For information regarding the Company’s risk factors, see “Risk Factors” in the Company’s Annual Report on Form 10-K, which are incorporated by reference herein.
−Removed: As of June 30, 2020, the risk factors of the Company have not changed materially from those disclosed in the Form 10-K, other than those noted below.
+Added: As of September 30, 2020, the risk factors of the Company have not changed materially from those disclosed in the Form 10-K, other than those noted below.
The effects of COVID-19, and the impact of actions to mitigate it, has had and may continue to adversely affect our business, financial condition and results of operations, and the extent and duration of these effects remain uncertain.
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In response to the economic and financial effects of COVID-19, the Federal Reserve has sharply reduced interest rates and instituted quantitative easing measures as well as domestic and global capital market support programs.
−Removed: In addition, the Trump Administration, Congress, various federal agencies and state governments have taken measures to address the economic and social consequences of the pandemic, including the passage of the CARES Act.
+Added: In addition, the Trump Administration, Congress, various federal agencies and state governments have taken measures to address the economic and social consequences of the COVID-19 pandemic, including the passage of the CARES Act.
The CARES Act, among other things, provides certain measures to support individuals and businesses in maintaining solvency through monetary relief, including in the form of financing, loan forgiveness and automatic forbearance.
−Removed: Since the end of March 2020, we began processing loan applications under the PPP created under the CARES Act, and we expect to see a continued increase in such loans, during time that they are available, or until August 8, 2020.
+Added: Beginning at the end of March 2020, we began processing loan applications under the PPP created under the CARES Act, and we continued to accept and process requests through the program end date of August 8, 2020.
The Federal Reserve's Main Street Lending Program will provide liquidity to small and mid-sized businesses by purchasing 95% participations in 5-year loans with certain terms, including certain deferrals of payment of principal and interest.
+Added: The Bank is a registered lender under the Main Street Lending Program, and we have accepted one application as of September 30, 2020.
Other banking regulatory agencies have encouraged lenders to extend additional loans, and the federal government is considering additional stimulus and support legislation focused on providing aid to various sectors, including small businesses.
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create stress on our operations and systems associated with our participation in the PPP as a result of high demand and volume of applications;
−Removed: result in increased compliance risk as we become subject to new regulatory and other requirements, including new and changing guidance, associated with the PPP, the Main Street Lending Program, and other new programs in which we participate;
+Added: result in increased compliance risk as we become subject to new regulatory and other requirements, including new and changing guidance, associated with the PPP and its loan forgiveness program, the Main Street Lending Program, and other new programs in which we participate;
impair the ability of loan guarantors to honor commitments;
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Our results of operations have been adversely affected by the factors described above.
−Removed: For example, in the quarter ended June 30, 2020, these factors caused a substantial increase in our provision for loan losses.
+Added: For example, in the quarter ended September 30, 2020, these factors caused a substantial increase in our provision for loan losses.
Prolonged measures by health or other governmental authorities encouraging or requiring significant restrictions on travel, assembly or other core business practices could further harm our business and those of our customers, in particular our small to medium sized business customers.
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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.