The section titled Risk Factors in Part I, Item 1A of the 2022 Form 10-K includes a discussion of the material risks and uncertainties the Company faces, any one or more of which could have a material adverse effect on the Company's business, results of operations, or financial condition (including capital and liquidity).
−Removed: As of the date of this Report, there have been no material changes with regard to the Risk Factors disclosed in Item 1A of the 2021 Form 10-K which are incorporated herein by reference.
+Added: The information presented below provides an update to, and should be read in conjunction with, the risk factors and other information contained in the 2022 Form 10-K.
+Added: Except as presented below, there have been no material changes to the risk factors described in the 2022 Form 10-K.
+Added: Risks Related to Recent Events Impacting the Financial Services Industry
+Added: Recent events impacting the financial services industry, including several high profile bank failures, have resulted in decreased confidence in banks among depositors, investors and other counterparties, as well as significant disruption, volatility and depressed valuations of equity and other securities of banks in the capital markets.
+Added: These events occurred during a period of rapidly rising interest rates which, among other things, has resulted in increased unrealized losses on certain investment securities, increased competition for bank deposits and may increase the risk of a potential recession.
+Added: These recent events have, and could continue to adversely impact the market price and volatility of the Company’s common stock.
+Added: These recent events may also result in potentially adverse changes to laws or regulations applicable to the Company, which could have a material impact on the Company’s business and result in increased costs necessary to comply with any such changes.
+Added: Additionally, the cost of resolving recent bank failures may prompt the FDIC to increase its premiums above the current levels or result in additional special assessments.
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