What changed in this filing

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Item 1A. Risk Factors

2020-11-16 compared with 2020-05-14 · 58 added, 62 removed, 1 unchanged (99% of the section changed)

The information below updates,

and should be read in conjunction with, the risk factors disclosed in Part I, “Item 1A- Risk Factors”

the Form 10-K for the year ended June 30, 2019 that we filed with the Securities and Exchange Commission on September 30,

information below updates, and should be read in conjunction with, the risk factors disclosed in Part I, “Item 1A-

Risk Factors”

in the Form 10-K for the year ended June 30, 2020 that we filed with the Securities and Exchange Commission

on September 30, 2019.

These risk factors could materially affect our business, financial condition or future results.

The risks described are not

the only risks that we face.

Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial

also may materially adversely affect our business, financial condition and/or operating results.

Except as presented below, there

have been no material changes in the risk factors as discussed in our Form 10-K.

The recent global coronavirus (COVID-19) pandemic has led

to periods of significant volatility in financial, commodities and other markets and could harm our business and results of operations.

In December 2019, a novel strain of coronavirus (COVID-19) was first

reported in Wuhan, Hubei Province, China.

Since then, COVID-19 infections have spread to additional countries including the United

In March 2020, the World Health Organization declared COVID-19 to be a pandemic.

Given the ongoing and dynamic nature of

the circumstances, it is difficult to predict the impact of the coronavirus pandemic on our business, and there is no guarantee

that our efforts to address or mitigate the adverse impacts of the coronavirus will be effective.

The impact to date has included

periods of significant volatility in financial, commodities and other markets.

This volatility, if it continues, could have an

adverse impact on our customers and on our business, financial condition and results of operations as well as our growth strategy.

Our business is dependent upon the willingness and ability of our

customers to conduct banking and other financial transactions.

The spread of COVID-19 has caused and could continue to cause severe

disruptions in the U.S.

economy at large, and has resulted and may continue to result in disruptions to our customers’

and a decrease in consumer confidence and business generally.

In addition, recent actions by US federal, state and local governments

to address the pandemic, including travel bans, stay-at-home orders and school, business and entertainment venue closures, may

have a significant adverse effect on our customers and the markets in which we conduct our business.

The extent of impacts resulting

from the coronavirus pandemic and other events beyond our control will depend on future developments, which are highly uncertain

and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus pandemic and actions

taken to contain the coronavirus or its impact, among others.

Disruptions to our customers could result in increased risk of delinquencies,

defaults, and foreclosures and losses on our loans.

The escalation of the pandemic may also negatively impact regional economic

conditions for a period of time, resulting in declines in local loan demand, liquidity of loan guarantors, loan collateral (particularly

in real estate), loan originations and deposit availability.

If the global response to contain COVID-19 escalates or is unsuccessful,

we could experience a material adverse effect on our business, financial condition, results of operations and cash flows.

The spread of the COVID-19 outbreak and the governmental responses

may disrupt banking and other financial activity in the areas in which we operate and could potentially create widespread business

continuity issues for us.

The outbreak of COVID-19 and the US federal, state and local governmental

responses may result in a disruption in the services we provide.

We rely on our third-party vendors to conduct business and to

process, record, and monitor transactions.

If any of these vendors are unable to continue to provide us with these services or

experience interruptions in their ability to provide us with these services, it could negatively impact our ability to serve our

Furthermore, the coronavirus pandemic could negatively impact the ability of our employees and customers to engage in

banking and other financial transactions in the geographic areas in which we operate and could create widespread business continuity

issues for us.

We also could be adversely affected if key personnel or a significant number of employees were to become unavailable

due to infection, quarantine or other effects and restrictions of a COVID-19 outbreak in our market areas.

Although we have business

continuity plans and other safeguards in place, there is no assurance that such plans and safeguards will be effective.

unable to promptly recover from such business disruptions, our business, financial condition and results of operations would be

adversely affected.

We also may incur additional costs to remedy damages caused by such disruptions, which could adversely affect

our financial condition and results of operations.

described are not the only risks that we face.

Additional risks and uncertainties not currently known to us or that we currently

deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

as presented below, there have been no material changes in the risk factors as discussed in our Form 10-K.

recent global coronavirus (COVID-19) pandemic has led to periods of significant volatility in financial, commodities and other

markets and could harm our business and results of operations.

December 2019, a novel strain of coronavirus (COVID-19) was first reported in Wuhan, Hubei Province, China.

Since then, COVID-19

infections have spread to additional countries including the United States.

In March 2020, the World Health Organization declared

COVID-19 to be a pandemic.

Given the ongoing and dynamic nature of the circumstances, it is difficult to predict the impact of

the coronavirus pandemic on our business, and there is no guarantee that our efforts to address or mitigate the adverse impacts

of the coronavirus will be effective.

The impact to date has included periods of significant volatility in financial, commodities

and other markets.

This volatility, if it continues, could have an adverse impact on our customers and on our business, financial

condition and results of operations as well as our growth strategy.

business is dependent upon the willingness and ability of our customers to conduct banking and other financial transactions.

spread of COVID-19 has caused and could continue to cause severe disruptions in the U.S.

economy at large, and has resulted and

may continue to result in disruptions to our customers’

businesses, and a decrease in consumer confidence and business generally.

In addition, recent actions by US federal, state and local governments to address the pandemic, including travel bans, stay-at-home

orders and school, business and entertainment venue closures, may have a significant adverse effect on our customers and the markets

in which we conduct our business.

The extent of impacts resulting from the coronavirus pandemic and other events beyond our control

will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge

concerning the severity of the coronavirus pandemic and actions taken to contain the coronavirus or its impact, among others.

to our customers could result in increased risk of delinquencies, defaults, and foreclosures and losses on our loans.

The escalation

of the pandemic may also negatively impact regional economic conditions for a period of time, resulting in declines in local loan

demand, liquidity of loan guarantors, loan collateral (particularly in real estate), loan originations and deposit availability.

If the global response to contain COVID-19 escalates or is unsuccessful, we could experience a material adverse effect on our

business, financial condition, results of operations and cash flows.

spread of the COVID-19 outbreak and the governmental responses may disrupt banking and other financial activity in the areas in

which we operate and could potentially create widespread business continuity issues for us.

outbreak of COVID-19 and the US federal, state and local governmental responses may result in a disruption in the services we

We rely on our third-party vendors to conduct business and to process, record, and monitor transactions.

If any of these

vendors are unable to continue to provide us with these services or experience interruptions in their ability to provide us with

these services, it could negatively impact our ability to serve our customers.

Furthermore, the coronavirus pandemic could negatively

impact the ability of our employees and customers to engage in banking and other financial transactions in the geographic areas

in which we operate and could create widespread business continuity issues for us.

We also could be adversely affected if key

personnel or a significant number of employees were to become unavailable due to infection, quarantine or other effects and restrictions

of a COVID-19 outbreak in our market areas.

Although we have business continuity plans and other safeguards in place, there is

no assurance that such plans and safeguards will be effective.

If we are unable to promptly recover from such business disruptions,

our business, financial condition and results of operations would be adversely affected.

We also may incur additional costs to

remedy damages caused by such disruptions, which could adversely affect our financial condition and results of operations.

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.

What changed 10-Q

Item 1A. Risk Factors