
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The Company operates in the highly competitive environment of financial services.
−Removed: The Company regularly faces competition from banks, savings and loan associations, credit unions, brokerage companies, mortgage companies, insurance companies, trust companies, credit card companies, private equity firms, leasing companies, securities brokers and dealers, financial technology companies, e-commerce companies, mutual fund companies, and other companies providing financial services.
+Added: The Company regularly faces competition from banks, savings and loan associations, credit unions, brokerage companies, mortgage companies, insurance companies, trust companies, credit card companies, private equity firms, leasing companies, securities brokers and dealers, financial technology companies, e-commerce companies, investment management companies, and other companies providing financial services.
Some of these competitors are not subject to the same regulatory restrictions as domestic banks and bank holding companies.
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These include, for example, the
+Added: Table of Conte nts
statutory minimum legal lending rates, domestic monetary policies of the Board of Governors of the Federal Reserve System, U.S.
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The GLB Act also included privacy provisions that limit banks’ abilities to disclose non-public information about customers to non-affiliated entities.
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The Company must also comply with the requirements of the Bank Secrecy Act (BSA).
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The Dodd-Frank Act provided the FDIC flexibility in the implementation of the increase in the designated reserve ratio and also required that the FDIC redefine the assessment base to average consolidated assets minus average tangible equity.
+Added: Due to growth in insured deposits during the first half of 2020, the DIF reserve ratio fell below statutory minimum of 1.35% on June 30, 2022.
+Added: The FDIC Board of Directors adopted an Amended Restoration Plan in an effort to restore the reserve ratio to at least 1.35% by September 30, 2028.
+Added: The FDIC Board also increased base deposit insurance assessment rates by 2 basis points, which takes effect on January 1, 2023.
For the year ended December 31, 2022, the Company's deposit insurance expense was $10.6 million.
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Payment of Dividends
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The principal source of the Parent's cash revenues is cash dividends paid by the Bank.
−Removed: The amount of dividends paid by the Bank in any calendar year is limited to the net profit of the current year combined
−Removed: with the retained net profits of the preceding two years, and permission must be obtained from the Federal Reserve Board for dividends exceeding these amounts.
+Added: The amount of dividends paid by the Bank in any calendar year is limited to the net profit of the current year combined with the retained net profits of the preceding two years, and permission must be obtained from the Federal Reserve Board for dividends exceeding these amounts.
The payment of dividends by the Bank may also be affected by factors such as the maintenance of adequate capital.
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The Federal Reserve Board has issued comprehensive guidance on incentive compensation intended to ensure that the incentive compensation policies do not undermine safety and soundness by encouraging excessive risk taking.
−Removed: This guidance covers all employees that have the ability to materially affect the risk profile of an organization, either individually or as part of a group, based on key principles that (i) incentives do not encourage risk-taking beyond the organization's ability to identify and manage risk, (ii) compensation arrangements are compatible with effective internal controls and risk management, and (iii) compensation arrangements are supported by strong corporate governance, including active and effective board oversight.
−Removed: Deficiencies in compensation practices may affect
−Removed: supervisory ratings and enforcement actions may be taken if incentive compensation arrangements pose a risk to safety and soundness.
+Added: This guidance covers all employees that have the ability to materially affect the risk profile of an organization, either individually or as part of a group, based on key principles that (i) incentives do not
+Added: Table of Conte nts
+Added: encourage risk-taking beyond the organization's ability to identify and manage risk, (ii) compensation arrangements are compatible with effective internal controls and risk management, and (iii) compensation arrangements are supported by strong corporate governance, including active and effective board oversight.
+Added: Deficiencies in compensation practices may affect supervisory ratings and enforcement actions may be taken if incentive compensation arrangements pose a risk to safety and soundness.
Transactions with Affiliates
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These filings include the annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports.
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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.