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New words:
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Financial report summary
?Risks
- Our business may be adversely affected by economic conditions.
- Fiscal challenges facing the U.S. government could negatively impact the value of investments in GSEs and the financial markets, which in turn could have an adverse effect on our financial position or results of operations.
- Changes in U.S. trade policies and other global political factors beyond our control, including the imposition of tariffs, retaliatory tariffs, or other sanctions, may adversely impact our business, financial condition and results of operations.
- Our operations and clients are concentrated in large metropolitan areas.
- The fair value of our investment securities could fluctuate because of factors outside of our control, which could have a material adverse effect on us.
- If we fail to effectively manage credit risk, our business and financial condition will suffer.
- We are subject to risk arising from conditions in the commercial real estate market.
- We are exposed to higher credit risk related to our multifamily real estate lending in New York City.
- Our solar loans expose us to higher credit risk.
- Our estimated allowance for credit losses and fair value adjustments with respect to loans acquired in our acquisitions may prove to be insufficient to absorb actual losses in our loan portfolio, which may adversely affect our business, financial condition and results of operations.
- We are at risk of increased losses from fraud.
- We could be adversely affected by a failure to establish and maintain effective internal controls over financial reporting.
- Our third party relationships could expose us to operational and regulatory risks.
- We depend on the accuracy and completeness of information about customers and counterparties.
- We participate in a multi-employer non-contributory defined benefit pension plan for both our unionized and non-unionized employees, which could subject us to substantial cash funding requirements in the future.
- Climate change and material environmental sustainability may have an effect on the performance of our business operations and asset quality which could adversely affect our financial condition and results of operations.
- We are exposed to risks related to our PACE financings.
- Our trust and investment management business may be negatively impacted by changes in economic and market conditions and clients may seek legal remedies for investment performance.
- The investment management contracts we have with our clients are terminable without cause and on relatively short notice by our clients, which makes us vulnerable to short term declines in the performance of the securities under our management.
- A failure in, or breach of, our operational or security systems or infrastructure, or those of our third-party vendors and other service providers, including as a result of cyber-attacks, could disrupt our businesses, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs and cause losses.
- We depend on information technology and telecommunications systems of third-party servicers, and systems failures, interruptions or breaches of security involving these systems could have an adverse effect on our operations, financial condition and results of operations.
- We must respond to rapid technological changes, and these changes may be more difficult or expensive than anticipated.
- We depend on our executive officers and other key employees, and our ability to attract additional key personnel, to continue the implementation of our long-term business strategy, and we could be harmed by the unexpected loss of their services.
- Our business could suffer if we experience employee work stoppages, union campaigns or other labor difficulties, and efforts by labor unions could divert management attention and adversely affect operating results.
- We are subject to liquidity risk.
- Our business needs and future growth may require us to raise capital, but that capital may not be available or may be dilutive.
- We may be subject to more stringent capital requirements in the future.
- We may not be able to implement our growth strategy or manage costs effectively, resulting in lower earnings or profitability.
- New lines of business, products, product enhancements or services may subject us to additional risks.
- Our ability to maintain our reputation is critical to the success of our business, including our ability to attract and retain customers, and failure to do so may materially adversely affect our performance.
- We face strong competition from other banks and financial institutions and other wealth and investment management firms that could hurt our business.
- Difficulties in obtaining regulatory approval for acquisitions and in combining the operations of acquired entities with the Company’s own operations may prevent us from achieving the expected benefits from our acquisitions.
- Our accounting estimates and risk management processes and controls rely on analytical and forecasting techniques and models and assumptions, which may not accurately predict future events.
- The banking industry is heavily regulated and that regulation, together with any future legislation or regulatory changes, could limit or restrict our activities and adversely affect our operations or financial results.
- Our trust and investment management businesses are highly regulated.
- The Federal Reserve may require us to commit capital resources to support the Bank.
- We face a risk of noncompliance with the BSA and other anti-money laundering statutes and regulations and corresponding enforcement proceedings.
- We are subject to the Community Reinvestment Act and federal and state fair lending laws, and failure to comply with these laws could lead to material penalties.
- We are exposed to litigation and compliance risks related to our ESG products.
- Our financial condition may be affected negatively by the costs of litigation.
- Shares of our common stock could face volatility due to banking sector uncertainty.
- Our ability to pay dividends is subject to regulatory limitations and the Bank’s ability to pay dividends to us is also subject to regulatory limitations.
- We have several significant investors whose individual interests may differ from yours.
- Transfers of our common stock owned by the Workers United Related Parties could adversely impact your rights as a stockholder and the market price of our common stock.
- Shares of our common stock are subject to dilution.
Management Discussion
- Our results of operations depend substantially on net interest income, which is the difference between interest income on interest-earning assets, consisting primarily of interest income on loans, investment securities and other short-term investments and interest expense on interest-bearing liabilities, consisting primarily of interest expense on deposits and borrowings. Our results of operations are also dependent on non-interest income, consisting primarily of income from Trust Department fees, service charges on deposit accounts, net gains or losses on sales of investment securities and income from bank-owned life insurance (“BOLI”). Other factors contributing to our results of operations include our provisions for credit losses, income taxes, and non-interest expenses, such as salaries and employee benefits, occupancy and depreciation expenses, professional fees, data processing fees and other miscellaneous operating costs.