4 unchanged sentences
Greater than 100% of the Corporation’s revenue and profit came from the commercial bank subsidiary for the years ended December 31, 2024 and 2023, and community banking was the only reportable segment.
−Removed: At December 31, 2023, the Corporation had total consolidated assets, deposits and stockholders’ equity of approximately $1.4 billion, $980 million and $122 million, respectively.
+Added: At December 31, 2024, the Corporation had total consolidated assets, deposits and stockholders’ equity of approximately $1.4 billion, $1.0 billion and $107 million, respectively.
+Added: The Corporation is supported by the Board of Governors of the Federal Reserve System.
The Bank was originally organized in 1864 as a national banking association.
30 unchanged sentences
Therefore, the Bank has a very strong presence in the Borough of Berwick, a community with a current population of approximately 10,400.
−Removed: The Bank ranks a commanding first in deposit market share in the Berwick market with 64.5% of deposits as of June 30, 2023, based on data compiled annually by the FDIC.
+Added: The Bank ranks second in deposit market share in the Berwick market with 30.3% of deposits as of June 30, 2024, based on data compiled annually by the FDIC.
In the course of attracting and retaining deposits and originating loans, the Bank faces considerable competition with various types of financial institutions.
The Bank competes with 29 commercial banks, 2 savings banks, 1 savings and loan association, and 32 credit unions for traditional banking products, such as deposits and loans in its primary five-county market area.
−Removed: Additionally, the Bank contends with non-bank and online firms, such as consumer finance companies and financial technology companies, for loans, mutual funds and other investment alternatives for deposits.
+Added: Additionally, the Bank also competes with non-bank and online firms, such as consumer finance companies and financial technology companies, for loans, mutual funds and other investment alternatives for deposits.
The Bank vies for deposits based on the ability to provide a range of competitively priced products, quality consultative service, competitive rates, enhanced online service and offerings and convenient locations and hours.
71 unchanged sentences
In addition, the appropriate federal regulatory agency may downgrade an institution to the next lower capital category upon a determination that the institution is in an unsafe or unsound condition, or is engaged in an unsafe or unsound practice.
−Removed: Institutions are required under the FDICIA to closely monitor their capital levels and to notify their appropriate regulatory agency of any basis for a change in capital category.
+Added: Institutions are required under the FDICIA to closely monitor their capital levels and to notify their appropriate
+Added: regulatory agency of any basis for a change in capital category.
On December 31, 2024, the Corporation and the Bank exceeded the minimum capital levels of the well capitalized category.
28 unchanged sentences
Regulatory Capital Requirements
−Removed: In July 2013, the federal banking agencies issued final rules to implement the Basel III regulatory capital reforms and changes required by the Dodd-Frank Act.
−Removed: The phase-in period for community banking organizations began January 1, 2015, while larger institutions (generally those with assets of $250 billion or more) were required to comply by January 1, 2014.
+Added: In 2013, the federal banking agencies issued final rules to implement the Basel III regulatory capital reforms and changes required by the Dodd-Frank Act.
The final rules call for the following capital requirements:
5 unchanged sentences
If a banking organization fails to hold capital above the minimum capital ratios and the capital conservation buffer, it will be subject to certain restrictions on capital distributions and discretionary bonus payments.
−Removed: The phase-in period for the capital conservation and countercyclical capital buffers for all banking organizations began on January 1, 2016.
The capital level required to avoid restrictions on elective distributions applicable to the Bank were as follows:
26 unchanged sentences
Further, the liability has the potential to far exceed the original amount of the loan issued by the Bank.
−Removed: Currently, neither the Corporation nor the
−Removed: Bank is a party to any pending legal proceeding pursuant to any environmental statute, nor are the Corporation and the Bank aware of any circumstances that may give rise to liability under any such statute.
+Added: Currently, neither the Corporation nor the Bank is a party to any pending legal proceeding pursuant to any environmental statute, nor are the Corporation and the Bank aware of any circumstances that may give rise to liability under any such statute.
Interest Rate Risk
28 unchanged sentences
Dodd-Frank is intended to affect a fundamental restructuring of federal banking regulation.
−Removed: Among other things, Dodd-Frank created a new Financial Stability Oversight Council to identify systemic risks in the financial system and gave
−Removed: federal regulators new authority to take control of and liquidate financial firms.
+Added: Among other things, Dodd-Frank created a new Financial Stability Oversight Council to identify systemic risks in the financial system and gave federal regulators new authority to take control of and liquidate financial firms.
Dodd-Frank additionally created a new independent federal regulator to administer federal consumer protection laws.
57 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.