Each of these entities is consolidated into the Company. &# xa0; As a bank holding company, we are subject to regulation by the Federal Reserve. Our employees were able to work remotely as needed. &# Total construction loans increased $72.2 million to $593.6 million at December 31, 2020. The majority of our fixed-rate loans are sold in the secondary mortgage market. Risk of default is usually determined by the well-being of the local economies. We discuss the applicability to us of the Volcker Rule and CFPB examination below. &# This makes it much simpler for banks to open de novo branches in other states. Assessment rates for both large and small banks are subject to adjustment. xa0; Capital Adequacy General Information. Neither we nor the bank is subject to either set of rules. &# Expenses related to regulatory compliance are likely to increase as a result. &# Mr. Pouncey retired from the Company and Bank effective December 31, 2020. &# While at IBB, Mr. Bryant served on the loan and executive committees. Mr. McKinney is a Past Board Member of the Rotary Club of Pensacola. However, we will continue to need capital to support our longer-term growth plans. We are under continuous threat of loss due to hacking and cyber-attacks.
