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Pratītyasamutpāda Pratītyasamutpāda (Sanskrit: प्रतीत्यसमुत्पाद, Pāli: paṭiccasamuppāda), commonly translated as dependent origination, or dependent arising, is a key doctrine in Buddhism shared by all schools of Buddhism. It states that all dharmas (phenomena) arise in dependence upon other dharmas: "if this exists, that exists; if this ceases to exist, that also ceases to exist".
Compound interest Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest. It is the result of reinvesting interest, or adding it to the loaned capital rather than paying it out, or requiring payment from borrower, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.
Interest In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed.
Investment banking Investment banking denotes certain activities of a financial services company or a corporate division that consist in advisory-based financial transactions on behalf of individuals, corporations, and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of debt or equity securities.
Mergers and acquisitions In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
Effective interest rate The effective interest rate (EIR), effective annual interest rate, annual equivalent rate (AER) or simply effective rate is the interest rate on a loan or financial product restated from the nominal interest rate and expressed as the equivalent interest rate if compound interest was payable annually in arrears.\nIt is used to compare the interest rates between loans with different compounding periods, such as weekly, monthly, half-yearly or yearly.
Refinancing Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation.
Origination fee An origination fee is a payment associated with the establishment of an account with a bank, broker or other company providing services handling the processing associated with taking out a loan.An origination fee is typically a set amount for any account. However, an origination fee usually varies from 1.0% to 5.0% of a given loan amount, depending on whether the loan was originated in the prime or the subprime market.
Mortgage origination In consumer lending, mortgage origination, a specialized subset of loan origination, is the process by which a lender works with a borrower to complete a mortgage transaction, resulting in a mortgage loan. A mortgage loan is a loan in which property or real estate is used as collateral.
Finance Finance is the study and discipline of money, currency and capital assets. It is related with, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services.
Federal funds rate In the United States, the federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve to maintain depository institutions' reserve requirements.
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.
Economies of scale In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced. A decrease in cost per unit of output enables an increase in scale.
Local food Local food is food that is produced within a short distance of where it is consumed, often accompanied by a social structure and supply chain different from the large-scale supermarket system.Local food (or "locavore") movements aim to connect food producers and consumers in the same geographic region, to develop more self-reliant and resilient food networks; improve local economies; or to affect the health, environment, community, or society of a particular place. The term has also been extended to include not only the geographic location of supplier and consumer but can also be "defined in terms of social and supply chain characteristics." For example, local food initiatives often promote sustainable and organic farming practices, although these are not explicitly related to the geographic proximity of producer and consumer.
Local purchasing Local purchasing is a preference to buy locally produced goods and services rather than those produced farther away. It is very often abbreviated as a positive goal, "buy local" or "buy locally', that parallels the phrase "think globally, act locally", common in green politics.
Agistri Agistri, also Angistri or Agkistri (Greek: Αγκίστρι [aɲˈɟistɾi ~ aˈɟistɾi], English: "fishing hook"), is a small populated island and municipality in the Saronic Gulf in the Islands regional unit, Greece.\n\n\n== Settlements ==\nThere are only three settlements on Agistri - Milos (Megalochori), Skala and Limenaria.
Institution Institutions are humanly devised structures of rules and norms that shape and constrain individual behavior. All definitions of institutions generally entail that there is a level of persistence and continuity.
Educational institution An educational institution is a place where people of different ages gain an education, including preschools, childcare, primary-elementary schools, secondary-high schools, and universities. They provide a large variety of learning environments and learning spaces.
Smithsonian Institution The Smithsonian Institution ( smith-SOH-nee-ən), or simply the Smithsonian, is a group of museums and education and research centers, the largest such complex in the world, created by the U.S. Government "for the increase and diffusion of knowledge". Founded on August 10, 1846, it operates as a trust instrumentality and is not formally a part of any of the three branches of the federal government.
Disciplinary institution Disciplinary institutions (French: institution disciplinaire) is a concept proposed by Michel Foucault in Discipline and Punish (1975). School, prison, barracks, or the hospital are examples of historical disciplinary institutions, all created in their modern form in the 19th century with the Industrial Revolution.
Vertical integration In microeconomics, management, and international political economy, vertical integration is an arrangement in which the supply chain of a company is integrated and owned by that company. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need.
Contour integration In the mathematical field of complex analysis, contour integration is a method of evaluating certain integrals along paths in the complex plane.Contour integration is closely related to the calculus of residues, a method of complex analysis.\nOne use for contour integrals is the evaluation of integrals along the real line that are not readily found by using only real variable methods.Contour integration methods include:\n\ndirect integration of a complex-valued function along a curve in the complex plane (a contour);\napplication of the Cauchy integral formula; and\napplication of the residue theorem.One method can be used, or a combination of these methods, or various limiting processes, for the purpose of finding these integrals or sums.
Integrator An integrator in measurement and control applications is an element whose output signal is the time integral of its input signal. It accumulates the input quantity over a defined time to produce a representative output.
Continuous integration In software engineering, continuous integration (CI) is the practice of merging all developers' working copies to a shared mainline several times a day. Grady Booch first proposed the term CI in his 1991 method, although he did not advocate integrating several times a day.
Language acquisition Language acquisition is the process by which humans acquire the capacity to perceive and comprehend language (in other words, gain the ability to be aware of language and to understand it), as well as to produce and use words and sentences to communicate.\nLanguage acquisition involves structures, rules and representation.
Mergers & Acquisitions In corporate finance, mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
List of acquisitions by Oracle This is a listing of Oracle Corporation's corporate acquisitions, including acquisitions of both companies and individual products.\nOracle's version does not include value of the acquisition.See also Category:Sun Microsystems acquisitions (Sun was acquired by Oracle).
Ben Ashkenazy Ben Ashkenazy (born 1968/69) is an American billionaire real estate developer. He is the founder, CEO, and majority owner of Ashkenazy Acquisition Corporation, which has a $12 billion property portfolio.
Risk Factors
SKY FINANCIAL GROUP INC Item 1A Risk Factors Interest Rate Risk Changes in interest rates could adversely affect our earnings and financial condition
Our earnings and financial condition are dependent to a large degree upon net interest income, which is the difference between interest earned from loans and investments and interest paid on deposits and borrowings
The narrowing of interest-rate spreads, meaning the difference between the interest rates earned on loans and investments and the interest rates paid on deposits and borrowings, could adversely affect our earnings and financial condition
Interest rates are highly sensitive to many factors, including: n The rate of inflation; n The rate of economic growth; n Employment levels; n Monetary policies; and n Instability in domestic and foreign financial markets
Changes in market interest rates will also affect the level of voluntary prepayments on our loans and the receipt of payments on our mortgage-backed securities resulting in the receipt of proceeds that may be reinvested at a lower rate than the loan or mortgage-backed security being prepaid
The origination of loans for sale is designed to meet client financing needs and earn fee income
The origination of loans for sale is highly dependent upon the local real estate market and the level and trend of interest rates
Increasing interest rates may reduce the origination of loans for sale and consequently the fee income we earn
While our commercial banking, construction and income property business lines are an increasing portion of our activities, high interest rates may reduce our mortgage-banking activities and thereby our income
In contrast, decreasing interest rates have the effect of causing clients to refinance mortgage loans faster than anticipated
This causes the value of assets related to the servicing rights on loans sold to be lower than originally anticipated
If this happens, we may need to write down our servicing assets faster, which would accelerate our expense and lower our earnings
Government Policies Our business may be adversely affected by changes in government policies
The earnings of banks and bank holding companies such as Sky Financial are affected by the policies of regulatory authorities, including the Federal Reserve Board, which regulates the money supply
Among the methods employed by the Federal Reserve Board are open market operations in US Government securities, changes in the discount rate on member bank borrowings, and changes in reserve requirements against member bank deposits
These methods are used in varying combinations to influence overall growth and distribution of bank loans, investments and deposits, and their use may also affect interest rates charged on loans or paid on deposits
The monetary policies of the Federal Reserve Board have had a significant effect on the operating results of commercial and savings banks in the past and are expected to continue to do so in the future
7 ______________________________________________________________________ [51]Table of Contents The banking industry is highly regulated and changes in federal and state banking regulations as well as policies and administration guidelines may affect Sky Financial’s practices and growth prospects
Credit Risk Our earnings and reputation may be adversely affected if we fail to effectively manage our credit risk
Originating and underwriting loans are integral to the success of our business
This business requires us to take “credit risk,” which is the risk of losing principal and interest income because borrowers fail to repay loans
Collateral values and the ability of borrowers to repay their loans may be affected at any time by factors such as: n A downturn in the local economies in which we operate or the national economy; n A downturn in one or more of the business sectors in which our customers operate; or n A rapid increase in interest rates
Competition Strong competition within our market area may reduce our ability to attract and retain deposits and originate loans
We face competition both in originating loans and in attracting deposits
Competition in the financial services industry is intense
We compete for clients by offering excellent service and competitive rates on our loans and deposit products
The type of institutions we compete with include commercial banks, savings institutions, mortgage banking firms, credit unions, finance companies, mutual funds, insurance companies and brokerage and investment banking firms
As a result of their size and ability to achieve economies of scale, certain of our competitors offer a broader range of products and services than we offer
In addition, to stay competitive in our markets we may need to adjust the interest rates on our products to match the rates offered by our competitors, which could adversely affect our net interest margin
As a result, our profitability depends upon our continued ability to successfully compete in our market areas while achieving our investment objectives
Economy Our business may be adversely affected by downturns in the local economies on which we depend
Our loan portfolio is concentrated primarily in the northern and central Ohio regions, the southeast Michigan region, the eastern Indiana region, the western Pennsylvania region and the northern West Virginia region
Our profits depend on providing products and services to clients in these local regions
An increase in unemployment, a decrease in real estate values or continued increases in interest rates could weaken the local economies in which we operate
Weakness in our market area could depress our earnings and consequently our financial condition because: n Clients may not want or need our products and services; n Borrowers may not be able to repay their loans; n The value of the collateral securing our loans to borrowers may decline; and n The quality of our loan portfolio may decline
Integration Risk We may not be able to achieve the expected integration and cost savings from our ongoing bank acquisition activities
We have a long history of acquiring financial institutions and we expect this acquisition activity to continue in the future
Difficulties may arise in the integration of the business and operations of the financial institutions that agree to merge with and into Sky Financial and its affiliates and, as a result, we may not be able to achieve the cost savings and synergies that we expect will result from the merger activities
Achieving cost savings is dependent on consolidating certain operational and functional areas, eliminating duplicative positions and terminating certain agreements for outside services
Additional operational savings are dependent upon the integration of the banking businesses of the acquired financial institution with that of Sky Financial, including the conversion of the acquired entity’s core operating systems, data systems and products to those of Sky Financial and the standardization of business practices
Complications or difficulties in the conversion of the core operating systems, data systems and products of these other banks to those of Sky Financial may result in the loss of clients, damage to our reputation within the financial services industry, operational problems, one-time costs currently not anticipated by us and/or reduced cost savings resulting from the merger activities
Acquisition Risk We may have difficulty in the future to continue to grow through acquisitions
Any future acquisitions or mergers by Sky Financial or its banking subsidiaries are subject to approval by the appropriate federal and state banking regulators
The banking regulators evaluate a number of criteria in making their approval decisions, such as: n Safety and soundness guidelines; n Compliance with all laws including the USA Patriot Act of 2001, the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the Sarbanes-Oxley Act of 2002 and the related rules and regulations promulgated under such Act or the Exchange Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Community Reinvestment Act, the Home Mortgage Disclosure Act and all other applicable fair lending laws and other laws relating to discriminatory business practices; and n Anti-competitive concerns with the proposed transaction
8 ______________________________________________________________________ [52]Table of Contents If the banking regulators or a commenter on our regulatory application raise concerns about any of these criteria at the time a regulatory application is filed, the banking regulators may deny, delay or condition their approval of a proposed transaction
We have grown, and intend to continue to grow, through acquisitions of banks and other financial institutions
After these acquisitions, we may experience adverse changes in results of operations of acquired entities, unforeseen liabilities, asset quality problems of acquired entities, loss of key personnel, loss of clients because of change of identity, difficulties in integrating data processing and operational procedures and deterioration in local economic conditions
These various acquisition risks can be heightened in larger transactions