13 unchanged sentences
We also may rely on representations of clients and counterparties as to the accuracy and completeness of that information and, with respect to financial statements, on reports of independent auditors.
−Removed: Although we regularly review our credit exposure to specific clients and counterparties and to specific industries that we believe may present credit concerns, default risk may arise from events or circumstances that are difficult to detect, such as fraud.
+Added: Although we regularly review our credit exposure to specific clients and counterparties and to specific industries that we believe may present credit concerns, default risk may arise from events or circumstances that are difficult to detect, such as fraud, or such as catastrophic events affecting certain industries.
Moreover, such circumstances, including fraud, may become more likely to occur or be detected in periods of general economic uncertainty.
14 unchanged sentences
Additionally, commercial real estate lending typically involves higher loan principal amounts, and repayment of the loans is generally dependent, in large part, on sufficient income from the properties securing the loans to cover operating expenses and debt service.
−Removed: Economic events or governmental regulations outside of the control of the borrower or lender could negatively impact the future cash flows and market values of the affected properties.
+Added: Economic events, including decreases in office occupancy following the COVID-19 pandemic, or governmental regulations outside of the control of the borrower or lender could negatively impact the future cash flows and market values of the affected properties.
West Bancorporation, Inc.
1 unchanged sentence
If the loans that are collateralized by real estate become troubled and the value of the real estate has been significantly impaired, then we may not be able to recover the full contractual amount of principal and interest that we anticipated at the time of originating the loans, which could cause us to charge off all or a portion of the loans.
−Removed: This could lead to an increased provision for loan losses and adversely affect our operating results and financial condition.
+Added: This could lead to an increased provision for credit losses and adversely affect our operating results and financial condition.
The level of our commercial real estate loan portfolio may subject us to additional regulatory scrutiny.
1 unchanged sentence
Under the CRE Guidance, a financial institution that, like West Bank, is actively involved in commercial real estate lending should perform a risk assessment to identify concentrations.
−Removed: A financial institution may have a concentration in commercial real estate lending if, among other factors (i) total reported loans for construction, land development, and other land represent 100 percent or more of total capital, or (ii) total reported loans secured by multifamily and non-farm non-residential properties, loans for construction, land development and other land, and loans otherwise sensitive to the general commercial real estate market, including loans to commercial real estate related entities, represent 300 percent or more of total capital.
+Added: A financial institution may have a concentration in commercial real estate lending if, among other factors (i) total reported loans for construction, land development, and other land represent 100 percent or more of total risk-based capital, or (ii) total reported loans secured by multifamily and non-farm non-residential properties, loans for construction, land development and other land, and loans otherwise sensitive to the general commercial real estate market, including loans to commercial real estate related entities, represent 300 percent or more of total risk-based capital.
Based on these criteria, West Bank had concentrations of 90 percent and 417 percent, respectively, as of December 31, 2023.
14 unchanged sentences
Risks Related to Accounting Policies and Estimates
−Removed: Our allowance for loan losses may be insufficient to absorb potential losses in our loan portfolio.
−Removed: We maintain an allowance for loan losses at a level we believe adequate to absorb probable losses inherent in our existing loan portfolio.
−Removed: The level of the allowance reflects management’s continuing evaluation of industry concentrations;
−Removed: specific credit risks;
−Removed: credit loss experience;
−Removed: current loan portfolio quality;
−Removed: present economic, political and regulatory conditions;
−Removed: and unidentified losses inherent in the current loan portfolio.
+Added: Our allowance for credit losses may be insufficient to absorb potential losses in our loan portfolio.
+Added: We maintain an allowance for credit losses at a level we believe adequate to absorb current expected credit losses based on an analysis of the loan portfolio.
+Added: The level of the allowance reflects management’s estimate of current expected losses in the portfolio as of the balance sheet date and is based on a cash flow-based model that considers available relevant information about the collectability of cash flows, including information about past events, current conditions, and reasonable and supportable forecasts.
Determination of the allowance is inherently subjective as it requires significant estimates and management’s judgment of credit risks and future trends, all of which may undergo material changes.
−Removed: Deterioration in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require an increase in the allowance for loan losses.
−Removed: In addition, bank regulatory agencies periodically review our allowance and may require an increase in the provision for loan losses or the recognition of additional loan charge-offs, based on judgments different from those of management.
−Removed: Also, if charge-offs in future periods exceed the allowance for loan losses, we will need additional provisions to increase the allowance.
+Added: Deterioration in economic conditions affecting borrowers, new information regarding existing loans, identification of additional problem loans and other factors, both within and outside of our control, may require an increase in the allowance for credit losses.
+Added: In addition, bank regulatory agencies periodically review our allowance and may require an increase in the provision for credit losses or the recognition of additional loan charge-offs, based on judgments different from those of management.
+Added: Also, if charge-offs in future periods exceed the allowance for credit losses, we will need additional provisions to increase the allowance.
Any increases in provisions will result in a decrease in net income and capital and may have a material adverse effect on our financial condition and results of operations.
1 unchanged sentence
and Subsidiary
−Removed: The Current Expected Credit Loss accounting standard could require us to increase our allowance for loan losses and may have a material adverse effect on our financial condition and results of operations.
−Removed: The FASB issued a new accounting standard that became effective for the Company beginning on January 1, 2023.
−Removed: This standard, referred to as Current Expected Credit Loss (CECL), requires the Company to determine periodic estimates of lifetime expected credit losses on loans and recognize the expected credit losses as allowances for loan losses.
−Removed: This changed the Company’s previous methodology of providing for loan losses that are probable.
−Removed: Utilizing objective and subjective factors, the Company now maintains, as of January 1, 2023, an allowance for credit losses, established through a provision for credit losses charged to expense, to cover its estimate of the current expected credit losses in its loan and securities portfolios.
−Removed: In determining the size of this allowance, the Company utilizes estimates based on analyses of volume and types of loans, internal loan classifications, trends in classifications, volume and trends in delinquencies, nonaccruals and charge-offs, loss experience of various loan categories, national and local economic conditions, including unemployment statistics, industry and peer bank loan quality indications, and other pertinent factors and information.
−Removed: Expected losses are difficult to forecast, especially if those losses stem from factors beyond the Company’s historical experience or are otherwise inconsistent with its credit quality assessments.
−Removed: If the Company’s assumptions are inaccurate, its current allowance may not be sufficient to cover potential credit losses, and additional provisions may be necessary which would negatively impact its results of operations and financial condition.
−Removed: Any subsequent increase in our allowance for credit losses or expenses incurred to determine the appropriate level of the allowance for credit losses will result in a decrease in net income and capital and may have a material adverse impact on our financial condition and results of operations.
−Removed: Moreover, the CECL model may create more volatility in our level of allowance for credit losses and could result in the need for additional capital.
Our accounting policies and methods are the basis for how we report our financial condition and results of operations, and they may require management to make estimates about matters that are inherently uncertain.
13 unchanged sentences
To the extent that any portion of the unrealized losses in our portfolio of investment securities is determined to have credit losses, we will recognize a charge to our earnings in the quarter during which such determination is made, and our capital ratios will be adversely impacted.
−Removed: Generally, a fixed income security is determined to have credit losses when it appears unlikely that we will receive all the principal and interest due in accordance with the original terms of the investment.
−Removed: In addition to credit losses, losses are recognized for a security with an unrealized loss if the Company has the intent to sell the security or if it is more likely than not that the Company will be required to sell the security before collection of the principal amount.
+Added: If the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, then the security is written down to fair value through income.
At December 31, 2023, we had $121,787 of net unrealized losses in our securities portfolio.
If we are forced to liquidate any of those investments prior to maturity, including because of a lack of liquidity, we would recognize as a charge to earnings the losses attributable to those securities.
−Removed: Our securities portfolio has an average duration of 6.7 years, so we expect an increase in unrealized losses if interest rates continue to increase in 2023.
−Removed: West Bancorporation, Inc.
−Removed: and Subsidiary
+Added: Our securities portfolio has an average duration of 6.2 years, so we expect an increase in unrealized losses in rising interest rate environments.
Failure to maintain effective internal controls over financial reporting could impair our ability to accurately and timely report our financial results and could increase the risk of fraud.
5 unchanged sentences
The occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity-related incidents could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
−Removed: As a bank, we are susceptible to fraudulent activity, information security breaches and cybersecurity-related incidents that may be committed against us or our clients, which may result in financial losses or increased costs to us or our customers, disclosure or misuse of our information or our client information, misappropriation of assets, privacy breaches against our customers, litigation or damage to our reputation.
+Added: As a bank, we are susceptible to fraudulent activity, information security breaches and cybersecurity-related incidents that may be committed against us, our third-party partners or our clients, which may result in financial losses or increased costs to us or our customers, disclosure or misuse of our information or our client information, misappropriation of assets, privacy breaches against our customers, litigation or damage to our reputation.
Such fraudulent activity may take many forms, including check fraud, electronic fraud, wire fraud, phishing, social engineering and other dishonest acts.
Information security breaches and cybersecurity-related incidents may include fraudulent or unauthorized access to systems used by us, our customers or third-party vendors, denial or degradation of service attacks, and malware or other cyber attacks.
−Removed: There continues to be a rise in electronic fraudulent activity, security breaches and cyber attacks within the financial services industry, especially in the commercial banking sector due to cyber-criminals targeting commercial bank accounts.
−Removed: Moreover, in recent periods, several large corporations, including financial institutions and retail companies, have suffered major data breaches, in some cases exposing not only confidential and proprietary corporate information, but also sensitive financial and other personal information of their customers and employees and subjecting them to potential fraudulent activity.
+Added: West Bancorporation, Inc.
+Added: and Subsidiary
+Added: There continues to be a rise in electronic fraudulent activity, security breaches and cyber attacks within the financial services industry, especially in the commercial banking sector due to cyber-criminals targeting commercial bank accounts, and as a result of increasingly sophisticated methods of conducting cyber attacks, including those employing artificial intelligence.
+Added: Moreover, in recent periods, several large corporations, including financial institutions, third party partners specializing in providing services to financial institutions, and retail companies, have suffered major data breaches, in some cases exposing not only confidential and proprietary corporate information, but also sensitive financial and other personal information of their customers and employees and subjecting them to potential fraudulent activity.
Some of our customers may have been affected by these breaches, which could increase their risks of identity theft and other fraudulent activity that could involve their accounts with us.
5 unchanged sentences
Furthermore, there has been heightened legislative and regulatory focus on privacy, data protection and information security.
−Removed: New or revised laws and regulations may significantly impact our current and planned privacy, data protection and information security-related practices, the collection, use, retention and safeguarding of customer and employee information, and current or planned business activities.
+Added: New or revised laws and regulations, including with respect to the use of artificial intelligence by financial institutions and service providers, may significantly impact our current and planned privacy, data protection and information security-related practices, the collection, use, retention and safeguarding of customer and employee information, and current or planned business activities.
Compliance with current or future privacy, data protection and information security laws could result in higher compliance and technology costs and could restrict our ability to provide certain products and services, which could adversely affect our business, financial condition or results of operations.
+Added: Issues with the use of artificial intelligence in our marketplace may result in reputational harm or liability, or could otherwise adversely affect our business.
+Added: Artificial intelligence, including generative artificial intelligence, is or may be enabled by or integrated into our products or those developed by our third-party partners.
+Added: As with many developing technologies, artificial intelligence presents risks and challenges that could affect its further development, adoption, and use, and therefore our business.
+Added: Artificial intelligence algorithms may be flawed, for example datasets may contain biased information or otherwise be insufficient;
+Added: and inappropriate or controversial data practices could impair the acceptance of artificial intelligence solutions and result in burdensome new regulations.
+Added: If the analyses that products incorporating artificial intelligence assist in producing for us or our third-party partners are deficient, biased or inaccurate, we could be subject to competitive harm, potential legal liability and brand or reputational harm.
+Added: The use of artificial intelligence may also present ethical issues.
+Added: If we or our third-party partners offer artificial intelligence enabled products that are controversial because of their purported or real impact on human rights, privacy, or other issues, we may experience competitive harm, potential legal liability and brand or reputational harm.
+Added: In addition, we expect that governments will continue to assess and implement new laws and regulations concerning the use of artificial intelligence, which may affect or impair the usability or efficiency of our products and services and those developed by our third-party partners.
West Bancorporation, Inc.
16 unchanged sentences
We are subject to liquidity risks.
−Removed: West Bank maintains liquidity primarily through customer deposits and other short-term funding sources, including advances from the Federal Home Loan Bank (FHLB), brokered CDs and purchased federal funds.
+Added: West Bank maintains liquidity primarily through customer deposits and other short-term funding sources, including advances from the Federal Home Loan Bank (FHLB) and the Federal Reserve discount window, brokered deposits and purchased federal funds.
+Added: Additionally, the Federal Reserve established the Bank Term Funding Program, or BTFP, on March 12, 2023, offering qualifying banks loans of up to one year in length collateralized by qualifying assets, including U.S.
+Added: securities valued at par, to serve as a source of additional liquidity against high-quality securities and reducing an institution’s need to quickly sell high-quality securities to meet liquidity needs.
+Added: The Federal Reserve has announced that it is ending the BTFP and will cease making new loans under this program on March 11, 2024.
If economic influences change so that we do not have access to short-term credit, or our depositors withdraw a substantial amount of their funds for other uses, West Bank might experience liquidity issues.
3 unchanged sentences
At December 31, 2023, our borrowed funds increased to $592.6 million, compared to $485.9 million at December 31, 2022.
−Removed: The increase included $58.9 million in subordinated notes that were issued in June 2022, $30.0 million in FHLB advances associated with a long-term interest rate swap and $197.1 million in federal funds purchased and other short-term borrowings.
+Added: The increase included $140.0 million in FHLB advances associated with long-term interest rate swaps and $20.0 million in FHLB advances with a fixed interest rate, partially offset by a decrease of $49.7 million in federal funds purchased and other short-term borrowings.
As a result, our cost of funds has increased and caused a decline in our net interest income and net interest margin in 2023, as compared to 2022.
34 unchanged sentences
There is no assurance that any such losses would not materially and adversely affect our results of operations or earnings.
+Added: Additionally, we may be negatively affected by brand or reputational harm to other community banks or to the community banking industry.
West Bancorporation, Inc.
31 unchanged sentences
Interest rates are sensitive to many factors, including government monetary and fiscal policies, domestic and international economic and political conditions and competition.
−Removed: If interest rates continue to increase, which is expected in 2023, banks will experience competitive pressures to further increase rates paid on deposits.
−Removed: It is currently expected that during 2023, and perhaps beyond, the Federal Open Market Committee of the Federal Reserve, or FOMC, will continue to increase interest rates to reduce the rate of inflation.
−Removed: In 2022, the FOMC increased, at various dates throughout the year, the target range for the federal funds rate from 0.00 percent to 0.25 percent to a range of 4.25 percent to 4.50 percent.
−Removed: All of these increases were expressly made in response to inflationary pressures, which are currently expected to continue in 2023.
−Removed: If the FOMC further increases the targeted federal funds rates, overall interest rates likely will rise, which may negatively impact the entire national economy.
+Added: If interest rates continue to increase, banks will experience competitive pressures to further increase rates paid on deposits.
+Added: If the Federal Reserve Federal Open Markets Committee (FOMC) further increases the targeted federal funds rates, overall interest rates likely will rise, which may negatively impact the entire national economy.
In addition, our net interest income could be adversely affected if the rates we pay on deposits and borrowings increase more rapidly than the rates we earn on loans and other assets.
24 unchanged sentences
Such unfavorable conditions could materially and adversely affect us.
−Removed: The financial markets and the global economy may also be adversely affected by the current or anticipated impact of military conflict, including the current conflict between Russia and Ukraine, which is increasing volatility in commodity and energy prices, creating supply chain issues and causing instability in financial markets.
−Removed: Sanctions imposed by the United States and other countries in response to such conflict could further adversely impact the financial markets and the global economy, and any economic countermeasures by the affected countries or others could exacerbate market and economic instability.
−Removed: The specific consequences of the conflict in Ukraine on our business is difficult to predict at this time, but in addition to inflationary pressures affecting our operations and those of our customers and borrowers, we may also experience an increase in cyberattacks against us, our customers and borrowers, service providers and other third parties.
+Added: The financial markets and the global economy may also be adversely affected by the current or anticipated impact of military conflict, including the current conflicts between Russia and Ukraine and between Israel and Palestine, which are increasing volatility in commodity and energy prices, creating supply chain issues and causing instability in financial markets and political systems.
+Added: Sanctions imposed by the United States and other countries in response to such conflicts could further adversely impact the financial markets and the global economy, and any economic countermeasures by the affected countries or others could exacerbate market and economic instability.
+Added: The specific consequences of the conflicts on our business are difficult to predict at this time, but in addition to inflationary pressures affecting our operations and those of our customers and borrowers, we may also experience an increase in cyberattacks against us, our customers and borrowers, service providers and other third parties.
West Bancorporation, Inc.
1 unchanged sentence
Continued elevated levels of inflation could adversely impact our business, results of operations and financial condition.
−Removed: The United States has recently experienced elevated levels of inflation, with the consumer price index climbing approximately 7.1 percent in 2022.
−Removed: Inflationary pressures are currently expected to continue into 2023.
+Added: The United States has recently experienced elevated levels of inflation, with the consumer price index climbing significantly in 2022.
+Added: Inflationary pressures reduced in 2023 but remained elevated.
+Added: Future inflation metrics are uncertain for 2024 and onward.
Continued levels of inflation could have complex effects on our business, results of operations and financial condition, some of which could be materially adverse.
18 unchanged sentences
In addition, political developments, including possible changes in law introduced by the Biden administration or the appointment of new personnel in regulatory agencies, add uncertainty to the implementation, scope and timing of regulatory reforms.
−Removed: These changes also may require us to invest significant management attention and resources to make any necessary changes to operations in order to comply and could therefore also materially and adversely affect our business, financial condition and results of operations.
+Added: These changes may also require us to invest significant management attention and resources to make any necessary changes to operations in order to comply and could therefore materially and adversely affect our business, financial condition and results of operations.
West Bancorporation, Inc.
13 unchanged sentences
Effective use of technology increases efficiency and enables banks to better serve customers.
−Removed: Our future success depends, in part, on our ability to effectively implement new technology.
−Removed: The widespread adoption of new technologies, including mobile banking services, cryptocurrencies and payment systems, could require us in the future to make substantial expenditures to modify or adapt our existing products and services as we grow and develop new products to satisfy our customers’ expectations and comply with regulatory guidance.
+Added: Our future success depends, in part, on our ability and the ability of our third-party partners to effectively implement new technology.
+Added: The widespread adoption of new technologies, including mobile banking services, artificial intelligence, cryptocurrencies and payment systems, could require us in the future to make substantial expenditures to modify or adapt our existing products and services as we grow and develop new products to satisfy our customers’ expectations and comply with regulatory guidance.
Many of our larger competitors have substantially greater resources than we do to invest in technological improvements.
10 unchanged sentences
Potential partnerships with digital asset companies, moreover, could also entail significant investment.
−Removed: A transition away from LIBOR as a reference rate for financial contracts could negatively affect our income and expenses and the value of various financial contracts.
−Removed: LIBOR is used extensively in the United States and globally as a benchmark for various financial contracts, including adjustable-rate mortgages, corporate debt and interest rate swaps.
−Removed: LIBOR is set based on interest rate information reported by certain banks, which will stop reporting such information starting after December 31, 2021 through June 30, 2023.
−Removed: Other benchmarks may perform differently than LIBOR or alternative benchmarks have performed in the past or have other consequences that cannot currently be anticipated.
−Removed: It is also uncertain what will happen with instruments that rely on LIBOR for future interest rate adjustments and which remain outstanding if LIBOR ceases to exist.
West Bancorporation, Inc.
and Subsidiary
−Removed: While there is no consensus on what rate or rates may become accepted alternatives to LIBOR, the Alternative Reference Rates Committee, a steering committee comprised of U.S.
−Removed: financial market participants, selected by the Federal Reserve Bank of New York, started in May 2018 to publish the Secured Overnight Financing Rate (SOFR) as an alternative to LIBOR.
−Removed: SOFR is a broad measure of the cost of overnight borrowings collateralized by Treasury securities that was selected by the Alternative Reference Rate Committee due to the depth and robustness of the Treasury repurchase market.
−Removed: At this time, it is impossible to predict whether SOFR will become an accepted alternative to LIBOR.
−Removed: We have investment securities available for sale, loans, derivative contracts and subordinated debentures with attributes that are either directly or indirectly dependent on LIBOR.
−Removed: The transition from LIBOR to alternative rates, such as SOFR, could create considerable costs and additional risk.
−Removed: Since proposed alternative rates are calculated differently, payments under contracts referencing new rates will differ from those referencing LIBOR.
−Removed: The transition will change our market risk profiles, requiring changes to risk and pricing models, valuation tools, product design and hedging strategies.
−Removed: Furthermore, failure to adequately manage this transition process with our customers could adversely impact our reputation.
−Removed: In addition, any such transition could:
−Removed: (i) adversely affect the interest rates paid or received on, the revenue and expenses associated with, and the value of our floating-rate obligations, loans, deposits, derivatives, and other financial instruments tied to LIBOR rates, or other securities or financial arrangements given LIBOR’s role in determining market interest rates globally;
−Removed: (ii) prompt inquiries or other actions from regulators in respect of our preparation and readiness for the replacement of LIBOR with an alternative reference rate;
−Removed: (iii) result in disputes, litigation or other actions with counterparties regarding the interpretation and enforceability of certain fallback language in LIBOR-based securities;
−Removed: and (iv) require the transition to or development of appropriate systems and analytics to effectively transition our risk management process from LIBOR-based products to those based on the applicable alternative pricing benchmark, such as SOFR.
−Removed: Although we are currently unable to assess what the ultimate impact of the transition from LIBOR will be, failure to adequately manage the transition could have a material adverse effect on our business, financial condition and results of operations.
Climate change could adversely affect our business, affect client activity levels and damage our reputation.
6 unchanged sentences
Our business, reputation and ability to attract and retain employees may also be harmed if our response to climate change is perceived to be ineffective or insufficient.
−Removed: Furthermore, the long-term impacts of climate change could have a negative impact on our customers and their businesses.
+Added: Furthermore, the long-term impacts of climate change could have a negative impact on our customers and their businesses, as well as the stability of our deposit base.
Physical risks include extreme storms that damage or destroy property and inventory securing loans we make, or may interrupt our customers’ business operations, putting them in financial difficulty, and increasing the risk of default.
7 unchanged sentences
Conversely, attempts to purchase a significant amount of our stock could cause the market price to rise above the reasonable inherent worth of the Company.
−Removed: West Bancorporation, Inc.
−Removed: and Subsidiary
The stock market can be volatile, and fluctuations in our operating results and other factors could cause our stock price to decline.
6 unchanged sentences
Our stock price could fluctuate significantly in response to the impact of these risk factors.
+Added: There is uncertainty surrounding potential legal, regulatory and policy changes by new presidential administrations in the United States that may directly affect financial institutions and the global economy.
+Added: 2024 is a presidential election year.
+Added: Changes in federal policy and at regulatory agencies occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry.
+Added: The nature, timing and economic and political effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain.
+Added: Uncertainty surrounding future changes may adversely affect our operating environment and therefore our business, financial condition, results of operations and growth prospects.
+Added: West Bancorporation, Inc.
+Added: and Subsidiary
Issuing additional common or preferred stock may adversely affect the market price of our common stock, and capital may not be available when needed.
14 unchanged sentences
There can be no assurances concerning continuing dividend payments.
−Removed: Our common stockholders are only entitled to receive the dividends declared by our Board of Directors.
+Added: Our common stockholders are only entitled to receive the dividends declared by our Board of Directors (the Board).
Although we have historically paid quarterly dividends on our common stock, there can be no assurances that we will be able to continue to pay regular quarterly dividends or that any dividends we do declare will be in any particular amount.
1 unchanged sentence
West Bank’s ability to pay dividends to the Company is subject to, among other things, its earnings, financial condition and applicable regulations, which in some instances limit the amount that may be paid as dividends.
−Removed: UNRESOLVED STAFF COMMENTS
−Removed: There are no unresolved comments from the SEC staff.
−Removed: West Bancorporation, Inc.
−Removed: and Subsidiary
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.