1 unchanged sentence
RISK FACTORS” of Part I of Peoples’ 2022 Form 10-K.
−Removed: Those risk factors are not the only risks Peoples faces.
+Added: These risk factors are not the only risks Peoples faces.
Additional risks and uncertainties not currently known to management or that management currently deems to be immaterial also may materially adversely affect Peoples’ business, financial condition and/or operating results.
−Removed: In the third quarter of 2022, we identified the following additional risk factor:
−Removed: Economic, Political, Environmental and Market Risks
−Removed: • Instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on the Company's results of operations and financial condition.
−Removed: Instability in global economic conditions and geopolitical matters, as well as volatility in financial markets, could have a material adverse effect on the Peoples' results of operations and financial condition.
−Removed: The macroeconomic environment in the United States is susceptible to global events and volatility in financial markets.
−Removed: For example, global demand for products continues to exceed supply during the economic recovery from the COVID-19 pandemic, creading significant inflationary pressures which, in turn, may adversly impact consumer and business confidence and regional and global economic conditions, as well as Peoples' financial condition and results of operations.
−Removed: In addition, trade negotiations between the U.S.
−Removed: and other nations remain uncertain and could adversely impact economic and market conditions for Peoples and its clients and counterparties.
+Added: In the first quarter of 2023, we identified the following additional risk factor:
+Added: General Risks
+Added: • The impact of larger or similar-sized financial institutions encountering problems may adversely affect Peoples' business, earnings and financial condition.
+Added: Peoples is exposed to the risk that when a peer financial institution experiences financial difficulties, there could be an adverse impact on the regional banking industry and the business environment in which Peoples operates.
+Added: The recent bank failures of Silicon Valley Bank in California, Signature Bank in New York, and First Republic Bank in California during the first and second quarters of 2023 have caused a degree of panic and uncertainty in the investor community and among bank customers generally.
+Added: While Peoples does not believe that the circumstances of these three banks' failures are indicators of broader issues with the banking system, the failures may reduce customer confidence, affect sources of funding and liquidity, increase regulatory requirements and costs, adversely affect financial markets and/or have a negative reputational ramification for the banking industry, including Peoples.
+Added: Peoples will continue to monitor the ongoing events concerning these three banks as well as any future potential bank failures and volatility within the banking industry generally, together with any responsive measures taken by the banking regulators to mitigate or manage potential turmoil in the banking industry.
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.