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Page PART I Item 1. Business 1 Item 1A. Risk Factors 17 Item 1B. Unresolved Staff Comments 59 Item 2. Properties 59 Item 3. Legal Proceedings 59 Item 4. Mine Safety Disclosures 59 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 60 Item 6. Sele... |
Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) 3 Condensed Consolidated Statements of St ockholders' Equity (Deficit) (... |
Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (U... |
Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Loss (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (U... |
Page PART I Item 1. Business 1 Item 1A. Risk Factors 18 Item 1B. Unresolved Staff Comments 61 Item 2. Properties 61 Item 3. Legal Proceedings 61 Item 4. Mine Safety Disclosures 61 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 62 Item 6. Sele... |
Page PART I. FINANCIAL INFORMATION 3 Item 1. Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements Of Income 4 Consolidated Statements Of Comprehensive Income (Loss) 5 Consolidated Statements Of Changes In Shareholders’ Equity 6 Consolidated Statements Of Cash Flows 7 Notes To Interim Consolidate... |
Page PART I. FINANCIAL INFORMATION 3 Item 1. Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements Of Income 4 Consolidated Statements Of Comprehensive Income (Loss) 5 Consolidated Statements Of Changes In Shareholders’ Equity 6 Consolidated Statements Of Cash Flows 8 Notes To Interim Consolidate... |
Page PART I. FINANCIAL INFORMATION 3 Item 1. Financial Statements 3 Consolidated Balance Sheets 3 Consolidated Statements Of Income 4 Consolidated Statements Of Comprehensive Income (Loss) 6 Consolidated Statements Of Changes In Shareholders’ Equity 7 Consolidated Statements Of Cash Flows 9 Notes To Interim Consolidate... |
WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from__________________ to _______________... |
$ 0 at both December 31, 2021 and 2020, as the Federal Reserve revoked the reserve requirement due to COVID- 19. Leases Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease ... |
WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Numbe 000-... |
WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Numbe 000-1... |
WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Numbe ... |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule... |
2022 than in |
2021. The decline is related to additional tax-exempt interest income from securities and additional tax-exempt earnings on bank-owned life insurances in |
2022 compared to |
2021. The effective tax rate was 15% in |
2022 compared to 17% in |
2021. For further details, refer to Note 12 (Income Taxes) of the Notes to the Consolidated Financial Statements included in Item 8 of this report. 22 Table of Contents Table 1 – Average Balances and Tax-Equivalent Interest Rates Tables 1 and 2 on the following pages provide information regarding interest income ... |
December 31, 2022: Payment Due by Period Less More than 1 - 3 3 - 5 than (Dollars in thousands) Total 1 year Years Years 5 Years Time deposits $ 238,174 $ 210,989 $ 22,113 $ 5,072 $ - Borrowings 50,000 50,000 - - - Cumulative Preferred Securities (1) 3,795 - - - 3,795 ChoiceOne Subordinated Debenture (2) 32,500 - -... |
December 31, 2022, management determined that no valuation allowance was necessary. The valuation of current and deferred income tax assets and liabilities is considered critical, as it requires management to make estimates based on provisions of the enacted tax laws. The assessment of tax assets and liabilities in... |
December 31, 2022, compared to 43% at |
December 31, 2021. Table 5 above shows the entire balance of interest-bearing demand deposits, savings deposits, and money market deposits in the shortest repricing term. Although these categories have the ability to reprice immediately, management has some control over the actual timing or extent of the changes in... |
December 31, 2022 and 2021: Table 6 – Sensitivity to Changes in Interest Rates 2022 Net Market (Dollars in thousands) Interest Percent Value of Percent Income Change Equity Change Change in Interest Rate 200 basis point rise 61,826 -11 % 355,701 15 % 100 basis point rise 66,025 -5 % 338,913 9 % Base rate scenario 6... |
$ 0 at both December 31, 2022 and 2021, as the Federal Reserve revoked the reserve requirement due to the COVID- 19 pandemic. Leases Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis ov... |
$ 6.5 million and |
$ 7.0 million, which will result in an expected allowance for loan losses to total loan coverage ratio between 1.15 % and 1.25 % on January 1, 2023. Approximately 20 % to 25 % of this increase is related to the migration of purchased loans into the portfolio assessed by the CECL calculation. ChoiceOne will also re... |
$ 2.5 million to |
$ 3.0 million related to the adoption of CECL. These unfunded loans and other commitments are open credit lines with current customers and loans approved by ChoiceOne but not yet funded. The increase in the reserve and the cost of the liability will result in a decrease in retained earnings account on our Consoli... |
Washington, D.C. 20549 FORM 10-K ------------------------------ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31 , 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fro... |
1st FRANKLIN FINANCIAL CORP - Form 10-Q SEC filing 0000038723 --12-31 false 2022 Q1 0000038723 2022-01-01 2022-03-31 0000038723 2022-03-31 0000038723 2022-03-31 2022-03-31 0000038723 2022-04-30 0000038723 2022-04-30 0000038723 2021-12-31 0000038723 2022-03-31 0000038723 2021-12-31 0000038723 2022-03-31 0000038723... |
PART I FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K (including the section regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations) contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “... |
Table of Contents PART I Item 1. Business 3 Item 1A. Risk Factors 12 Item 1B. Unresolved Staff Comments 25 Item 2. Properties 25 Item 3. Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26... |
Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders’ Equity 5 Condensed Consolidated Statements of Cash Flows 6... |
Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders’ Equity 5 Condensed Consolidated Statements of Cash Flows 7... |
Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders’ Equity 5 Condensed Consolidated Statements of Cash Flows 7... |
Table of Contents PART I Item 1. Business 4 Item 1A. Risk Factors 12 Item 1B. Unresolved Staff Comments 24 Item 2. Properties 24 Item 3. Legal Proceedings 24 Item 4. Mine Safety Disclosures 24 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 25... |
Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders’ Equity 5 Condensed Consolidated Statements of Cash Flows 6... |
Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders’ Equity 5 Condensed Consolidated Statements of Cash Flows 7... |
Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Stockholders’ Equity 5 Condensed Consolidated Statements of Cash Flows 7... |
0001450923 false FY 2021 --12-31 true Unlimited Unlimited 0001450923 2021-01-01 2021-12-31 0001450923 2021-06-30 0001450923 2022-02-24 0001450923 2021-12-31 0001450923 2020-12-31 0001450923 2020-01-01 2020-12-31 0001450923 currency:XAU 2021-12-31 0001450923 currency:XAU 2020-12-31 0001450923 2019-01-01 2019-12-31 00014... |
STATES SECURITIES AND EXCHANGE COMMISSION Washington, |
D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT |
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For |
the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT |
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______________ to _______________ Commission File Numbe 001-34441 Aberdeen Standard Gold ETF Trust (Exact name of registrant as specified in |
its charter) New York 26-4587209 (State or other jurisdiction |
of incorporation or organization) (I.R.S. Employer Identification No.) c/o |
Aberdeen Standard Investments ETFs Sponsor LLC 712 |
Fifth Avenue , 49 th Floor New York , NY (Address of principal executive |
offices) 10019 (Zip Code) ( 844 ) 383-7289 (Registrant’s telephone number, |
including area code) Securities registered pursuant to Section 12(b) of the Ac Title of each class Trading Symbol(s) Name of each exchange on which registered Aberdeen Standard Physical Gold Shares ETF SGOL NYSE Arca Indicate |
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate |
by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate |
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities |
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), |
and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate |
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant |
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the |
registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated |
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the |
definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, |
and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer ☒ Accelerated Filer ☐ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐ If an emerging growth company, indicate |
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial |
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate |
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No Aggregate market value of the registrant’s shares outstanding |
held by non-affiliates of the registrant based upon the closing price of a share on June 30, 2021 as reported by the NYSE Arca, |
Inc. on that date: $ 2,359,911,000 . As of February 24, |
2022, Aberdeen Standard Gold ETF Trust had 143,900,000 Aberdeen Standard Physical Gold Shares ETF outstanding. DOCUMENTS INCORPORATED BY REFERENCE: None FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains various “forward-looking |
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities |
Exchange Act of 1934, as amended, and within the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking |
statements usually include the words, “anticipates,” “believes,” “estimates,” “expects,” |
“intends,” “plans,” “projects,” “understands” and other words suggesting uncertainty. |
We remind readers that forward-looking statements are merely predictions and therefore inherently subject to uncertainties and |
other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our |
achievements, or industry results, to be materially different from any future results, performance, levels of activity, or our |
achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these |
forward-looking statements, which speak only as of the date hereof. The Trust undertakes no obligation to publicly release any |
revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence |
of unanticipated events. Additional significant uncertainties and other factors affecting |
forward-looking statements are presented in the Risk Factors section herein. TABLE OF CONTENTS PART I 2 Item 1. Business 2 Trust Objective 2 Overview of the Gold Industry 3 Operation of the Gold Bullion Market 5 Secondary Market Trading 9 Valuation of Gold and Computation of Net Asset Value 9 Trust Expenses 10 Creation... |
shares issued by the Trust (“Shares”). Each Share represents a fractional undivided beneficial interest in and ownership |
of the Trust. The assets of the Trust consist solely of gold bullion. The Trust was formed on September 1, 2009 |
when an initial deposit of gold was made in exchange for the issuance of two Baskets (a “Basket” consists of 100,000 |
Shares). The sponsor of the Trust is Aberdeen Standard Investments |
ETFs Sponsor LLC (the “Sponsor”). The trustee of the Trust is The Bank of New York Mellon (the |
“Trustee”) and the custodian is JPMorgan Chase Bank N.A., London Branch (the “Custodian”). The Trust’s Shares at redeemable value decreased from |
$2,652,511,503 at December 31, 2020 to $2,391,232,291 at December 31, 2021, the Trust’s fiscal year end. Outstanding Shares |
in the Trust decreased from 146,200,000 Shares at December 31, 2020 to 138,000,000 Shares at December 31, 2021. The Trust is not managed like a corporation or an active investment |
vehicle. The Trust has no directors, officers or employees. It does not engage in any activities designed to obtain a profit from |
or to improve the losses caused by changes in the price of gold. The gold held by the Trust will only be delivered to |
pay the remuneration due to the Sponsor (the “Sponsor’s Fee”), distributed to Authorized Participants (defined |
below) in connection with the redemption of Baskets or sold (1) on an as-needed basis to pay Trust expenses not assumed by the |
Sponsor, (2) in the event the Trust terminates and liquidates its assets, or (3) as otherwise required by law or regulation. The Trust is not registered as an investment company under the |
Investment Company Act of 1940 and is not required to register under such act. The Trust does not and will not hold or trade in |
commodities futures contracts, “commodity interests” or any other instruments regulated by the Commodity Exchange Act |
(the “CEA”), as administered by the Commodity Futures Trading Commission (the “CFTC”) and the National |
Futures Association (“NFA”). The Trust is not a commodity pool for purposes of the CEA and the Shares are not “commodity |
interests,” and neither the Sponsor nor the Trustee is subject to regulation as a commodity pool operator or a commodity |
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