5 unchanged sentences
In addition, the pandemic resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in many states and communities and may result in the same or similar restrictions in the future.
−Removed: As a result, the demand for our products and services
−Removed: have been and may continue to be significantly impacted, which could adversely affect our revenue and results of operations.
−Removed: Furthermore, the pandemic could continue to result in the recognition of credit losses in our loan portfolios, and an increase in our allowance for credit losses, particularly if businesses remain restricted or are required to close again, the impact on the global, national and local economies worsen, or more customers draw on their lines of credit or seek additional loans to help finance their businesses.
+Added: As a result, the demand for our products and services has been and may continue to be significantly impacted, which could adversely affect our revenue and results of operations.
+Added: Furthermore, the lagging impacts of the pandemic could result in the recognition of credit losses in our loan portfolios, and additions to our allowance for credit losses, particularly if businesses remain restricted or are required to close again,
+Added: the impact on the global, national and local economies worsen, or more customers draw on their lines of credit or seek additional loans to help finance their businesses.
Similarly, because of changing economic and market conditions affecting issuers, we may be required to recognize impairments on the securities we hold as well as reductions in other comprehensive income.
42 unchanged sentences
In addition, federal regulators periodically review the Corporation’s allowance for loan losses and may require it to increase the allowance for loan losses or recognize further loan charge-offs.
−Removed: Any increase in the allowance for loan
−Removed: losses or loan charge-offs as required by these regulatory agencies could have a material adverse effect on the results of operations and financial condition.
+Added: Any increase in the allowance for loan losses or loan charge-offs as required by these regulatory agencies could have a material adverse effect on the results of operations and financial condition.
A new accounting standard will result in a significant change in how the Corporation recognizes credit losses and may have a material impact on the Corporation’s financial condition or results of operations.
9 unchanged sentences
The Corporation currently expects to continue to qualify as a smaller reporting company for a period of time.
+Added: The Corporation is currently evaluating the provisions of this standard to determine the potential impact it may have on the Corporation’s consolidated financial statements and has taken steps to prepare for the implementation when it becomes effective, such as:
+Added: forming an internal committee, gathering pertinent data, consulting with outside professionals, subscribing to a new software system, and running existing and new methodologies concurrently through the period of implementation.
The Corporation’s information systems may experience an interruption or breach in security.
8 unchanged sentences
Such events could affect the stability of the Corporation’s deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in loss of revenue and/or cause the Corporation to incur additional expenses.
−Removed: Severe weather, natural disasters, disease pandemics and epidemics, acts of war or terrorism or other adverse external events may occur in the future.
+Added: Severe weather, natural disasters, disease pandemics and epidemics, acts of
+Added: war or terrorism or other adverse external events may occur in the future.
Although management has established disaster recovery policies and procedures, the occurrence of any such event could have a material adverse effect on the Corporation’s business, which, in turn, could have a material adverse effect on the Corporation’s financial condition and results of operations.
+Added: Geopolitical instability or conflicts may result in trade disruptions, sanctions, and other market volatility which could lead to global inflationary pressures, etc.
+Added: that could adversely affect the Corporation or its customers.
The Corporation operates in a highly competitive industry.
23 unchanged sentences
Basel III signals a growing effort by domestic and international bank regulatory agencies to require financial institutions, including depository institutions, to maintain higher levels of capital.
−Removed: Although Basel III is implemented, regulatory viewpoints could change or require additional capital to support the Corporation’s business risk profile.
+Added: Although Basel III is implemented, regulatory viewpoints could change or require additional capital to support the Corporation’s
+Added: business risk profile.
If the Corporation and the Bank are required to maintain higher levels of capital, the Corporation and the Bank may have fewer opportunities to invest capital into interest-earning assets, which could limit the profitable business operations available to the Corporation and the Bank and adversely impact its financial condition and results of operations.
−Removed: Federal income tax reform could have unforeseen effects on our financial condition and results of operations.
−Removed: On December 22, 2017, the President of the United States signed into law H.R.
−Removed: 1, originally known as the “Tax Cuts and Jobs Act.” The Tax Cuts and Jobs Act includes a number of provisions, including the lowering of the U.S.
−Removed: corporate tax rate from 34 percent to 21 percent, effective January 1, 2018.
−Removed: There are also provisions that may partially offset the benefit of such rate reduction.
−Removed: Financial statement impacts include adjustments for, among other things, the re-measurement of deferred tax assets and liabilities.
−Removed: While there are benefits, there is also substantial uncertainty regarding the details of U.S.
−Removed: The long-term intended and unintended consequences of Tax Cuts and Jobs Act on our business and on holders of our common shares is uncertain and could be adverse.
−Removed: The Corporation anticipates that the long-term impact of the Tax Cuts and Jobs Act may be material to our business, financial condition and results of operations.
If the Corporation concludes that the decline in value of any of its securities is other than temporary, the Corporation will be required to write down the credit-related portion of the impairment of that security through a charge to earnings.
12 unchanged sentences
The Corporation’s success depends primarily on the general economic conditions of the Commonwealth of Pennsylvania and the specific local markets in which the Corporation operates.
−Removed: Unlike larger national or other regional banks that are more geographically diversified, the Corporation provides banking and financial services to customers primarily in Columbia, Luzerne, Montour, Monroe, and Northampton counties.
+Added: Unlike larger national or other regional banks that are more geographically diversified, the Corporation provides banking and financial services to customers primarily in Columbia, Luzerne, Montour, Monroe, Northampton and Lehigh counties.
The local economic conditions in these areas have a significant impact on the demand for the Corporation’s products and services as well as the ability of the Corporation’s customers to repay loans, the value of the collateral securing loans and the stability of the Corporation’s deposit funding sources.
3 unchanged sentences
The Corporation may issue additional shares of common stock to pay for future acquisitions, which would dilute stockholders’ ownership interest in the Corporation.
−Removed: Future business acquisitions could be material to the Corporation, and the degree of success achieved in acquiring and integrating these businesses into the Corporation could have a material effect on the value of the Corporation’s common stock.
+Added: Future business acquisitions could
+Added: be material to the Corporation, and the degree of success achieved in acquiring and integrating these businesses into the Corporation could have a material effect on the value of the Corporation’s common stock.
In addition, any acquisition could require the Corporation to use substantial cash or other liquid assets or to incur debt.
25 unchanged sentences
Any system of controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met.
−Removed: Any failure or circumvention of the Corporation’s controls and procedures or failure to comply with regulations related to controls and procedures could have a material adverse effect on the Corporation’s business, results of operations and financial condition.
+Added: Any failure or circumvention of the Corporation’s controls and procedures or failure to
+Added: comply with regulations related to controls and procedures could have a material adverse effect on the Corporation’s business, results of operations and financial condition.
The Corporation continually encounters technological change.
57 unchanged sentences
UNRESOLVED STAFF COMMENTS
+Added: The Corporation and its subsidiary occupy nineteen branch properties in Columbia, Luzerne, Montour, Monroe and Northampton Counties in Pennsylvania, which are used principally as banking offices.
+Added: As of December 31, 2021, the Corporation and its subsidiary bank owned 17 properties and leased 4 properties.
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.