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related topics |
{debt, indebtedness, cash} |
{condition, economic, financial} |
{stock, price, share} |
{loss, insurance, financial} |
{loan, real, estate} |
{capital, credit, financial} |
{tax, income, asset} |
{financial, litigation, operation} |
{competitive, industry, competition} |
{product, market, service} |
{cost, regulation, environmental} |
{regulation, change, law} |
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Risks Related to Our Business
We experienced a net loss in fiscal 2009 directly attributable to a substantial deterioration in our residential construction and residential land loan portfolio and the resulting increase in our provision for loan losses and, an impairment charge representing a full write-down of our goodwill asset.
Our results of operations are significantly dependent on economic conditions and related uncertainties.
Future dividend payments and common stock repurchases are restricted by the terms of the U.S. Treasury s equity investment in us.
Future sales or other dilution of the Corporation s equity may adversely affect the market price of the Corporation s common stock.
On June 26, 2009, the Corporation and the Bank each consented to the issuance of an Order to Cease and Desist by the Office of Thrift Supervision. If we do not raise additional capital, we may not be in compliance with the capital requirements of the Bank s Cease and Desist Order, which could have a material adverse effect upon us.
Holders of our common stock have no preemptive rights and are subject to potential dilution.
Although the Bank is considered well capitalized for regulatory purposes as of March 31, 2009, we will incur increased premiums for deposit insurance, require FDIC approval to gather brokered deposits, and will trigger acceleration of the maturity of certain of our brokered deposits if we fall below the well capitalized threshold.
Our business is subject to liquidity risk, and changes in our source of funds may adversely affect our performance and financial condition by increasing our cost of funds.
Additional increases in our level of non-performing assets will have an adverse effect on our financial condition and results of operations.
Our allowance for losses on loans and leases may not be adequate to cover probable losses.
Our real estate operations have had and may continue to have an adverse effect on our results of operations.
There are increased risks involved with multi-family residential, commercial real estate, commercial business and consumer lending activities.
Future Federal Deposit Insurance Corporation assessments will hurt our earnings.
Current levels of market volatility are unprecedented.
Changes in interest rates could have a material adverse effect on our operations.
We are subject to extensive regulation which could adversely affect our business and operations.
We face strong competition which may adversely affect our profitability.
Our ability to successfully compete may be reduced if we are unable to make technological advances.
Risks Related to Our Credit Agreement
We are party to a credit agreement that requires us to observe certain covenants that limit our flexibility in operating our business.
We must pay in full the outstanding balance under the Credit Agreement by the earlier of May 31, 2010 or the receipt of net proceeds of a financing transaction from the sale of equity securities.
Full 10-K form ▸
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