▸ Negative developments affecting the banking industry and resulting media coverage have eroded customer confidence in the banking system.· · · · · ● 1 ▸ Severe weather, natural disasters, acts of war or terrorism, pandemics, and other adverse external events could significantly impact our business and customers.· · · · · ● 1 ▸ The development and use of AI presents risks and challenges that may adversely impact the Company’s business.· · · · ● ● 2 ▸ Unstable global economic conditions may have serious adverse consequences on our business, financial condition, and operations.· · · · ● ● 2 ▸ We face a risk of noncompliance and enforcement action with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws and regulations.· · · · ● ● 2 rw ▸ Increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition.· · · ● ● ● 3 ▸ The soundness of other financial institutions could adversely affect us.· · · ● ● · 2 ▸ Many of our deposit clients and clients of our private trust bank offices are individuals involved in professional vocations, such as lawyers, accountants, and doctors. These clients are a significant source of referrals for new clients in· · ● · · · 1 ▸ The risk of another pandemic could adversely impact our business and financial results.· · ● ● ● · 3 ▸ Economic and trade sanctions against targeted foreign countries and regimes could adversely affect us.· ● ● ● · · 3 ▸ Acquisition and divestitures may subject us to integration risks and other unknown risks.● ● · · · · 2 ▸ Although we plan to grow our business internally, we may expand our business by acquiring other banks and financial services companies, and we may not be successful in doing so.● ● · · · · 2 ▸ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss model with an expected loss model, which is● · · · · · 1 ▸ In accordance with regulatory requirements and GAAP, we maintain an allowance for loan losses to provide for incurred loan and lease losses and a reserve for unfunded loan commitments. Our allowance for loan losses may not be adequate to● · · · · · 1 ▸ New and future rulemaking by the CFPB and other regulators, as well as enforcement of existing consumer protection laws, may have a material and adverse effect on our operations and operating costs.● ● · · · · 2 ▸ Our business and operations may be adversely affected in numerous and complex ways by weak economic conditions and global trade.● ● · · · · 2 ▸ Our primary tangible asset is the stock of the Bank. As such, we depend upon the Bank for cash distributions (through dividends on the Bank’s common stock) that we use to pay our operating expenses, satisfy our obligations (including our● · · · · · 1 ▸ The fair value of our investment securities can fluctuate due to factors outside of our control.● ● · · · · 2 ▸ The implementation of the Current Expected Credit Loss accounting standard could require the Company to increase its allowance for credit losses and may have a material adverse effect on its financial condition and results of operations.● ● · · · · 2 ▸ The market for investment managers and professionals is extremely competitive and the loss of a key investment manager could adversely affect our investment advisory and wealth management business.● ● · · · · 2 ▸ The market price of our common stock could decline significantly due to actual or anticipated issuances or sales of our common stock in the future.● ● · · · · 2 ▸ We are exposed to risk of environmental liabilities with respect to real properties that we may acquire.● ● · · · · 2 ▸ We continually encounter technological change, and we may have fewer resources than many of our competitors to invest in technological improvements.● ● · · · · 2 ▸ We face a risk of noncompliance and enforcement action with the Bank Secrecy Act and other anti-money laundering statutes and regulations.● ● ● ● · · 4 ▸ We have pledged all of the stock of the Bank as collateral for a loan and if the lender forecloses, you could lose your investment.● ● · · · · 2 ▸ We may be adversely impacted by the transition from LIBOR as a reference rate and the uncertainty related to one or more alternative reference rates intended to replace LIBOR.● ● ● · · · 3 ▸ We may incur losses as a result of unforeseen or catastrophic events, including the emergence of a pandemic, terrorist attacks, extreme weather events or other natural disasters.● ● · · · · 2 ▸ Our allowance for credit losses may not be adequate to cover actual losses.● ● · ● ● ● 5 rw ▸ An investment in our common stock is not an insured deposit and is subject to risk of loss.● ● ● ● ● ● 6 ▸ As a public company, we face increased legal, accounting, administrative and other costs and expenses that we did not incur as a private company, particularly after we no longer qualify as an emerging growth company.● ● ● ● ● ● 6 ▸ Changes in interest rates could reduce our net interest margins and net interest income.● ● ● ● ● ● 6 ▸ Fee revenue represents a significant portion of our consolidated revenue and is subject to decline, among other things, in the event of a reduction in, or changes to, the level or type of investment activity by our clients.● ● ● ● ● ● 6 ▸ If we are unable to continue to originate residential real estate loans and sell them into the secondary market for a profit, our earnings could decrease.● ● ● ● ● ● 6 ▸ If we fail to maintain effective internal control over financial reporting, we may not be able to report our financial results accurately and timely.● ● ● ● ● ● 6 ▸ Liquidity risk could adversely affect our ability to fund operations and hurt our financial condition.● ● ● ● ● ● 6 ▸ New lines of business or new products and services may subject us to additional risks.● ● ● ● ● ● 6 ▸ Our ability to attract and retain clients and key associates could be adversely affected if our reputation is harmed.● ● ● ● ● ● 6 ▸ Our banking, trust and wealth advisory operations are geographically concentrated in Colorado, Arizona, Wyoming Montana, and California, leading to significant exposure to those markets.● ● ● ● ● ● 6 rw ▸ Our business and operations may be adversely affected in numerous and complex ways by external business disruptors in the financial services industry.● ● ● ● ● ● 6 ▸ Our common stock is subordinate to our existing and future indebtedness, and is effectively subordinated to all the indebtedness and other non-common equity claims against our subsidiaries.● ● ● ● ● ● 6 ▸ Our largest trust client accounts for 36.8% of our total assets under management and 4.6% of our total Trust and investment management fees.● ● ● ● ● ● 6 rw ▸ Our loan portfolio includes a significant number of commercial loans, which involve risks specific to commercial borrowers.● ● ● ● ● ● 6 ▸ Our management and Board of Directors have significant control over our business.● ● ● ● ● ● 6 ▸ Regulations relating to privacy, information security and data protection could increase our costs, affect or limit how we collect and use personal information and adversely affect our business opportunities.● ● ● ● ● ● 6 ▸ group Risks Related to Our Business● ● ● ● ● ● 6 ▸ group Risks Related to Our Regulatory Environment● ● ● ● ● ● 6 ▸ group Risks Related to Ownership of our Common Stock● ● ● ● ● ● 6 ▸ Securities analysts may not initiate or continue coverage on us.● ● ● ● ● ● 6 ▸ The financial services industry is highly regulated, and legislative or regulatory actions taken now or in the future may have a significant adverse effect on our operations.● ● ● ● ● ● 6 ▸ The investment management contracts we have with our clients are terminable without cause and on relatively short notice by our clients, which makes us vulnerable to short-term declines in the performance of the securities under our management.● ● ● ● ● ● 6 ▸ The level of our commercial real estate loan portfolio may subject us to heightened regulatory scrutiny.● ● ● ● ● ● 6 ▸ The market price of our common stock may be subject to substantial fluctuations and significant declines, which may make it difficult for you to sell your shares at the volume, prices and times desired.● ● ● ● ● ● 6 rw ▸ The obligations associated with being a public company require significant resources and management attention, which increases our costs of operations and may divert focus from our business operations.● ● ● ● ● ● 6 rw ▸ The success of our business depends on achieving our strategic objectives, including through acquisitions which may not increase our profitability and may adversely affect our future operating results.● ● ● ● ● ● 6 ▸ The trading volume in our common stock is less than other larger financial institutions.● ● ● ● ● ● 6 ▸ The trust wealth management fees we receive may decrease as a result of poor investment performance, in either relative or absolute terms, which could decrease our revenues and net earnings.● ● ● ● ● ● 6 ▸ We are dependent upon the Bank for cash flow, and the Bank’s ability to make cash distributions is restricted.● ● ● ● ● ● 6 ▸ We are required to make significant estimates and assumptions in the preparation of our financial statements and our estimates and assumptions may not be accurate.● ● ● ● ● ● 6 ▸ We are subject to numerous laws designed to protect consumers, including the Community Reinvestment Act and fair lending laws, and failure to comply with these laws could lead to a wide variety of sanctions.● ● ● ● ● ● 6 ▸ We are subject to stringent capital requirements.● ● ● ● ● ● 6 ▸ We can be subject to legal and regulatory proceedings, investigations and inquiries related to conduct risk.● ● ● ● ● ● 6 ▸ We face intense competition from other banks and financial institutions and other wealth and investment management firms that could hurt our business.● ● ● ● ● ● 6 ▸ We may be adversely affected by the soundness of certain securities brokerage firms.● ● ● ● ● ● 6 ▸ We may be required to recognize a significant charge to earnings if our goodwill or other intangible assets become impaired, which could have a material adverse effect on our financial condition and results of operations.● ● ● ● ● ● 6 ▸ We may be subject to claims and litigation pertaining to our fiduciary responsibilities.● ● ● ● ● ● 6 ▸ We may incur significant losses due to ineffective risk management processes and strategies.● ● ● ● ● ● 6 ▸ We may issue new debt securities, which would be senior to our common stock and may cause the market price of our common stock to decline.● ● ● ● ● ● 6 ▸ We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our common stock, which could depress the price of our common stock.● ● ● ● ● ● 6 ▸ We may not be able to maintain a strong core deposit base or other low-cost funding sources.● ● ● ● ● ● 6 ▸ We rely on communications, information, operating and financial control systems technology and related services from third-party service providers, including reliance on cloud-based vendors, and we may suffer an interruption in those systems.● ● ● ● ● ● 6 rw ▸ We rely on customer and counterparty information, which subjects us to risks if that information is not accurate or is incomplete.● ● ● ● ● ● 6 
