What changed 10-Q

Item 1. Legal Proceedings

2023-05-09 compared with 2022-11-04 · 4 added, 0 removed, 9 unchanged (31% of the section changed)

8 unchanged sentences

The Tax Credit Guaranty Agreement by State Tax Credit Exchange, LLC dated September 10, 2014 was attached to the Company’s September 30, 2018 Quarterly Report on Form 10-Q as Exhibit 99.

On April 3, 2023, the NC Business Court issued decisions in two related cases involving North Carolina tax credits concluding that the position taken by the NCDOR in those cases was legally incorrect and the tax credits should not have been disallowed.

The rationale advanced in those cases was the same as that used to disallow the Bank’s tax credits.

The Bank understands an appeal of those decisions by the NCDOR is likely.

If upheld, the Company believes the NCDOR will apply the ruling to the Bank’s tax credits.

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.