Item 8.01 Other Events.
On
Earlier this year, the Bank dispensed
The Company anticipates that while the EIP program will have a minimal impact on earnings, the balance sheet impact will be significant due to the large amount of cash on deposit balances during its fiscal second quarter, resulting in a significant but temporary reduction of net interest margin, return on assets and the Company's leverage capital ratios until funds are spent by consumers. The Bank does not expect these conditions will be sustained over the long-term and does not expect any material impact on its risk-based capital ratios.
The Bank is coordinating with the
A copy of the related press release is furnished as Exhibit 99.1 hereto.
Forward Looking Statements
This report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These forward-looking
statements reflect our current views with respect to, among other things, future
events, including those relating to the disbursement of EIP funds. These
statements are often, but not always, made through the use of words or phrases
such as "may," "might," "should," "could," "predict," "potential," "believe,"
"expect," "continue," "will," "anticipate," "seek," "estimate," "intend,"
"plan," "projection," "would," "annualized" and "outlook," or the negative
version of those words or other comparable words or phrases of a future or
forward-looking nature. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance and are
subject to risks, assumptions, estimates and uncertainties that are difficult to
predict. Although we believe that the expectations reflected in these
forward-looking statements are reasonable as of the date made, actual results
may prove to be materially different from the results expressed or implied by
the forward-looking statements as a result of various risks, uncertainties and
other factors. For a discussion of some of the risks and important factors that
could affect our future results and financial condition, see our
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 99.1 Press Release datedJanuary 4, 2021
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