BANK OF JACKSON HOLE TRUST

Risk factor changes

Wording that changed between the 10-K filed 2025-02-25 and the 10-K filed 2026-02-24, found by comparing the two Risk Factors sections automatically. Showing 12 of 16. Read the full section in the latest 10-K on SEC.gov.

• Added. In conjunction with the continued investment in the 2UniFi buildout, the Company incurred $21.6 million and $13.0 million of non-interest expense during the years ended December 31, 2025 and 2024, respectively, primarily within salaries and benefits, occupancy and equipment, and professional fees. ● During the year ended December 31, 2025, the Company repurchased 416,795 shares of common stock for $15.2 million at a weighted average price per share of $36.40 as part of our capital strategy. ● The Company prudently manages liquidity and maintains a profile focused on core deposits and stable, long-term and diversified funding sources, including access to Cambr platform deposits.
• Added. Deposits .9 ● Average total deposits totaled $8.2 billion and $8.3 billion for the years ended December 31, 2025 and 2024, respectively. ● Average transaction deposits totaled $7.1 billion and $7.3 billion for the years ended December 31, 2025 and 2024, respectively. ● The mix of transaction deposits to total deposits was 86.1% and 87.6% at December 31, 2025 and 2024, respectively. ● Cost of deposits improved 21 basis points to 2.02% during the year ended December 31, 2025, as a result of our disciplined deposit pricing over the last 12 months as the FRB lowered rates. ● Approximately 76% of our deposits were FDIC insured as of December 31, 2025.
• Added. This increase was partially offset by a $4.1 million improvement in other non-interest expense resulting from diligent expense management. ● The FTE efficiency ratio, excluding other intangible assets amortization and adjusted for acquisition-related expenses and loss on security sales, improved 0.26% to 58.43% during the year ended December 31, 2025, compared to 58.69% during the year ended December 31, 2024. ● Income tax expense totaled $24.1 million during the year ended December 31, 2025, compared to $26.4 million during the year ended December 31, 2024.
• Added. The taxable equivalent adjustments included above are $7,866, $7,094 and $6,099 for the years ended December 31, 2025, 2024 and 2023, respectively. (3) Loan fees included in interest income totaled $12,747, $13,484 and $13,905 for the years ended December 31, 2025, 2024 and 2023, respectively. (4) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.
• Added. The taxable equivalent adjustments included above are $7,866, $7,094 and $6,099 for the years ended December 31, 2025, 2024 and 2023, respectively. (3) Loan fees included in interest income totaled $12,747, $13,484 and $13,905 during 2025, 2024 and 2023, respectively. (4) Other borrowings includes securities sold under agreements to repurchase and cash collateral received from counterparties in connection with derivative swap agreements.
• Added. Revenues ● Net interest income FTE increased $3.9 million to $356.4 million during the year ended December 31, 2025, compared to $352.5 million for 2024. ● The net interest margin FTE expanded nine basis points to 3.94% for the year ended December 31, 2025, compared to 2024, driven by a 22 basis point improvement in the cost of funds and partially offset by a 13 basis point decrease in earning asset yields.
• Added. Capital ● The Company paid dividends of $1.20 per common share during the year ended December 31, 2025, and declared a quarterly dividend of $0.32 per common share during the first quarter of 2026. ● On January 27, 2026, the Company's Board of Directors authorized a new stock repurchase program under which the Company may repurchase up to $100.0 million of the Company's stock.
• Added. Tangible common book value per share increased $2.52, or 10.0%, to $27.80, during the year ended December 31, 2025, primarily driven by the year's earnings. ● In July 2025, the Company launched the initial phase of 2UniFi, an innovative financial ecosystem built to empower business entrepreneurs with treasury management depository capabilities and a streamlined SBA loan offering.
• Added. If a loan modification is determined to be made to a borrower experiencing financial difficulty, the loan is considered to be collateral dependent and is evaluated for credit loss as part of the allowance for credit loss analysis. e) Loans held for sale - The Company has elected to record loans originated and intended for sale in the secondary market at estimated fair value.
• Reworded. Loan portfolio ● Loans totaled $7.4 billion at December 31, 2025, compared to $7.8 billion at December 31, 2024. ● During the year ended December 31, 2025, the Company generated loan fundings totaling $1.6 billion, including $591.0 million during the fourth quarter of 2025, with a weighted average new loan origination rate of 6.4% during the fourth quarter of 2025. ● The Company maintained a conservatively structured loan portfolio represented by diverse industries and concentrations with industry sector concentrations at 15% or less of total loans and all concentration levels remain well below our self-imposed limits. ● Non-owner occupied CRE loans, which are comprised of multiple industry sectors, were 127.1% of the Company's risk based capital, or 21.3% of total loans, and no specific property type comprised more than 7.0% of total loans at December 31, 2025. ● The Company maintains a low level of non-owner occupied CRE retail properties and office properties.
  Earlier wording

  Commercial loan fundings totaled $1.0 billion with a weighted average new loan origination rate of 8.3%. ● Maintained a conservatively structured loan portfolio represented by diverse industries and concentrations with most industry sector concentrations at 15% or less of total loans and all concentration levels remain well below our self-imposed limits. ● Non-owner occupied CRE loans were 152.6% of the Company's risk based capital, or 23.4% of total loans, and no specific property type comprised more than 10.0% of total loans at December 31, 2024. ● The Company maintains very little exposure to non-owner occupied CRE retail properties and office properties, comprising 2.0% and 1.3% of total loans, respectively, at December 31, 2024. ● Multi-family loans totaled $321.8 million, or 4.2% of total loans as of December 31, 2024. ● We do not originate high-dollar non-amortizing or balloon payment mortgage loans to our clients.

• Reworded. During the year ended December 31, 2024, the Federal Reserve decreased the prevailing interest rates by a total of 100 basis points, and, during 2025, the Federal Reserve decreased the prevailing interest rates by 75 basis points.
  Earlier wording

  During the years ended December 31, 2023 and 2022, the Federal Reserve increased prevailing interest rates by a total of 100 and 425 basis points, respectively.

• Reworded. The ratio of net charge-offs to average total loans totaled 0.34% and 0.13% for the years ended December 31, 2025 and 2024, respectively.
  Earlier wording

  Net charge-offs on loans during the year ended December 31, 2024 totaled $9.8 million, and the ratio of net charge-offs to average total loans totaled 0.13%.