Index to Annual Report on Form 10-K
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| Item Number | Page No. |
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| | PART I | | |
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| Item 1 | Business | | 1 |
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| Item 1A | Risk Factors | | 19 |
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| Item 1B | Unresolved Staff Comments | | 27 |
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| Item 1C | Cybersecurity | | 27 |
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| Item 2 | Properties | | 28 |
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| Item 3 | Legal Proceedings | | 28 |
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| Item 4 | Mine Safety Disclosures | | 28 |
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| | | | |
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| | PART II | | |
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| Item 5 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | | 29 |
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| Item 6 | [Reserved] | | 30 |
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| Item 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | | 30 |
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| Item 7A | Quantitative and Qualitative Disclosures About Market Risk | | 54 |
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| Item 8 | Financial Statements and Supplementary Data | | 54 |
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| Item 9 | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure | | 55 |
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| Item 9A | Controls and Procedures | | 55 |
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| Item 9B | Other Information | | 55 |
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| Item 9C | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | | 55 |
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| | PART III | | |
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| Item 10 | Directors, Executive Officers and Corporate Governance | | 56 |
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| Item 11 | Executive Compensation | | 56 |
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| Item 12 | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | | 56 |
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| Item 13 | Certain Relationships and Related Transactions, and Director Independence | | 56 |
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| Item 14 | Principal Accountant Fees and Services | | 56 |
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| | | | |
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| | PART IV | | |
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| Item 15 | Exhibits and Financial Statement Schedules | | 57 |
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| | | | |
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| | Signatures | | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Forward-looking statements include, but are not limited to:
| ● | statements of our beliefs, goals, intentions and expectations; |
| ● | statements regarding our business plans, prospects, growth and operating strategies; |
| ● | statements regarding the quality of our loan and investment portfolios; and |
| ● | estimates of our risks and future costs and benefits. |
These forward-looking statements are based on current beliefs and expectations of our management and are subject to significant risks and uncertainties. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, the following factors:
| ● | general economic conditions, either nationally or in our market area, that are worse than expected; |
| ● | changes in the interest rate environment that reduce our interest margins, reduce the fair value of financial instruments or reduce the demand for our loan products; |
| ● | higher inflation and its impact on national and local economic conditions; |
| ● | increased competitive pressures among financial services companies; |
| ● | changes in consumer spending, borrowing and savings habits; |
| ● | changes in the quality and composition of our loan or investment portfolios; |
| ● | changes in real estate market values in our market area; |
| ● | a decrease in new construction in our primary market area; |
| ● | decreased demand for loan products, deposit flows, competition, or decreased demand for financial services in our market area; |
| ● | major catastrophes such as earthquakes, floods or other natural or human disasters and infectious disease outbreaks, the related disruption to local, regional and global economic activity and financial markets, and the impact that any of the foregoing may have on us and our customers and other constituencies; |
| ● | legislative or regulatory changes that adversely affect our business or changes in the monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; |
| ● | technological changes that may be more difficult or expensive than expected; |
| ● | success or consummation of new business initiatives may be more difficult or expensive than expected; |
| ● | the inability to successfully integrate acquired businesses and financial institutions into our business operations; |
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| ● | adverse changes in the securities markets; |
| ● | our inability to enter new markets successfully and capitalize on growth opportunities; |
| ● | changes in estimates of the adequacy of the allowance for credit losses; |
| ● | a failure or breach of our operational or security systems or infrastructure, including cyberattacks; |
| ● | the inability of third party service providers to perform; and |
| ● | changes in accounting policies and practices, as may be adopted by bank regulatory agencies or the Financial Accounting Standards Board. |
Any of the forward-looking statements that we make in this report and in other public statements we make may later prove incorrect because of inaccurate assumptions, the factors illustrated above or other factors that we cannot foresee. Consequently, no forward-looking statement can be guaranteed. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.
Further information on other factors that could affect us are included in the section captioned*“Item 1A: Risk Factors.”*
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