CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain matters in this prospectus, including information included or incorporated by reference, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements about our plans, objectives, expectations and intentions that are not historical facts, and other statements often identified by words such as 'believes,' 'expects,' 'anticipates,' 'estimates,' or similar expressions.
These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those contemplated by the forward-looking statements due to, among others, the following factors:
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the scope and duration of the COVID-19 pandemic;
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the effects of the COVID-19 pandemic, including on our credit quality and operations, as well as its impact on general economic conditions;
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legislative or regulatory changes, including actions taken by governmental authorities in response to the COVID-19 pandemic;
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the risks associated with lending and potential adverse changes in the credit quality of loans in our portfolio;
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a decrease in the market demand for loans, including those that we originate for sale, deposit and other financial services;
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our ability to control operating costs and expenses;
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whether our management team can implement our operational strategy, including but not limited to our efforts to achieve loan and revenue growth;
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our ability to successfully execute on merger and/or acquisition strategies and integrate any newly acquired assets, liabilities, customers, systems, and management personnel into our operations and our ability to realize related cost savings within expected time frames;
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our ability to successfully execute on growth strategies related to our entry into new markets;
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our ability to develop user-friendly digital applications to serve existing customers and attract new customers;
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technological changes and increased technology-related costs;
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the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation;
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changes in the levels of general interest rates, and the relative differences between short and long-term interest rates, deposit interest rates, our net interest margin and funding sources;
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increased competitive pressures among financial services companies, particularly from non-traditional banking entities such as challenger banks, fintech, and mega technology companies;
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our ability to attract and retain deposits;
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changes in consumer spending, borrowing and savings habits, resulting in reduced demand for banking products and services;
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results of examinations of us by the Pennsylvania Department of Banking and Securities, the Federal Deposit Insurance Corporation, Federal Reserve Bank of Philadelphia, or other regulatory authorities, which could result in restrictions that may adversely affect our liquidity and earnings;
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legislative or regulatory changes that adversely affect our business;
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changes in accounting principles, or the application of generally accepted accounting principles;
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disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform several of our critical processing functions;