Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

- Management's Discussion and Analysis of Financial Condition and Results of Operations

General

The following is management's analysis of the Company's results of operations for the three-month period ending September 30, 2026, compared to the same period in fiscal year 2025, and the consolidated balance sheet at September 30, 2026, compared to June 30, 2026. This discussion is designed to provide a more comprehensive review of the operating results and financial condition than could be obtained from an examination of the financial statements alone. This analysis should be read in conjunction with the consolidated financial statements and related footnotes and the selected financial data included elsewhere in this report.

Overview

Consumers Bancorp, Inc., a bank holding company incorporated under the laws of the State of Ohio (the Company), owns all the issued and outstanding common shares of Consumers National Bank, a bank chartered under the laws of the United States of America (the Bank). The Company's activities have been limited primarily to holding the common shares of the Bank. The Bank's business involves attracting deposits from businesses and individual customers and using such deposits to originate commercial, mortgage and consumer loans in its market area, consisting primarily of Carroll, Columbiana, Jefferson, Mahoning, Stark, Summit, and contiguous counties in Ohio, Pennsylvania, and West Virginia. The Bank also invests in securities consisting primarily of U.S. government sponsored entities, municipal obligations, mortgage-backed and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac and Ginnie Mae.

Results of Operations

Three-Month Periods Ended September 30, 2026 and 2025

Net income for the first quarter of fiscal year 2027 was $3,038, or $0.96 per common share, compared with $2,634, or $0.84 per common share, for the three months ended September 30, 2025. The following highlights summarize our results of operations for the three months ended September 30, 2026, compared with the same period in the prior fiscal year:

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tax-equivalent net interest income increased by $1,257, or 13.0%, to $10,938 for the first quarter of fiscal year 2027, compared with the same period in the prior year, primarily because of a $96,582, or 8.7%, increase in average interest-earning assets combined with a 19-basis point increase in the yield on interest-earning assets;

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a $415 provision for credit losses on loans and $10 provision for credit losses on unfunded commitments was recorded for the three-month period ended September 30, 2026, compared with a $320 provision for credit losses on loans and a $35 reduction to the provision for credit losses on unfunded commitments for the same prior year period;

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noninterest income increased by $116, or 7.9%, in the first quarter of fiscal year 2027 compared with the same prior year period primarily because of $27, or 4.0%, increase in debit card interchange income and a $19, or 17.6%, increase in BOLI income because of the purchase of new life insurance policies during the 2026 fiscal year, and $38 of revenue recognized on interest rate swaps; and

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noninterest expenses increased by $727, or 9.5%, in the first quarter of fiscal year 2027 from the same prior year period primarily because of increases in salaries and benefits expenses.

The annualized return on average equity and return on average assets were 13.50% and 0.95%, respectively, for the three months ended September 30, 2026, compared to 13.42% and 0.89%, respectively, for the same prior year period.

Net Interest Income

Net interest income, the difference between interest income earned on interest-earning assets and interest expense incurred on interest-bearing liabilities, is the largest component of the Company's earnings. Net interest income is affected by changes in the volumes, rates and composition of interest-earning assets and interest-bearing liabilities. In addition, prevailing economic conditions, fiscal and monetary policies and the policies of various regulatory agencies all affect market rates of interest and the availability and cost of credit, which, in turn, can significantly affect net interest income. Net interest margin is calculated by dividing net interest income on a fully tax equivalent basis (FTE) by total average interest-earning assets. FTE income includes tax-exempt income, restated to a pre-tax equivalent, based on the statutory federal income tax rate. The federal income tax rate in effect for the 2026 and 2025 fiscal years was 21.0%. All average balances are daily average balances. Non-accruing loans are included in average loan balances and average securities include unrealized gains and losses on securities available-for-sale, while yields are based on average amortized cost.

The Company's net interest margin was 3.52% for the three months ending September 30, 2026, compared with 3.37% for the same prior year period. FTE net interest income for the three months ended September 30, 2026, increased by $1,257, or 13.0%, to $10,938 from $9,681 for the same prior year period.

The yield on average interest-earning assets increased to 5.25% for the three months ended September 30, 2026, compared with 5.06% for the same period last year. Tax-equivalent interest income increased by $1,776, or 12.2%, for the three months ended September 30, 2026, from the same prior year period primarily because of a $96,582, or 8.7%, increase in average interest-earning assets and a 19-basis point increase in the yield on average interest-earning assets. The yield on securities and loans was positively impacted by new and repricing assets being invested at higher current market rates. Interest expense for the three months ended September 30, 2026 increased by $519, or 10.7%, from the same prior year period primarily because of an $85,942, or 10.3%, increase in interest bearing liabilities. The Company's cost of funds was 2.30% for the three-month period ended September 30, 2026, and 2.29% for the period ended September 30, 2025.

Average Balance Sheets and Analysis of Net Interest Income for the Three Months Ended September 30,

(In thousands, except percentages)

		2026												2025
		Average Balance				Interest				Yield/ Rate				Average Balance				Interest				Yield/ Rate
Interest-earning assets:
Taxable securities		$	183,475			$	1,555				3.04	%		$	207,410			$	1,722				3.00	%
Tax-exempt securities (1)			73,448				708				3.52				68,497				616				3.20
Loans (1)			945,345				13,984				5.87				826,909				12,090				5.80
Other equity securities, at cost			3,025				42				5.51				2,283				35				6.08
Equity securities			-				--				-				392				9				9.11
Interest bearing deposits and federal funds sold			1,733				15				3.43				4,953				56				4.49
Total interest-earning assets			1,207,026				16,304				5.25	%			1,110,444				14,528				5.06	%
Noninterest-earning assets			65,438												63,686
Total Assets		$	1,272,464											$	1,174,130
Interest-bearing liabilities:
NOW		$	154,915			$	262				0.67	%		$	157,601			$	325				0.82	%
Savings			450,035				2,411				2.13				389,175				1,942				1.98
Time deposits			284,025				2,490				3.48				266,271				2,443				3.64
Short-term borrowings			20,952				91				1.72				17,217				77				1.77
FHLB advances			14,163				112				3.14				7,884				60				3.02
Total interest-bearing liabilities			924,090				5,366				2.30	%			838,148				4,847				2.29	%
Noninterest-bearing liabilities:
Noninterest-bearing checking accounts			245,945												244,099
Other liabilities			13,129												14,040
Total liabilities			1,183,164												1,096,287
Shareholders' equity			89,300												77,843
Total liabilities and shareholders' equity		$	1,272,464											$	1,174,130
Net interest income, interest rate spread (1)						$	10,938				2.95	%						$	9,681				2.77	%
Net interest margin (net interest as a percent of average interest-earning assets) (1)											3.52	%											3.37	%
Federal tax exemption on non-taxable securities and loans included in interest income						$	157											$	136
Average interest-earning assets to interest-bearing liabilities			130.62	%											132.49	%

(1) calculated on a fully taxable equivalent basis utilizing a statutory federal income tax rate of 21.0%

Provision for Credit Losses

The allowance for credit losses on loans consists of general and specific components. The general component covers loans collectively evaluated for credit loss and is based on peer historical loss experience adjusted for current and forecasted factors. For each portfolio segment, a loss driver analysis (LDA) is performed to identify appropriate loss indicators and create a regression model for use in forecasting cash flows. The LDA analysis utilizes peer data from the Federal Financial Institutions Examination Council's (FFIEC) Call Report data for all segments. Since the Company has had very limited loss experience, management elected to utilize benchmark peer loss history data to estimate historical loss rates. The Company has established a one-year reasonable and supportable forecast period with a one-year straight-line reversion to the long-term historical average. The Company uses the central tendency seasonally adjusted civilian unemployment rate forecast from the Federal Open Market Committee for all portfolio segments. Other key assumptions include a maturity assumption for loans without maturity dates and prepayment / curtailment rates specific to each loan segment. Prepayment and curtailment rates are calculated based on the Company's own data.

Management's adjustments to the quantitative evaluation may be for trends in delinquencies, trends in the volume of loans, changes in underwriting standards, changes in the value of underlying collateral, the existence and effect of portfolio concentration, regulatory environment, economic conditions, Company management and the status of portfolio administration including the Company's loan review function.

The specific component of the allowance for credit losses includes loans that do not share similar risk characteristics with other loans and are therefore evaluated individually and are excluded from the pooling approach. As of September 30, 2026, individually evaluated loans totaled $13,723 and consisted of a $13,131 third-party residential mortgage warehouse line-of-credit and $592 of nonaccrual loans. As of June 30, 2026, individually evaluated loans totaled $19,970 and consisted of a $19,293 third-party residential mortgage warehouse line-of-credit and $677 of nonaccrual loans. The warehouse line-of-credit is evaluated individually due to its unique structure, including the short-term nature of the advances, curtailment features provided by the financial institution that the line-of-credit is issued to, and collateral consisting of individual residential properties. There was no specific allowance for credit losses allocated to individually evaluated loans as of September 30, 2026, compared with a specific allocation of $8 as of June 30, 2026.

The allowance for credit losses as a percentage of loans was 1.0% as of September 30, 2026 and 0.99% as of June 30, 2026. Net charge-offs of $31, or an annualized 0.01% of total loans, were recorded during the three-month period ended September 30, 2026, compared with net charge offs of $81, or an annualized 0.04% of total loans, for the same period last year.

Non-performing loans were $600, or 0.06% of total loans, as of September 30, 2026, compared with $696, or 0.07% of total loans, as of June 30, 2026. As of September 30, 2026, loans classified as special mention were $3,805 and substandard were $12,041. The balances of loans classified as special mention and substandard are primarily related to one commercial customer because of a combination of a delay in a construction project and reduced revenue in the industry. The construction project for this commercial customer is now complete, and operations have commenced in the new building, a portion of the property is leased, and the customer implemented operational changes which have improved their financial performance. The commercial real estate securing these loans were appraised for an amount that exceeds the outstanding loan balance. Also, the real estate secured position on this credit is further improved by existing and approved/pending Small Business Administration 504 debentures. Uncertainty remains regarding future levels of criticized and classified loans, non-performing loans and charge-offs. Management will continue to closely monitor changes in the loan portfolio and will work with borrowers as needed to mitigate losses to the Company.

The allowance for credit losses on off-balance sheet credit exposures is a liability account representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. The reserve for unfunded commitments is primarily related to 1 - 4 family home equity lines of credit and commercial construction loans. For the three-month period ended September 30, 2026, an increase of $10 was recorded to the reserve for unfunded commitments compared with a reduction of $35 for the same period last year. The balance of the reserve for unfunded commitments was $595 and $585 as of September 30, 2026 and June 30, 2026, respectively.

Noninterest Income

Noninterest income increased by $116, or 7.9%, for the first quarter of fiscal year 2027 from the same period last year primarily because of an increase of $27, or 4.0%, in debit card interchange income due to increased customer usage, an increase of $8, or 6.3%, in mortgage banking activity, an increase of $19, or 17.6%, in bank owned life insurance income because of the purchase of additional life insurance policies in fiscal year 2026, and $38 of revenue recognized on interest rate swaps.

Noninterest Expenses

Total noninterest expenses increased by $727, or 9.5%, for the first quarter of fiscal year 2027 compared with the same period in the prior year. The increase was primarily attributable to a $607, or 14.3%, increase in salaries and employee benefits. Salaries and employee benefits increased primarily due to the addition of executive management personnel, including the hiring of a Chief Retail and Deposit Officer in June 2026 in anticipation of the planned retirement of the Retail Operations and Sales Officer in February 2027 and the addition of a Chief Risk and Legal Officer position in August 2026, as well as higher lending-related commission expenses, and increased incentive compensation accruals.

Income Taxes

Income tax expense was $558 for the three-month period ended September 30, 2026, compared to $477 for the three-month period ended September 30, 2025. The effective tax rates were 15.5% and 15.3% for the three-month periods ended September 30, 2026 and 2025, respectively. The effective tax rates were lower than the federal statutory tax rate because of tax-exempt income from obligations of state and political subdivisions and certain loans, income generated from bank owned life insurance, and benefits associated with low-income housing tax credits.

Financial Condition

Total assets as of September 30, 2026 were $1,293,821 compared to $1,280,373 at June 30, 2026, an increase of $13,448, or an annualized 4.2%.

Total loans increased by $30,828, or an annualized 13.2%, to $968,361 as of September 30, 2026, compared to $937,533 as of June 30, 2026. Commercial & industrial loans decreased by $3,950 primarily because of a third-party residential mortgage warehouse line-of-credit that had a balance of $13,131 as of September 30, 2026, and $19,293 as of June 30, 2026. The outstanding balance on this warehouse line-of-credit fluctuates based on mortgage volume and the funding needs of the lead bank. Consumer loans increased by $17,517, or an annualized 56.8%, because of the expansion of indirect auto lending within our market areas. Major classifications of loans, net of deferred loan fees and costs, were as follows as of September 30, 2026 and June 30, 2026:

		September 30, 2026				June 30, 2026
Commercial & Industrial		$	146,818			$	150,768
Commercial real estate:
Owner occupied			179,202				179,197
Non-owner occupied			193,134				179,333
Farmland			48,758				47,293
Land Development			14,782				17,714
1-4 Family residential real estate			220,499				215,577
Consumer loans			165,168				147,651
Total loans		$	968,361			$	937,533

Available-for-sale securities decreased by $15,089 from $257,584 as of June 30, 2026, to $242,495 as of September 30, 2026. The decrease was primarily attributable to an increase in the portfolio's net unrealized loss, which totaled $35,211 as of September 30, 2026, compared to $22,606 as of June 30, 2026. The unrealized loss reflects the impact of market interest rates that are higher than the yields on many of the securities acquired when interest rates were lower. Management expects the fair value of these securities to recover over time as the securities approach their maturity or repricing dates, or if market yields for such securities decline.

The portfolio consists of agency mortgage-backed securities, obligations of state and political subdivisions, debt issued by government-sponsored agencies, and corporate debt. The municipal bond portfolio includes both tax-exempt and taxable general obligations and revenue bonds issued by a broad range of counties, towns, school districts, and other essential service providers. As of September 30, 2026, 98.3% of the municipal bonds held in the available-for-sale portfolio carried investment grade ratings from S&P or Moody's, while the remaining 1.7% were non-rated issues. The other debt securities consist of subordinated notes issued by other bank holding companies. As of September 30, 2026, the portfolio was projected to generate approximately $24,321 of cash flow over the next 12 months, providing liquidity that may be reinvested into loans or securities at the prevailing market rates.

Asset Quality

The following table presents the aggregate amounts of non-performing assets and select ratios as of the dates indicated.

		September 30, 2026				June 30, 2026				September 30, 2025
Non-accrual loans		$	592			$	677			$	902
Loans past due over 90 days and still accruing			8				19				62
Total non-performing loans			600				696				964
Other real estate and repossessed assets			-				-				-
Total non-performing assets		$	600			$	696			$	964
Non-performing loans to total loans			0.06	%			0.07	%			0.12	%

Contractual Obligations, Commitments, Contingent Liabilities and Off-Balance Sheet Arrangements

Liquidity

The objective of liquidity management is to ensure adequate cash flows to accommodate the demands of our customers and provide adequate flexibility for the Company to take advantage of market opportunities under both normal operating conditions and under unpredictable circumstances of industry or market stress. Cash is used to fund loans, purchase investments, fund the maturity of liabilities, and, at times, to fund deposit outflows and operating activities. The Company's principal sources of funds are deposits; amortization and prepayments of loans; maturities, calls and principal receipts from securities; borrowings; and operations. Management considers the asset position of the Company to be sufficiently liquid to meet normal operating needs and conditions. The Company's interest-earning assets are mainly comprised of loans and investment securities. Management continually strives to obtain the best mix of loans and investments to both maximize yield and ensure the soundness of the portfolio, as well as to provide funding for loan demand as needed.

For the three months ended September 30, 2026, net cash inflows from operating activities were $2,565, net cash outflows for investing activities was $28,364 and net cash inflows from financing activities was $21,306. A major source of cash was $24,722 from the increase in deposits and $8,257 from maturity, calls, and principal pay downs of available-for-sale securities. A major use of cash was $30,859 for loan originations. Total cash and cash equivalents were $21,770 as of September 30, 2026, compared to $26,263 at June 30, 2026, and $26,668 at September 30, 2025.

Deposits totaled $1,145,684 as of September 30, 2026, an increase of $24,722, or an annualized 8.8%, compared with $1,120,962 as of June 30, 2026. The Bank offers several types of deposit products to a diverse base of business, public fund, and personal customers. We believe the rates offered by the Bank and the fees charged for them are competitive with the rates and fees charged by other banks for similar deposit products currently available in the market area. Uninsured deposits as of September 30, 2026 were $389,966, or 34.0% of total deposits, and include $108,936 of uninsured public fund deposits that are fully collateralized.

Jumbo time deposits (those with balances of $250 and over) totaled $100,305 as of September 30, 2026, compared to $94,028 as of June 30, 2026. These deposits are primarily from local customers, businesses, and public entities and are generally priced on an individual basis. Management closely monitors these deposits as part of its overall funding strategy. As an additional source of funding, the Company can obtain deposits through fee-paid brokers or certificates of deposit listing services to obtain deposits from outside its normal service area. However, the Company does not rely upon these types of deposits as a primary funding source. The Company had no deposits classified as brokered deposits as of September 30, 2026.

Management regularly monitors interest rate risk and utilizes a quarterly interest rate sensitivity analysis to assess the potential impact of changes in market interest rates on the Company's financial condition and results of operations. In management's opinion, a sufficient amount of assets and liabilities can be repriced within a reasonable period, generally up to three years, to mitigate the effects of changes in market interest rates. In addition, net interest spread, defined as the difference between the yield earned on interest-earning assets and the cost of interest-bearing liabilities, is monitored monthly.

To provide additional sources of liquidity, the Company has lines of credit with other financial institutions and entered into agreements with the FHLB of Cincinnati and the Federal Reserve discount window. At September 30, 2026, advances from the FHLB of Cincinnati totaled $22,000 compared with $27,007 as of June 30, 2026. As of September 30, 2026, the Bank had the ability to borrow an additional $89,871 from the FHLB of Cincinnati based on a blanket pledge of qualifying first mortgage and multi-family loans. The Company considers the FHLB of Cincinnati to be a reliable source of liquidity funding, secondary to its deposit base. In addition, as of September 30, 2026, the Company had approximately $89,857 in securities unencumbered by a pledge that could be used to support additional borrowings, as needed, through the Federal Reserve discount window.

Short-term borrowings consisted of repurchase agreements, federal funds purchased, and a line of credit from another financial institution and totaled $31,497 as of September 30, 2026 and $29,210 as of June 30, 2026. Repurchase agreements are classified as borrowings and were the most significant component of short-term borrowings with a balance of $19,977 as of September 30, 2026 and $18,480 as of June 30, 2026. Repurchase agreements are financing arrangements with local customers that mature daily and the Bank pledges securities as collateral for these borrowings. Federal funds purchased totaled $11,395 as of September 30, 2026 and are used as a short-term source of funding. The company has access to a line of credit from another financial institution since the holding company does not conduct operations and its primary sources of liquidity are dividends upstreamed from the Bank and borrowings from outside sources. As of September 30, 2026, the outstanding balance on the holding company's line of credit was $125 and the availability on the line of credit was $4,875.

To meet the financial needs of our customers, we have issued commitments to originate mortgage, commercial, construction, and consumer loans and commitments for commercial, home equity, and consumer lines of credit. Since commitments to extend credit have a fixed expiration date or other termination clause, some commitments will expire without being drawn upon and the total commitment amounts do not necessarily represent future cash requirements. Financial standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. The same credit policies are used in making commitments and financial standby letters of credit as are used for on-balance sheet instruments. Total unused commitments were $242,826 as of September 30, 2026, and $229,123 as of June 30, 2026.

Capital Resources

Total shareholders' equity decreased by $7,527 to $82,358 as of September 30, 2026, from $89,885 as of June 30, 2026. The decrease was primarily attributed to a $9,957 increase in accumulated other comprehensive loss resulting from the mark-to-market adjustment on available-for-sale securities, partially offset by net income of $3,038 earned during the first quarter of fiscal year 2027. As market interest rates increase, the fair value of fixed-rate available-for-sale securities generally declines, resulting in a corresponding net of tax decline recorded in the accumulated other comprehensive loss portion of equity. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such securities decline.

The Bank is subject to regulatory capital requirements administered by federal banking agencies. Effective July 1, 2026, qualifying community banking organizations may elect to comply with the Community Bank Leverage Ratio ("CBLR") framework, which requires maintaining a leverage ratio greater than 8%, in lieu of calculating and reporting risk-based capital ratios. The CBLR is calculated as Tier 1 capital divided by average total consolidated assets. The Bank elected to adopt the CBLR framework effective September 30, 2026. Failure to maintain the required capital levels could result in regulatory actions that may have a material adverse effect on the Company's financial condition and results of operations.

The Bank's leverage ratio was 8.34% as of September 30, 2026, and 8.36% as of June 30, 2026. The Bank exceeded minimum regulatory capital requirements to be considered well-capitalized for both periods. Management is not aware of any matters occurring after September 30, 2026 that would cause the Bank's capital category to change.

Critical Accounting Policies

The Company's consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America and follow general practices within the industry in which it operates. Application of these principles requires management to make estimates or judgments that affect the amounts reported in the financial statements and accompanying notes. These estimates are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements could reflect different estimates or judgments. Certain policies inherently have a greater reliance on the use of estimates, and as such have a greater possibility of producing results that could be materially different than originally reported.

Critical accounting policies are those policies that are highly dependent on subjective or complex judgments, estimates and assumptions and where changes in those estimates and assumptions could have a significant impact on the financial statements. The Company has identified the appropriateness of the allowance for credit losses and the evaluation of goodwill for impairment as critical accounting policies and an understanding of these policies is necessary to understand the financial statements. Note 1 (Summary of Significant Accounting Policies - Allowance for Credit Losses), Note 3 (Loans and Allowance for Credit Losses), Note 5 (Goodwill and Acquired Intangible Assets), and Management's Discussion and Analysis of Financial Condition and Results of Operation (Critical Accounting Policies and Use of Significant Estimates) of the 2026 Form 10-K provide detail regarding the Company's accounting for the allowance for credit losses and Goodwill.

Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "may," "continue," "estimate," "intend," "plan," "seek," "will," "believe," "project," "expect," "anticipate" and similar expressions are intended to identify forward-looking statements. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control, and could cause actual results to differ materially from those described in such statements. Any such forward-looking statements are made only as of the date of this report or the respective dates of the relevant incorporated documents, as the case may be, and, except as required by law, we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances. Risks and uncertainties that could cause actual results for future periods to differ materially from those anticipated or projected include, but are not limited to:

	●	changes in local, regional and national economic conditions becoming less favorable than we expect, resulting in a deterioration in asset credit quality or the Bank's debtors being unable to meet their obligations because of high unemployment rates and inflationary pressures;
	●	rapid fluctuations in market interest rates could result in changes in fair market valuations and net interest income;
	●	new investments in existing markets may prove less profitable or develop more slowly than expected;
	●	the effects of, and changes in, trade, tariff policies, monetary and fiscal policies and laws, including interest rate policies of the Federal Reserve Board;
	●	changes in the level of non-performing assets and charge-offs;
	●	unanticipated changes in our liquidity position, including, but not limited to, changes in the cost of liquidity, our ability to find alternative funding sources, and potential market reactions to the default or risk of default by other financial institutions;
	●	potential impact of artificial intelligence and stablecoin on banking services, including funding costs, liquidity and cybersecurity risks;
	●	the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) with which we must comply;
	●	competitive pressures on product pricing and services;
	●	breaches of security or failures of our or our vendor's technology systems due to technological or other factors and cybersecurity threats;
	●	changes in consumer spending, borrowing and savings habits;
	●	declining asset values impacting the underlying value of collateral;
	●	changes in accounting policies, rules and interpretations;
	●	legal proceedings, including those that may be instituted against Consumers, its board of directors, its executive officers and others;
	●	the nature, extent, and timing of government and regulatory actions;
	●	our ability to attract and retain qualified employees; and
	●	changes in the reliability of our vendors, internal control systems or information systems.