PRIME MERIDIAN HOLDING COMPANY Management's discussion and analysis is presented to aid the reader in understanding and evaluating the financial condition and results of operations ofPrime Meridian Holding Company , and its wholly-owned subsidiary,Prime Meridian Bank . This discussion and analysis should be read with the condensed consolidated financial statements, the footnotes thereto, and the other financial data included in this report and in our annual report on Form 10-K for the year endedDecember 31, 2021 . Results of operations for the three months endedMarch 31 , 2022are not necessarily indicative of results that may be attained for any other period. The following discussion and analysis present our financial condition and results of operations on a consolidated basis, however, because we conduct all of our material business operations through the Bank, the discussion and analysis relate to activities primarily conducted at the subsidiary level. Certain information in this report may include "forward-looking statements" as defined by federal securities law. Words such as "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "is confident that," and similar expressions are intended to identify these forward-looking statements. These forward-looking statements involve risk and uncertainty and a variety of factors could cause our actual results and experience to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. We do not have a policy of updating or revising forward-looking statements except as otherwise required by law, and silence by management over time should not be construed to mean that actual events are occurring as estimated in such forward-looking statements. Our ability to predict results or the effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on our and our subsidiary's operations include, but are not limited to, changes in: • local, regional, and national economic and business conditions; • banking laws, compliance, and the regulatory environment;
•
markets;
• monetary and fiscal policies of the U.S. Government ;
• litigation, tax, and other regulatory matters;
• demand for banking services, both loan and deposit products in our market
area;
• quality and composition of our loan or investment portfolios;
• risks inherent in making loans such as repayment risk and fluctuating
collateral values;
• competition;
• attraction and retention of key personnel, including our management team and
directors;
• technology, product delivery channels, and end user demands and acceptance of
new products;
• consumer spending, borrowing and savings habits;
• any failure or breach of our operational systems, information systems or
infrastructure, or those of our third-party vendors and other service
providers; including cyber-attacks;
• natural disasters, public unrest, adverse weather, pandemics, public health,
and other conditions impacting our or our clients' operations;
• other economic, competitive, governmental, regulatory, or technological
factors affecting us; and
• application and interpretation of accounting principles and guidelines.
24
--------------------------------------------------------------------------------GENERALPrime Meridian Holding Company ("PMHG") was incorporated as aFlorida corporation onMay 25, 2010 , and is the one-bank holding company for, and sole shareholder of,Prime Meridian Bank (the "Bank") (collectively, the "Company"). The Bank opened for business onFebruary 4, 2008 and was acquired by PMHG onSeptember 16, 2010 . PMHG has no significant operations other than owning the stock of the Bank. The Bank offers a broad array of commercial and retail banking services through four full-service offices located inTallahassee ,Crawfordville , andLakeland, Florida and through its online banking platform. As a one-bank holding company, we generate most of our revenue from interest on loans and investments. Our primary source of funding for our loans is deposits. Our largest expenses are interest on those deposits and salaries and employee benefits. We measure our performance through our net interest margin, return on average assets, and return on average equity, while maintaining appropriate regulatory leverage and risk-based capital ratios. The following table shows selected information for the periods ended or at the dates indicated: At or for the Three Months Year Three Months Ended Ended Ended December 31, March 31, 2022 2021 March 31, 2021 Average equity as a percentage of average assets 8.28 % 8.67 % 9.00 % Equity to total assets at end of period 7.59 7.97 8.48 Return on average assets(1) 1.05 1.11 1.32 Return on average equity(1) 12.70 12.81 14.72 Noninterest expense to average assets(1) 1.77 1.87
1.95
Nonperforming loans to total loans at end of period - -
0.16
Nonperforming assets to total assets - - 0.11
(1) Annualized for the three months ended
CRITICAL ACCOUNTING POLICIES Our critical accounting policies which involve significant judgments and assumptions that have a material impact on the carrying value of certain assets and liabilities and used in preparation of the Condensed Consolidated Financial Statements as ofMarch 31, 2022 , have remained unchanged from the disclosures presented in our Annual Report on Form 10-K for the year endedDecember 31, 2021 . COVID-19 UPDATE The extent to which the COVID-19 pandemic may continue to impact our business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios will depend on future developments. We continue to monitor the state of the pandemic and national and local responses to ensure the safety of our clients and employees. AtMarch 31, 2022 , all loans which were on payment deferrals or modifications have reverted back to their premodification terms. 25
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FINANCIAL CONDITION Average assets totaled$852.8 million and$674.8 million for the three months endedMarch 31, 2022 and 2021, respectively, an increase of$178.0 million , or 26.4%, over the comparable period in 2021. Comparing the first quarters of 2021 and 2022, 79.0% of the growth in average assets stemmed from an increase in other interest-earning assets funded by higher deposit inflows. The average balance of PPP loans decreased$61.2 million to$9.7 million from the first quarter of 2021 to the first quarter of 2022.Investment Securities . Our primary objective in managing our investment portfolio is to maintain a portfolio of high quality, highly liquid investments yielding competitive returns. We use the investment securities portfolio for several purposes. It serves as a vehicle to manage interest rate and prepayment risk, to generate interest and dividend income, to provide liquidity to meet funding requirements, and to provide collateral for pledging to secure the deposit of public funds at the Bank. AtMarch 31, 2022 , our debt securities investment portfolio includedU.S. government agency securities,U.S. government treasury securities, municipal securities, mortgage-backed securities, and asset-backed securities. As of the same date, this portfolio had a fair market value of$107.7 million and an amortized cost value of$112.5 million . AtMarch 31, 2022 andDecember 31, 2021 , our investment securities portfolio represented approximately 12.5% and 8.8% of our total assets, respectively. The average yield on the average balance of investment securities for the three months endedMarch 31, 2022 was 1.83%, compared to 1.67% for the comparable period in 2021. Loans. Our primary earning asset is our loan portfolio and our primary source of income is the interest earned on the loan portfolio. Our loan portfolio consists of commercial real estate loans, construction loans, and commercial loans made to small-to-medium sized companies and their owners, as well as residential real estate loans, including first and second mortgages, and consumer loans. Our goal is to maintain a high-quality portfolio of loans through sound underwriting and lending practices. We work diligently to attract new lending clients through direct solicitation by our loan officers, utilizing relationship networks from existing clients, competitive pricing, and innovative structure. Our loans are priced based upon the degree of risk, collateral, loan amount, and maturity. Excluding$10.2 million in PPP loan forgiveness during the first quarter of 2022, the Company's net loan growth was essentially flat from year-end. Strong loan production ($32.8 million in new fundings) and$19.9 million in draws on existing facilities were offset by approximately$41.9 million in loan prepayments and$11.9 million in curtailments and amortization. AtMarch 31, 2022 , PPP loans comprised$4.9 million , or 1.0%, of total loans. The remaining fees to be collected on this balance, net of costs, totals$274,000 . In total, approximately 83.4% of the total loan portfolio was collateralized by commercial and residential real estate mortgages atMarch 31, 2022 compared to 82.7% atDecember 31, 2021 . Nonperforming assets. AtMarch 31, 2022 andDecember 31, 2021 , the Company had no nonperforming assets. We generally place loans on nonaccrual status when they become 90 days or more past due, unless they are well secured and in the process of collection. We also place loans on nonaccrual status if they are less than 90 days past due if the collection of principal or interest is in doubt. When a loan is placed on nonaccrual status, any interest previously accrued, but not collected, is reversed from income. AtMarch 31, 2022 , andDecember 31, 2021 , the Bank had no loans on nonaccrual status. Accounting standards require the Company to identify loans as impaired loans when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. These standards require that impaired loans be valued at the present value of expected future cash flows, discounted at the loan's effective interest rate, using one of the following methods: the observable market price of the loan or the fair value of the underlying collateral if the loan is collateral dependent. We implement these standards in our monthly review of the adequacy of the allowance for loan losses and identify and value impaired loans in accordance with GAAP. Allowance for Loan Losses. Management's policy is to maintain the allowance for loan losses at a level sufficient to absorb probable losses inherent in the loan portfolio as of the balance sheet date. The allowance is increased by the provision for loan losses and decreased by charge-offs, net of recoveries. During the first quarter of 2022, the Bank reported a$371,000 credit for loan losses due to flat loan growth (excluding PPP activity) and a$284,000 net recovery during the quarter which reduced the historical loss factor on commercial loans by 19 basis points. Management believes the allowance for loan losses, which was$5.9 million or 1.22% of gross loans (excluding PPP loans) atMarch 31, 2022 is adequate to cover losses inherent in the loan portfolio. Deposits. Deposits are the major source of the Company's funds for lending and other investment purposes. Total deposits atMarch 31, 2022 were$787.9 million , an increase of$25.0 million , or 3.3%, fromDecember 31, 2021 , with growth coming from savings, NOW, and money-market accounts and attributed to expansion of existing relationships and the addition of new clients. Management believes that the potential exists for our deposit levels to fluctuate in the near future due to the unprecedented level of liquidity in the market following the stimulus efforts put in place to curtail the negative economic impact of the COVID-19 pandemic. The average balance of noninterest-bearing deposits accounted for 26.9% of the average balance of total deposits for the three months endedMarch 31, 2022 , compared to 28.6% for the three months endedMarch 31, 2021 . Borrowings. The Bank has an agreement with theFederal Home Loan Bank of Atlanta ("FHLB") and pledges its qualified loans as collateral which would allow the Bank, as ofMarch 31, 2022 , to borrow up to$86.5 million . In addition, the Bank maintains unsecured lines of credit with correspondent banks that totaled$47.0 million atMarch 31, 2022 . There were no outstanding balances under any of these lines atMarch 31, 2022 . In 2020, the Company entered into a Promissory Note (the "Note") and a Security Agreement withThomasville National Bank ("TNB"). Pursuant to the Note, the Company obtained a$15 million revolving line of credit with a 5-year term. The interest rate adjusts daily to the then-current Wall Street Journal Prime Rate and was 3.50% atMarch 31, 2022 . Pursuant to the Security Agreement, the Company has pledged to TNB all of the outstanding shares of common stock of the Company's wholly-owned subsidiary, the Bank. AtMarch 31, 2022 , the Company had a$3,975,000 outstanding loan balance and incurred$31,000 in year-to-date interest expense under this line. 26 --------------------------------------------------------------------------------
RESULTS OF OPERATIONS Net interest income constitutes the principal source of income for the Bank and results from the excess of interest income on interest-earning assets over interest expense on interest-bearing liabilities. The principal interest-earning assets are investment securities and loans. Interest-bearing liabilities primarily consist of time deposits, interest-bearing checking accounts, savings deposits, and money-market accounts. Funds attracted by these interest-bearing liabilities are invested in interest-earning assets. Accordingly, net interest income depends upon the volume of average interest-earning assets and average interest-bearing liabilities as well as the interest rates earned or paid on these assets and liabilities. The following tables set forth information regarding: (i) the total dollar amount of interest and dividend income of the Company from interest-earning assets and the resultant average yields; (ii) the total dollar amount of interest expense on interest-bearing liabilities and the resultant average costs; (iii) net interest income; (iv) interest-rate spread; (v) net interest margin; and (vi) weighted-average yields and rates. Yields and costs were derived by dividing annualized income or expense by the average balance of assets or liabilities. The yields and costs depicted in the table include the amortization of fees, which are considered to constitute adjustments to yields. As shown in the following table, there was compression in the Company's net interest margin for the three month period endedMarch 31, 2022 due to a shift in the asset mix towards lower-yielding earning assets triggered by excess liquidity in the market and the resulting high level of cash balances on the Bank's balance sheet. For the Three Months Ended March 31, 2022 2021 Interest Interest Average and Yield/ Average and Yield/ (dollars in thousands) Balance Dividends Rate(5) Balance Dividends Rate(5) Interest-earning assets: Loans(1)$ 489,263 $ 5,684 4.65 %$ 484,455 $ 5,699 4.71 % Loans held for sale 10,550 100 3.79 13,370 106 3.17 Debt securities available for sale 84,088 385 1.83 59,629 249 1.67 Other(2) 230,348 124 0.22 89,646 49 0.22
Total
interest-earning
assets 814,249$ 6,293 3.09 % 647,100$ 6,103 3.77 % Noninterest-earning assets 38,599 27,743 Total assets$ 852,848 $ 674,843 Interest-bearing liabilities: Savings, NOW and money-market deposits$ 517,506 $ 335 0.26 %$ 379,031 $ 401 0.42 % Time deposits 48,920 68 0.56 54,456 136 1.00
Total
interest-bearing
deposits 566,426 403 0.28 433,487 537 0.50 Other borrowings 3,717 31 3.34 17 - - Total interest-bearing liabilities 570,143$ 434 0.30 % 433,504$ 537 0.50 %
Noninterest-bearing
deposits 208,793
173,997
Noninterest-bearing
liabilities 3,328
6,638
Stockholders' equity 70,584
60,704
Total liabilities and stockholders' equity$ 852,848 $
674,843
Net earning assets$ 244,106 $ 213,596 Net interest income$ 5,859 $ 5,566 Interest rate spread (3) 2.79 % 3.27 % Net interest margin(4) 2.88 % 3.44 % Ratio of interest-earning assets to average interest-bearing
liabilities 142.81 % 149.27 %
(1) Includes nonaccrual loans
(2) Other interest-earning assets include
federal funds sold, interest-bearing deposits and
FHLB stock.
(3) Interest rate spread is the difference
between the total interest-earning asset yield
and the rate paid on total interest-bearing
liabilities.
(4) Net interest margin is net interest income
divided by total average interest-earning assets,
annualized
(5) Annualized
27-------------------------------------------------------------------------------- Comparison of Operating Results for the Three Months EndedMarch 31, 2022 And 2021 Earnings Summary (dollars in thousands) Change 1Q'22 vs. 1Q'21 1Q'22 1Q'21 Amount Percentage Net Interest Income$ 5,859 $ 5,566 $ 293 5.3 % Provision (credit) for loan losses (371 ) - (371 ) - Noninterest income 518 672 (154 ) (22.9 ) Noninterest expense 3,780 3,297 483 14.6 Income Taxes 727 707 20 2.8 Net earnings$ 2,241 $ 2,234 $ 7 0.3 % Compared to the same period a year ago, net earnings were relatively flat as higher interest income from securities and deposits with banks, lower interest expense, and the credit for loan losses were offset by lower noninterest income, higher noninterest expense and slightly higher income taxes. Net Interest Income Our operating results depend primarily on our net interest income, which is the difference between interest and dividend income on interest-earning assets such as loans and securities, and interest expense on interest-bearing liabilities such as deposits. Interest income (dollars in thousands) Change 1Q'22 vs. 1Q'21 1Q'22 1Q'21 Amount Percentage Interest income: Loans$ 5,784 $ 5,805 $ (21 ) (0.4 %) Securities 385 249 136 54.6 Other 124 49 75 153.1 Total interest income$ 6,293 $ 6,103 $ 190 3.1 % Interest expense: Deposits 403 537$ (134 ) (25.0 %) Other borrowings 31 - 31 N/A Total interest expense 434 537 (103 ) (19.2 ) Net interest income$ 5,859 $ 5,566 $ 293 5.3 % Compared to the first quarter of 2021, the increase in net interest income resulted from higher interest income on securities and deposits with banks (driven by both volume and rate) and lower interest expense (due to management's strategic reduction of deposit costs in the first quarter). Fee and interest income from PPP loans declined$529,000 when compared to the first quarter of 2021 as the majority of PPP loans have moved through the forgiveness process. Despite higher balances of interest-bearing liabilities, total interest expense declined$103,000 from the first quarter of 2021 as the average rate paid on interest-bearing liabilities declined 20 basis points from the first quarter of 2021. The Company's net interest margin of 2.88% was down 56 basis points from the first quarter of 2021, primarily attributed to the shift in the earning asset mix from PPP loans to cash. 28 --------------------------------------------------------------------------------
Provision for Loan Losses The provision for loan losses is charged to earnings to increase the total loan loss allowance to a level deemed appropriate by management. The provision is based upon the volume and type of lending conducted by the Bank, industry standards, general economic conditions, particularly as they relate to our market areas, and other factors related to our historic loss experience and the collectability of the loan portfolio. Excluding PPP activity, net loan growth fromDecember 31, 2021 was essentially flat. In addition, the Bank realized a$284,000 net recovery during the first quarter of 2022 which reduced the historical loss factor on commercial loans by 19 basis points. The combination of these factors led to a$371,000 credit for loan losses in the first quarter of 2022. While management believes the estimates and assumptions used in its determination of the adequacy of the allowance are reasonable, there can be no assurance that such estimates and assumptions will not be proven incorrect in the future, or that the actual amount of future losses will not exceed the amount of the established allowance for loan losses, or that any increased allowance for loan losses that may be required will not adversely impact our financial condition and results of operations. In addition, the determination of the amount of our allowance for loan losses is subject to review by bank regulators, as part of the routine examination process, which may result in additions to our provision for loan losses based upon their judgment of information available to them at the time of examination. Noninterest income (dollars in thousands) Change 1Q'22 vs. 1Q'21 1Q'22 1Q'21 Amount Percentage Service charges and fees on deposit accounts$ 68 $ 53 $ 15 28.3 % Debit card/ATM revenue, net 129 109 20 18.3 Mortgage banking revenue, net 165 301 (136 ) (45.2 ) Income from bank-owned life insurance 95 63 32 50.8 Gain on sale of debt securities available for sale - 108 (108 ) (100.0 ) Other income 61 38 23 60.5 Total noninterest income$ 518 $ 672 $ (154 ) (22.9 %)
Compared to a year ago, the two key drivers of lower noninterest income are lower mortgage banking revenue and the absence of a gain on sale of debt securities available for sale. The decline in mortgage banking revenue was anticipated given the rising rate environment and the high level of refinancing activity that occurred in 2021.
Noninterest expense
(dollars in thousands) Change 1Q'22 vs. 1Q'21
1Q'22 1Q'21 Amount Percentage
Salaries and employee benefits
16.6 % Occupancy and equipment 408 386 22 5.7 Professional fees 146 130 16 12.3 Marketing 167 140 27 19.3 FDIC Assessment 124 70 54 77.1 Software maintenance and amortization 242 250 (8 ) (3.2 ) Other 533 469 64 13.6 Total noninterest expense$ 3,780 $ 3,297 $ 483 14.6 % Compared to the same period a year ago, nearly half of the increase in total noninterest expense is attributed to increased salaries. The Bank reported higher head count with 99 full-time equivalents (FTEs) atMarch 31, 2022 compared to 88 FTEs a year ago. Annual raises, higher group insurance costs, higher incentive accrual, and increases to other employee benefit accounts also contributed to the overall increase. Income Taxes Income taxes are based on amounts reported in the condensed consolidated statements of earnings after adjustments for nontaxable income and nondeductible expenses and consist of taxes currently due plus deferred taxes on temporary differences in the recognition of income and expense for tax and financial statement purposes. Income taxes were$727,000 for the three months endedMarch 31, 2022 , compared to income taxes of$707,000 for the three months endedMarch 31, 2021 , with the increase attributed to slightly higher pre-tax earnings in 2022. The effective tax rate was 24.5% in the first quarter of 2022 versus 24.0% in the first quarter of 2021. 29 --------------------------------------------------------------------------------
LIQUIDITY Liquidity describes our ability to meet financial obligations, including lending commitments and contingencies, which arise during the normal course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of the Company's clients, as well as meet current and planned expenditures. Management monitors the liquidity position daily. Our liquidity is derived primarily from our deposit base, scheduled amortization and prepayments of loans and investment securities, funds provided by operations, and capital. Additionally, as a commercial bank, we are expected to maintain an adequate liquidity position. The liquidity position may consist of cash on hand, cash on demand deposit with correspondent banks, federal funds sold, and unpledged marketable securities such asUnited States government agency securities, municipal securities, mortgage-backed securities, and asset-backed securities. The Bank also has external sources of funds through the FHLB, unsecured lines of credit with correspondent banks, and theState of Florida's Qualified Public Deposit ("QPD") Program. AtMarch 31, 2022 , the Bank had access to approximately$86.5 million of available lines of credit secured by qualifying collateral with the FHLB, in addition to$47.0 million in unsecured lines of credit maintained with correspondent banks.
The Company has a
Some of our securities are pledged to collateralize certain deposits through our participation in theState of Florida's QPD program. The market value of securities pledged to the QPD program was$13.6 million atMarch 31, 2022 compared to$11.9 million atDecember 31, 2021 . Our primary liquid assets, excluding assets pledged to the QPD program, accounted for 37.9% and 35.1% of total assets atMarch 31, 2022 andDecember 31, 2021 , respectively. Our core deposits consist of noninterest-bearing accounts, NOW accounts, money-market accounts, time deposits$250,000 or less, and savings accounts. We closely monitor our level of certificates of deposit greater than$250,000 and other large deposits. AtMarch 31, 2022 , total deposits were$787.9 million , of which$20.0 million were in certificates of deposits greater than$250,000 , excluding Individual Retirement Accounts (IRAs). We maintain a Contingency Funding Plan ("CFP") that identifies liquidity needs and weighs alternate courses of action designed to address those needs in emergency situations. We perform a monthly cash flow analysis and stress test the CFP to evaluate the expected funding needs and funding capacity during a liquidity stress event. We believe that the sources of available liquidity are adequate to meet all reasonably immediate short-term and intermediate-term demands and do not know of any trends, events, or uncertainties that may result in a significant adverse effect on our liquidity position. CAPITAL RESOURCES Stockholders' equity was$65.8 million atMarch 31, 2022 compared to$67.0 million atDecember 31, 2021 . The$1.3 million change in equity is mostly attributed to a$3.3 million increase in the unrealized losses of our investment portfolio, partially offset by retention of earnings. In 2020, the Company obtained a$15 million revolving line of credit with TNB. At its discretion, the Company may take draws on that line and may contribute the proceeds as capital to the Bank. During the first quarter of 2022, the Company made a$400,000 draw under this line that was used to partially fund the$567,000 cash dividend to shareholders. AtMarch 31, 2022 , the Company had a$3,975,000 outstanding loan balance and incurred year-to-date interest expense of$31,000 under this revolving line of credit. AtMarch 31, 2022 , the Bank was considered to be "well capitalized" under theFDIC's Prompt Corrective Action regulations with an 8.56% Tier 1 Leverage Capital Ratio, a 13.60% Equity Tier 1 Risk-Based Capital Ratio, a 13.60% Tier 1 Risk-Based Capital Ratio, and a 14.70% Total Risk-Based Capital Ratio, all above the minimum ratios to be considered "well capitalized." The following is a summary atMarch 31, 2022 andDecember 31, 2021 of the regulatory capital requirements to be "well capitalized" and the Bank's capital position. For Capital Adequacy For Well Capitalized Actual Purposes Purposes (dollars in thousands) Amount Percentage Amount Percentage Amount Percentage As ofMarch 31, 2022 Tier 1 Leverage Capital$ 72,985 8.56 %$ 34,098 4.00 %$ 42,623 5.00 % Common Equity Tier 1 Risk-based Capital 72,985 13.60 24,145 4.50 34,876 6.50 Tier 1 Risk-based Capital 72,985 13.60 32,193 6.00 42,924 8.00 Total Risk-based Capital 78,872 14.70 42,924 8.00 53,655 10.00 As of December 31, 2021 Tier 1 Leverage Capital$ 70,548 8.53 %$ 33,071 4.00 %$ 41,338 5.00 % Common Equity Tier 1 Risk-based Capital 70,548 13.45 23,596 4.50 34,083 6.50 Tier 1 Risk-based Capital 70,548 13.45 31,461 6.00 41,948 8.00 Total Risk-based Capital 76,522 14.59 41,948 8.00 52,435 10.00 30
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The Bank is also subject to the following capital level threshold requirements
under the
Threshold Ratios
Common
Equity
Total Tier 1 Tier 1 Tier 1
Risk-Based Risk-Based Risk-Based Leverage
Capital Capital Capital Capital
Capital Category Ratio Ratio Ratio Ratio
Well capitalized 10.00% 8.00% 6.50% 5.00%
Adequately Capitalized 8.00% 6.00% 4.50% 4.00%
Undercapitalized < 8.00% < 6.00% < 4.50% < 4.00%
Significantly Undercapitalized < 6.00% < 4.00% < 3.00% < 3.00%
Critically Undercapitalized Tangible Equity/Total Assets ? 2%
Until such time as PMHG has
OFF-BALANCE SHEET ARRANGEMENTS
Refer to Note 10 in the notes to condensed consolidated financial statements included in this Form 10-Q for the period endingMarch 31, 2022 for a discussion of off-balance sheet arrangements.
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