4 unchanged sentences
Risk Factors” of Part I of the Company’s Annual Report on Form 10-K for the year ended December
+Added: 31, 2022, as supplemented by “Item 1A.
+Added: Risk Factors” of Part II of the Company’s Quarterly Report on Form 10-Q for the
+Added: fiscal quarter ended March 31, 2023.
The following information supplements our risk
1 unchanged sentence
Risk Factors” of Part I of the Company’s Annual Report on Form 10-K for the
−Removed: year ended December 31, 2022.
−Removed: Recent and future bank failures may adversely
−Removed: affect the Company’s business, earnings and financial condition.
−Removed: The failure of other banks can have significant
−Removed: impacts on the national, regional and local banking industry and the business environment in which the Company operates.
−Removed: The recent bank
−Removed: failures of Silicon Valley Bank in California, Signature Bank in New York, and First Republic Bank in California during the first and
−Removed: second quarters of 2023 have caused a degree of panic and uncertainty in the investor community and among bank customers generally.
−Removed: the Company does not believe that the circumstances of these three bank failures are indicators of broader issues with the banking system,
−Removed: these and any future bank failures may reduce customer confidence, affect sources of funding and liquidity (for example, by increasing
−Removed: the withdrawal or transfer of deposits by customers), increase regulatory requirements and costs, adversely affect financial markets and/or
−Removed: have a negative reputational ramification for the banking industry as a whole.
−Removed: The Company will continue to monitor the ongoing events
−Removed: concerning these three banks, as well as any future potential bank failures and/or volatility within the banking industry in general,
−Removed: along with any responsive measures taken by the banking regulators to mitigate or manage potential turmoil in the banking industry.
+Added: year ended December 31, 2022, as supplemented by “Item 1A.
+Added: Risk Factors” of Part II of the Company’s Quarterly Report
+Added: on Form 10-Q for the fiscal quarter ended March 31, 2023.
+Added: We could experience an unexpected inability
+Added: to obtain needed liquidity which could adversely affect our business, profitability, and viability as a going concern.
+Added: Liquidity measures the ability to meet current
+Added: and future cash flow needs as they become due.
+Added: The liquidity of a financial institution reflects its ability to meet loan requests, to
+Added: accommodate possible outflows in deposits, and to take advantage of interest rate market opportunities and is essential to a financial
+Added: institution’s business.
+Added: The ability of a financial institution to meet its current financial obligations is a function of its balance
+Added: sheet structure, its ability to liquidate assets, and its access to alternative sources of funds.
+Added: The bank failures in 2023 exemplify
+Added: the potential serious results of the unexpected inability of insured depository institutions to obtain needed liquidity to satisfy deposit
+Added: withdrawal requests, including how quickly such requests can accelerate once uninsured depositors lose confidence in an institution’s
+Added: ability to satisfy its obligations to depositors.
+Added: We seek to ensure our funding needs are met by maintaining a level of liquidity through
+Added: asset and liability management.
+Added: If we become unable to obtain funds when needed, it could have a material adverse effect on our business,
+Added: 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.