16 unchanged sentences
Substantially all of the Bank’s business is with customers in its market areas of Southern New Jersey, the Philadelphia area of Pennsylvania, and New York, New York.
−Removed: We have carefully expanded our lending footprint in other areas also.
−Removed: the Bank’s customers are individuals and small to medium-sized businesses which are dependent upon the regional economy.
+Added: We have carefully expanded our lending footprint in other areas, including
+Added: adding lending capabilities in South Carolina.
+Added: Most of the Bank’s customers are individuals and small to medium-sized businesses which are dependent upon the regional economy.
Adverse changes in economic and business conditions in the Bank’s markets could adversely affect the Bank’s borrowers, their ability to repay their loans and to borrow additional funds, and consequently the Bank’s financial condition and performance.
13 unchanged sentences
In the State of New Jersey, cannabis is legal for recreational use.
−Removed: Once enacted, the new law legalized and regulated cannabis use and possession for adults 21 years and older.
+Added: Once enacted, the law legalized and regulated cannabis use and possession for adults 21 years and older.
The law also clarified marijuana and cannabis use and possession penalties for individuals younger than 21 years old.
31 unchanged sentences
Total $ 210,057 $ 521,082 $ 301,943 $ 835,071 $ 1,868,153
−Removed: Loans at fixed interest rates $ 9,342 $ 38,680 $ 54,560 $ 28,445 $ 131,027
−Removed: Loans at floating/variable interest rates 188,033 177,141 487,328 803,811 1,656,313
+Added: The following table presents the distribution of those loans that mature in more than one year between predetermined rates and floating or adjustable rates as of December 31, 2024.
+Added: Predetermined Rates Floating or Adjustable Rates Total
+Added: (Dollars in thousand)
+Added: Commercial and Industrial $ 311 $ 15,030 $ 15,341
+Added: Construction — 11,813 11,813
+Added: Commercial Real Estate Mortgage:
+Added: Commercial - Owner Occupied 15,991 138,638 154,629
+Added: Commercial - Non-Owner Occupied 18,178 312,036 330,214
+Added: Residential - 1 to 4 family 34,288 409,884 444,172
+Added: Residential - 1 to 4 family investment 12,302 511,847 524,149
+Added: Residential - multifamily 4,176 168,738 172,914
+Added: Consumer 4,855 9 4,864
Total $ 90,101 $ 1,567,995 $ 1,658,096
7 unchanged sentences
Commercial business loans generally involve a greater degree of risk than residential mortgage loans and carry larger loan balances.
−Removed: This increased credit risk is a result of several factors, including the concentration of principal in a limited number of loans and borrowers, the mobility of collateral, the effects of general economic conditions and the increased difficulty of evaluating and monitoring these types of loans.
+Added: This increased credit risk is a result of several factors, including the concentration of principal in a limited
+Added: number of loans and borrowers, the mobility of collateral, the effects of general economic conditions and the increased difficulty of evaluating and monitoring these types of loans.
Unlike residential mortgage loans, which generally are made on the basis of the borrower’s ability to make repayment from his or her employment and other income and which are secured by real property the value of which tends to be more easily ascertainable, commercial business loans typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business.
6 unchanged sentences
Construction loans to provide interim financing on the property are based on acceptable percentages of the appraised value of the property securing the loan in each case.
−Removed: Construction loan funds are disbursed periodically at pre-specified stages of
+Added: Construction loan funds are disbursed periodically at pre-specified stages of completion.
Interest rates on these loans are generally adjustable.
38 unchanged sentences
These loans are typically secured by residential real estate or personal property, including automobiles.
−Removed: Home equity loans (closed-end and lines of credit) are typically made up to 80% of the appraised or assessed value of the property securing the loan in each case, less the amount of any existing prior liens
−Removed: on the property, and generally have maximum terms of ten years.
+Added: Home equity loans (closed-end and lines of credit) are typically made up to 80% of the appraised or assessed value of the property securing the loan in each case, less the amount of any existing prior liens on the property, and generally have maximum terms of ten years.
The interest rates on second mortgages are generally fixed, while interest rates on home equity lines of credit are variable.
8 unchanged sentences
The Bank establishes policies and methods to determine concentrations of credit risk and to maintain discipline in lending practices with a focus on portfolio diversification.
−Removed: The Bank limits on loans to one borrower, one industry as well as product concentrations.
+Added: The Bank places limits on loans to one borrower;
+Added: one industry;
+Added: as well as product concentrations.
At December 31, 2024, the Bank's loan portfolio consists of residential, commercial real estate loans, construction loans, commercial and industry loans as well as consumer loans.
10 unchanged sentences
Total non-performing loans, which include non-accrual loans, were $12.2 million and $7.2 million at December 31, 2024 and 2023, respectively.
−Removed: Included in individually evaluated loans at December 31, 2023 and 2022 were zero and $5.5 million, respectively, of loans modified to borrowers in financial distress.
+Added: There were no loans included in individually evaluated loans at December 31, 2024 and 2023, respectively, that had been modified to borrowers in financial distress.
As of December 31, 2024, there was $21.8 million in loans which were not then on non-accrual status or modified but where there is a potential weakness or pose unwarranted financial risk to the Bank, even though the asset value is not currently impaired.
9 unchanged sentences
Real estate acquired by the Bank as a result of foreclosure or by deed in lieu of foreclosure is classified as real estate owned until such time as it is sold.
−Removed: When real estate owned is acquired, it is recorded at its fair value less
−Removed: disposal costs.
+Added: When real estate owned is acquired, it is recorded at its fair value less disposal costs.
Management also periodically performs valuations of real estate owned and establishes allowances to reduce book values of the properties to their net realizable values when necessary.
79 unchanged sentences
Deposits are obtained primarily from communities that the Bank serves, however, the Bank held brokered deposits of $215.7 million and $223.4 million at December 31, 2024, and 2023, respectively.
−Removed: At December 31, 2023, the Bank held brokered deposit balances in NOW, money market, and time deposit categories.
−Removed: Brokered deposits are a more volatile source of funding than core deposits and do not increase the deposit franchise of the Bank.
−Removed: In a rising rate environment, the Bank may be unwilling or unable to pay a competitive rate.
+Added: At December 31, 2024, the Bank held brokered deposit balances in money market, and time deposit categories.
+Added: Brokered deposits do not increase the deposit franchise of the Bank, and in a rising rate environment, the Bank may be unwilling or unable to pay a competitive rate.
To the extent that such deposits do not remain with the Bank, they may need to be replaced with borrowings which could increase the Bank’s cost of funds and negatively impact its interest rate spread, financial condition and results of operation.
2 unchanged sentences
The Bank’s CDARS ™ and ICS ™ deposits included within the brokered deposit total amounted to $13.5 million and $216.9 million at December 31, 2024 and 2023, respectively.
+Added: Additionally, we have access to other brokered deposit funding sources that we utilize as a source of additional
+Added: In addition to IntraFi, we utilize Wells Fargo, Piper Sandler, and Stonecastle to obtain brokered deposits, and as of December 31, 2024, the Company had $202.2 million sourced from these broker relationships.
+Added: The following table sets forth information regarding deposit categories of the Bank.
Balance Yield/Rate Percent of
29 unchanged sentences
Under FDIC regulations, insured banks that are well capitalized with examination ratings in one of the two highest categories are permitted to accept brokered deposits and are not restricted as to the rates that can be paid on such deposits.
−Removed: Banks that are less than well capitalized or are not in one of the two highest examination rating categories may not accept brokered deposits absent a waiver from the FDIC and may not pay interest on brokered deposits that they are permitted to accept at a rate that is more than 75 basis points greater than the average national rate paid on deposits of similar size and maturity.
+Added: Banks that are less than well capitalized or are not in one of the two highest examination rating categories may not accept brokered deposits absent a waiver from the FDIC and may not pay interest on brokered deposits that they are permitted to accept at a rate that is more than 75 basis points greater than the average national rate paid on deposits of similar size and
Pursuant to the Economic Growth, Regulatory Relief and Consumer Protection Act (“EGRRCPA”), the FDIC has amended its brokered deposit rule to exempt reciprocal deposits in an amount not exceeding the lesser of $5 billion or 20% of a bank’s total liabilities from the definition of brokered deposits.
38 unchanged sentences
A bank holding company is required to serve as a source of financial and managerial strength to its subsidiary banks and may not conduct its operations in an unsafe or unsound manner.
−Removed: In addition, it is the policy
−Removed: of the Federal Reserve that a bank holding company should stand ready to use available resources to provide adequate capital to its subsidiary banks during periods of financial stress or adversity and should maintain the financial flexibility and capital-raising capacity to obtain additional resources for assisting its subsidiary banks.
+Added: In addition, it is the policy of the Federal Reserve that a bank holding company should stand ready to use available resources to provide adequate capital to its subsidiary banks during periods of financial stress or adversity and should maintain the financial flexibility and capital-raising capacity to obtain additional resources for assisting its subsidiary banks.
A bank holding company's failure to meet its obligations to serve as a source of strength to its subsidiary banks will generally be considered by the Federal Reserve to be an unsafe and unsound banking practice or a violation of the Federal Reserve regulations, or both.
26 unchanged sentences
In addition, no dividend may be paid unless the Bank would, after payment of the dividend, have a surplus of at least 50% of its capital stock (or if the payment of dividend would not reduce surplus).
−Removed: Finally, if the Bank does not maintain the capital conservation buffer required by applicable regulatory capital rules,
−Removed: its ability to pay dividends or other capital distributions to the Company will be limited.
+Added: Finally, if the Bank does not maintain the capital conservation buffer required by applicable regulatory capital rules, its ability to pay dividends or other capital distributions to the Company will be limited.
See “- Regulation of the Bank - Regulatory Capital Requirements.”
8 unchanged sentences
As an FDIC-insured institution, the Bank is subject to regulation and supervision of the FDIC.
−Removed: The regulations of the FDIC and the NJDOBI affect virtually all activities of the Bank, including the minimum level of capital the Bank must maintain, the ability of the Bank to pay dividends, the ability of the Bank to expand through new branches or acquisitions and various other matters.
+Added: The regulations of the FDIC and the NJDOBI affect virtually all activities of the Bank, including the minimum level of capital the Bank must maintain, the ability of
+Added: the Bank to pay dividends, the ability of the Bank to expand through new branches or acquisitions and various other matters.
The NJDOBI and the FDIC regularly examine the Bank and prepare reports to the Bank’s Board of Directors on deficiencies, if any, found in its operations.
49 unchanged sentences
Privacy Regulations and Cybersecurity.
−Removed: Federal regulations generally require that the Bank disclose its privacy policy, including identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of
−Removed: establishing the customer relationship and annually thereafter.
+Added: Federal regulations generally require that the Bank disclose its privacy policy, including identifying with whom it shares a customer’s “non-public personal information,” to customers at the time of establishing the customer relationship and annually thereafter.
In addition, the Bank is required to provide its customers with the ability to “opt-out” of having their personal information shared with unaffiliated third parties and not to disclose account numbers or access codes to non-affiliated third parties for marketing purposes.
25 unchanged sentences
(i) expand access to credit, investment and basic banking services in low- and moderate-income communities, (ii) adapt to changes in the banking industry, including internet and mobile banking, (iii) provide greater clarity, consistency and transparency in the application of the regulations and (iv) tailor performance standards to account for differences in bank size, business model, and local conditions.
−Removed: The Company will evaluate the impact of the
−Removed: proposal’s potential changes to the regulations implementing the CRA and their impact to our financial condition and/or results of operations, which cannot be predicted at this time.
+Added: The Company will evaluate the impact of the proposal’s potential changes to the regulations implementing the CRA and their impact to our financial condition and/or results of operations, which cannot be predicted at this time.
In addition, the Equal Credit Opportunity Act and the Fair Housing Act prohibit lenders from discriminating in their lending practices on the basis of characteristics specified in those statutes.
6 unchanged sentences
In 2010, the FDIC and the other federal bank regulatory agencies issued comprehensive guidance on incentive compensation policies intended to ensure that the incentive compensation policies of banking organizations do not undermine the safety and soundness of such organizations by encouraging excessive risk-taking.
−Removed: The guidance, which covers all employees that have the ability to materially affect the risk profile of an organization, is based upon the principles that a banking organization’s incentive compensation arrangements should (i) provide incentives that do not encourage risk-taking beyond the organization’s ability to effectively identify and manage risks, (ii) be compatible with effective internal controls and risk management, and (iii) be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors.
+Added: The guidance, which covers all employees that have the ability to materially affect the risk profile of an organization, is based upon the principles that a banking organization’s incentive compensation arrangements should (i) provide incentives that do not encourage risk-taking beyond the organization’s ability to effectively identify and manage risks, (ii) be compatible with effective internal controls and risk
+Added: management, and (iii) be supported by strong corporate governance, including active and effective oversight by the organization’s board of directors.
In 2016, the U.S.
6 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.