Red Flags Detected

• ⚠ Commercial Real Estate Concentration (new) — Commercial real estate and commercial business loans total $626.3 million, or 65.4% of the loan portfolio, with $261.6 million (27.3% of total loans) in non-owner occupied CRE, creating significant concentration risk.
• ⚠ Indirect Auto Loan Exposure (new) — Indirect auto loans total $213.8 million, or 22.3% of total loans and 16.4% of total assets, with $16.4 million (7.7% of the auto portfolio) to subprime borrowers, adding credit risk.
• ⚠ Geographic Concentration (new) — Substantially all loans are to businesses and individuals in the Hudson Valley region of New York, making the bank highly dependent on one regional economy.
• ⚠ Dilution From Stock-based Benefit Plans (new) — Stock-based benefit plans could dilute new investors by 18.0% at the minimum of the offering range and 7.39% at the maximum, with additional dilution possible if options are exercised in the first year.