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Wiki	Wiki Summary
Multinational corporation	A multinational company (MNC) is a corporate organization that owns and controls the production of goods or services in at least one country other than its home country. Control is considered an important aspect of an MNC, to distinguish it from international portfolio investment organizations, such as some international mutual funds that invest in corporations abroad simply to diversify financial risks.
Municipal corporation	A municipal corporation is the legal term for a local governing body, including (but not necessarily limited to) cities, counties, towns, townships, charter townships, villages, and boroughs. The term can also be used to describe municipally owned corporations.
List of municipal corporations in Kerala	Kerala's 14 revenue districts in 2015 were further divided into 6 municipal corporations, 87 municipalities and 941 grama panchayats.\n\n\n== History ==\nThe urban councils of Kerala date back to the 17th century when the Dutch Malabar established the municipality of Fort Kochi.
Public company	A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (listed company), which facilitates the trade of shares, or not (unlisted public company).
Municipal corporation (India)	A municipal corporation is a type of local government in India that administers urban areas with a population of more than one million. The growing population and urbanization of various Indian cities highlighted the need for a type of local governing body that could provide services such as healthcare, education, housing and transport by collecting property taxes and administering grants from the state government.
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Special Activities Center	The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Operation (mathematics)	In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Regulation	Regulation is the management of complex systems according to a set of rules and trends. In systems theory, these types of rules exist in various fields of biology and society, but the term has slightly different meanings according to context.
Form 10-K	A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy "annual report to shareholders," which a company must send to its shareholders when it holds an annual meeting to elect directors (though some companies combine the annual report and the 10-K into one document).
Financial statement	Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity.\nRelevant financial information is presented in a structured manner and in a form which is easy to understand.
Financial ratio	A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization.
Financial law	Financial law is the law and regulation of the insurance, derivatives, commercial banking, capital markets and investment management sectors. Understanding Financial law is crucial to appreciating the creation and formation of banking and financial regulation, as well as the legal framework for finance generally.
Trustmark (bank)	Trustmark is a commercial bank and financial services company headquartered in Jackson, Mississippi, United States, with subsidiaries Trustmark National Bank, Trustmark Investment Advisors, and Fisher Brown Bottrell Insurance. The bank's initial predecessor, The Jackson Bank, was chartered by the State of Mississippi in 1889.
Financial analysis	Financial analysis (also referred to as financial statement analysis or accounting analysis or Analysis of finance) refers to an assessment of the viability, stability, and profitability of a business, sub-business or project. \nIt is performed by professionals who prepare reports using ratios and other techniques, that make use of information taken from financial statements and other reports.
Federal takeover of Fannie Mae and Freddie Mac	In September 2008 the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). Both government-sponsored enterprises, which finance home mortgages in the United States by issuing bonds, had become illiquid as the market for those bonds collapsed in the subprime mortgage crisis.
Benefit corporation	In the United States, a benefit corporation (or in several jurisdictions including Delaware, a public-benefit corporation or PBC) is a type of for-profit corporate entity, authorized by 35 U.S. states and the District of Columbia, that includes positive impact on society, workers, the community and the environment in addition to profit as its legally defined goals, in that the definition of "best interest of the corporation" is specified to include those impacts. Laws concerning conventional corporations (referred to as "C corporations" by the IRS) typically do not specify the definition of "best interest of the corporation", which has led to the interpretation that increasing shareholder value (profits and/or share price) is the only overarching or compelling interest of a corporation.
Yoda conditions	In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement.
Twenty-one Conditions	The Twenty-one Conditions, officially the Conditions of Admission to the Communist International, refer to the conditions, most of which were suggested by Vladimir Lenin, to the adhesion of the socialist parties to the Third International (Comintern) created in 1919. The conditions were formally adopted by the Second Congress of the Comintern in 1920.
Nervous Conditions	Nervous Conditions is a novel by Zimbabwean author Tsitsi Dangarembga, first published in the United Kingdom in 1988. It was the first book published by a black woman from Zimbabwe in English.
Wolfe conditions	In the unconstrained minimization problem, the Wolfe conditions are a set of inequalities for performing inexact line search, especially in quasi-Newton methods, first published by Philip Wolfe in 1969.In these methods the idea is to find\n\n \n \n \n \n min\n \n x\n \n \n f\n (\n \n x\n \n )\n \n \n {\displaystyle \min _{x}f(\mathbf {x} )}\n for some smooth \n \n \n \n f\n :\n \n \n R\n \n \n n\n \n \n →\n \n R\n \n \n \n {\displaystyle f\colon \mathbb {R} ^{n}\to \mathbb {R} }\n . Each step often involves approximately solving the subproblem\n\n \n \n \n \n min\n \n α\n \n \n f\n (\n \n \n x\n \n \n k\n \n \n +\n α\n \n \n p\n \n \n k\n \n \n )\n \n \n {\displaystyle \min _{\alpha }f(\mathbf {x} _{k}+\alpha \mathbf {p} _{k})}\n where \n \n \n \n \n \n x\n \n \n k\n \n \n \n \n {\displaystyle \mathbf {x} _{k}}\n is the current best guess, \n \n \n \n \n \n p\n \n \n k\n \n \n ∈\n \n \n R\n \n \n n\n \n \n \n \n {\displaystyle \mathbf {p} _{k}\in \mathbb {R} ^{n}}\n is a search direction, and \n \n \n \n α\n ∈\n \n R\n \n \n \n {\displaystyle \alpha \in \mathbb {R} }\n is the step length.
Standard temperature and pressure	Standard temperature and pressure (STP) are standard sets of conditions for experimental measurements to be established to allow comparisons to be made between different sets of data. The most used standards are those of the International Union of Pure and Applied Chemistry (IUPAC) and the National Institute of Standards and Technology (NIST), although these are not universally accepted standards.
Thiruvananthapuram Corporation	Thiruvananthapuram Municipal Corporation (Malayalam: തിരുവനന്തപുരം നഗരസഭ) is the oldest (formed in 1940) and the largest (by area and population) city corporation in the Kerala state of India. It is the municipal corporation that administrates the city of Thiruvananthapuram (Trivandrum), the capital of Kerala.
Fox Corporation	Fox Corporation (stylized in all-caps as FOX Corporation) is a publicly traded American mass media company operated and controlled by media mogul Rupert Murdoch and headquartered at 1211 Avenue of the Americas in New York City. Incorporated in Delaware, it was formed in 2019 as a result of the acquisition of 21st Century Fox by The Walt Disney Company; the assets that were not acquired by Disney were spun off from 21st Century Fox as the new Fox Corp., and its stock began trading on January 1, 2019.
Evil corporation	An evil corporation is a trope in popular culture that portrays a corporation as ignoring social responsibility in order to make money for its shareholders.\n\n\n== In fiction ==\nThe notion is "deeply embedded in the landscape of contemporary culture—populating films, novels, videogames, and more." The science fiction genre served as the initial background to portray corporations in this dystopian light.Evil corporations can be seen to represent the danger of combining capitalism with larger hubris.
Thievery Corporation	Thievery Corporation is an American electronic music duo consisting of Rob Garza and Eric Hilton. Their musical style mixes elements of dub, acid jazz, reggae, Indian classical, Middle Eastern music, hip hop, electronica, and Brazilian music, including bossa nova.
Oracle Corporation	Oracle Corporation is an American multinational computer technology corporation headquartered in Austin, Texas. In 2020, Oracle is the third-largest software company in the world by revenue and market capitalization.
The Climate Corporation	The Climate Corporation is a digital agriculture company that examines weather, soil and field data to help farmers determine potential yield-limiting factors in their fields.\n\n\n== History ==\nThe company was founded as WeatherBill in 2006 by two former Google employees, David Friedberg and Siraj Khaliq.
Regulatory state	The term regulatory state refers to the expansion in the use of rulemaking, monitoring and enforcement techniques and institutions by the state and to a parallel change in the way its positive or negative functions in society are being carried out. The expansion of the state nowadays is generally via regulation and less via taxing and spending.
Regulatory sign	A regulatory sign is used to indicate or reinforce traffic laws, regulations or requirements which apply either at all times or at specified times or places upon a street or highway, the disregard of which may constitute a violation, or a sign in general that regulates public behavior in places open to the public. The FHWA defines regulatory sign as "a sign that gives notice to road users of traffic laws or regulations".
Regulatory T cell	The regulatory T cells (Tregs or Treg cells), formerly known as suppressor T cells, are a subpopulation of T cells that modulate the immune system, maintain tolerance to self-antigens, and prevent autoimmune disease. Treg cells are immunosuppressive and generally suppress or downregulate induction and proliferation of effector T cells.
Gene regulatory network	A gene (or genetic) regulatory network (GRN) is a collection of molecular regulators that interact with each other and with other substances in the cell to govern the gene expression levels of mRNA and proteins which, in turn, determine the function of the cell. GRN also play a central role in morphogenesis, the creation of body structures, which in turn is central to evolutionary developmental biology (evo-devo).

Risk Factors
SANTANDER BANCORP ITEM 1A RISK FACTORS The Corporation is subject to risk in several areas
Discussed below, and elsewhere in this report, are the various risk factors that could cause the Corporation’s financial condition and results of operations to vary significantly from period to period
Please refer to the “Regulation and Supervision” section of this report for more information about legislative and regulatory risks
Also refer to the MD&A section, Quantitative and Qualitative Disclosures about Market Risk, and the Financial Statements and Supplementary Data sections in this report for additional information about credit, interest rate and market risks
Any factor described below or elsewhere in this report or in our 2005 Annual Report to Stockholders could, by itself or together with one or more other factors, have a material adverse effect on the Corporation’s financial condition and results of operations
General business, economic and political conditions
The Corporation’s businesses and earnings are affected by general economic and political conditions in Puerto Rico and the United States of America
General business and economic conditions that could affect the Corporation include short-term and long-term interest rates, inflation, monetary supply, fluctuations in both debt and equity capital markets, and the strength of the United States and Puerto Rico economies
A period of reduced economic growth or a recession has historically resulted in a reduction in lending activity and an increase in the rate of defaults on loans
A recession may have an adverse impact on net interest income and fee income
The Corporation may also experience significant losses on the loan portfolio due to defaults as customers become unable to meet their obligations, which would result in an adverse effect on earnings as higher reserves for loan losses would be required
Geopolitical conditions can also affect the Corporation’s earnings
Acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, could affect the general business and economic conditions in Puerto Rico, United States and abroad
The Corporation’s financial activities and credit exposure are concentrated in Puerto Rico
As a result, the Corporation’s financial condition and results of operations are highly dependent on economic conditions in Puerto Rico
An extended economic slowdown, adverse political or economic developments or natural disasters such as hurricanes, affecting Puerto Rico could result in a reduction in lending activities and an increase in the level of nonperforming assets and charge offs, all of which would adversely affect the Corporation’s profitability
The Corporation operates in a highly competitive environment in Puerto Rico from other United States, Puerto Rico and foreign banks as well as mortgage banking companies, insurance companies and brokers-dealers
Increased competition could require that the Corporation lower rates charged on loans or increase rates offered on deposits, which could adversely affect profitability
The Corporation’s business model is based on a diversified mix of businesses that provide a broad range of financial products and services, delivered through multiple distribution channels
The Corporation’s success depends, in part, on its ability to adapt its products and services to evolving industry standards
There is increasing pressure to provide products and services at lower prices
This can reduce the Corporation’s net interest margin and income from fee-based products and services
In addition, the widespread adoption of new technologies, including internet services, could require the Corporation to incur in substantial expenditures to modify or adapt its existing products and services in order to remain competitive
The Corporation is at risk of not being successful or timely in introducing new products and services, responding or adapting to changes in consumer spending and saving habits, achieving market acceptance of its products and services, or developing and maintaining loyal customers
Net interest income is the interest earned on loans, securities and other assets minus the interest paid on deposits, long-term and short-term debt and other liabilities
Net interest income is the difference between the yield on assets and the rate paid on deposits and other sources of funding
These rates are highly sensitive to many factors beyond the Corporation’s control, including general economic conditions and the policies of various governmental and regulatory agencies
Changes in monetary policy, including changes in interest rates, will influence the origination of loans, the prepayment speed of loans, the purchase of investments, the generation of deposits and the rates received on loans and investment securities and paid on deposits or other sources of funding
The impact of these changes may be magnified if the Corporation does not effectively manage the relative sensitivity of its assets and liabilities to changes in market interest rates
Changes in interest rates could adversely affect net interest margin
Although the yield earned on assets and funding costs tend to move in the same direction in response to changes in interest rates, one can rise or fall faster than the other, causing the Corporation’s net interest margin to expand or contract
The Corporation’s liabilities tend to be shorter in duration than its assets, so they may adjust faster in response to changes in interest rates
18 _________________________________________________________________ [51]Table of Contents Changes in the slope of the “yield curve” – or the spread between short-term and long-term interest rates – could also reduce the Corporation’s net interest margin
However, since the Corporation’s liabilities tend to be shorter in duration than its assets, they may adjust faster in response to changes in interest rates
The Corporation assesses its interest rate risk by estimating the effect on earnings under various scenarios that differ based on assumptions about the direction, magnitude and speed of interest rate changes and the slope of the yield curve
Some interest rate risk is hedged with derivatives
However, not all interest rate risk is hedged
There is always the risk that changes in interest rates could reduce net interest income and earnings in material amounts, especially if actual conditions turn out to be materially different than what the Corporation expected
For example, if interest rates rise or fall faster than the Corporation assumed, or the slope of the yield curve changes, the Corporation may incur significant losses on debt securities held as investments
To reduce interest rate risk, the Corporation may rebalance its investment and loan portfolios, refinance its debt and take other strategic actions
Certain losses or expenses may be incurred when such strategic actions are taken
When the Corporation lends money or commits to lend money or enters into a contract with a counterparty, it incurs credit risk, or the risk of losses if borrowers do not repay their loans or counterparties fail to perform according to the term of their contract
The Corporation allows for and reserves against credit risks based on its assessment of credit losses inherent in its loan portfolio (including unfunded credit commitments)
The process for determining the amount of the allowance for loan losses is critical to the Corporation’s financial condition and results of operations
It requires difficult, subjective and complex judgments, including forecasts of economic conditions and how these economic predictions might impair the ability of borrowers to repay their loans
As is the case with any such assessments, there is always the chance that the Corporation will fail to identify the proper factors or that it will fail to accurately estimate the impacts of factors that are identified
For further discussion of credit risk and the Corporation’s credit risk management policies and procedures, refer to “Credit Risk Management and Loan Quality” in the MD&A Changes in market prices of managed assets
The Corporation earns fee income from managing assets for others and providing brokerage services
Since investment management fees are often based on the value of assets under management, a fall in the market prices of those assets could reduce the Corporation’s fee income
Changes in stock market prices could affect the trading activity of investors, reducing commissions and other fees earned from the brokerage business
Changes in accounting standards
The Corporation’s accounting policies are fundamental to understanding it financial condition and results of operations
Some of these policies require the use of estimates and assumptions that may affect the value of assets or liabilities and financial results
Several of our accounting policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions
For a description of the Corporation’s critical accounting policies, refer to “Critical Accounting Policies” in the MD&A From time to time the Financial Accounting Standards Board (FASB), the SEC and other regulatory bodies, change the financial accounting and reporting standards that govern the preparation of external financial statements
These changes are beyond the Corporation’s control, can be difficult to predict and could materially impact how it reports financial condition and results of operations
In some cases, the Corporation could be required to apply a new or revised standard retroactively, resulting in the restatement of prior period financial statements
Federal and state regulations
The Corporation, the banks and non banking subsidiaries are subject to extensive state and federal regulation, supervision and legislation that govern almost all aspects of its operations
These regulations protect depositors, federal deposit insurance funds, consumers and the banking system as a whole, not stockholders
The Corporation and its non banking subsidiaries are also heavily regulated by securities regulators
This regulation is designed to protect investors in securities we sell or underwrite
Congress and state legislatures and foreign, federal and state regulatory agencies continually review laws, regulations and policies for possible changes
Changes to statutes, regulations or regulatory policies, including interpretation or implementation of statutes, regulations or policies, could affect the Corporation in substantial and unpredictable ways including limiting the types of financial services and products it may offer and increasing the ability of non banks to offer competing financial services and products
Implementation of regulatory changes could also be costly to the Corporation
Governmental fiscal and monetary policy
The Corporation’s earnings are affected by domestic and international monetary policy
For example, the Board of Governors of the Federal Reserve System regulates the supply of money and credit in the 19 _________________________________________________________________ [52]Table of Contents United States
These policies, to a large extent, determine the Corporation’s cost of funds for lending and investing and the returns earned on those loans and investments, both of which affect net interest margin
These policies can also affect the value of financial instruments, such as debt securities and mortgage servicing rights as well affecting borrowers by potentially increasing the risk that they may fail to repay their loans
The Corporations earnings are also affected by the fiscal policies that are adopted by various regulatory authorities of Puerto Rico and the United States
Changes in tax laws can have a potentially adverse impact on the Corporation’s earnings
Changes in domestic and international monetary and fiscal policies are beyond the Corporation’s control and are difficult to predict
Liquidity risk
Liquidity is essential to business and could be impaired by an inability to access the capital markets or unforeseen outflows of cash
This situation may arise due to circumstances that the Corporation may be unable to control, such as a general market disruption
The Corporation’s credit ratings are important to its liquidity
A reduction in credit ratings could adversely affect its liquidity and competitive position, increase borrowing costs, limit access to the capital markets
For a further discussion of the Corporation’s liquidity, refer to “Liquidity Risk” in the MD&A Operational risk
The Corporation is exposed to operational risk
In its daily operations, the Corporation relies on the continued efficacy of its technical and telecommunication systems, operational infrastructure, relationships with third parties and the vast array of associates and key executives in its day to day and ongoing operations
Failure by any or all of these resources subjects the Corporation to risks that may vary in size, scale and scope
This includes but is not limited to operational or technical failures, ineffectiveness or exposure due to interruption in third party support as expected, the risk of fraud or theft by employees or outsiders, unauthorized transactions by employees or operational errors (including clerical or recordkeeping errors), as well as, the loss of key individuals or failure on the part of the key individuals to perform properly
Reputational risk
The Corporation is subject to reputation risk, or the risk to earnings and capital from negative public opinion
The Corporation’s ability to attract and retain customers and employees could be adversely affected to the extent its reputation is damaged
The Corporation’s failure to address, or to appear to fail to address various issues that could give rise to reputational risk could cause harm to the Corporation and its business prospects and could lead to litigation and regulatory action
These issues include, but are not limited to, appropriately addressing potential conflicts of interest; legal and regulatory requirements; ethical issues; money laundering ; privacy; properly maintaining customer and associated personal information; record keeping; sales and trading practices; and the proper identification of the legal, reputational, credit, liquidity, and market risks inherent in its products
There are significant risks associated with mergers
Future business acquisitions could be material to the Corporation and could require the issuance of additional capital or incurring of debt
In that event, the Corporation could become more susceptible to economic downturns and competitive pressures
Merger risk includes the possibility that projected growth opportunities and cost savings fail to be realized, and that the integration process results in the loss of key employees, or that the disruption of ongoing business from the merger could adversely affect the Corporation’s ability to maintain relationships with customers
Litigation risk
The volume of claims and the amount of damages and penalties claimed in litigation and regulatory proceedings against financial institutions remains high
Substantial legal liability or significant regulatory action against the Corporation could have material adverse financial effects or cause significant reputational harm to the Corporation, which could result in serious financial consequences
The SEC and other government agencies are currently conducting investigations of mortgage loan transfers and related transactions among several Puerto Rico banking institutions, the Corporation is unable to predict whether or to what extent such investigations will have adverse effects on the Corporation