The Bank has a national bank charter with the OCC. Washington Services, Inc. is incorporated under the laws of the state of Washington. It provides data and technology services to the Bank. None of these employees are represented by a collective bargaining agreement. During fiscal year 2020 we hired 519 employees. Restrictions on Company Dividends. As a national bank, the Bank is required to be a member of the Federal Reserve. The OCC has extensive authority over the operations of national banks. To be adequately capitalized, those ratios are 4.0%, 4.5%. CompetitionWe operate in a highly competitive environment. The Federal Reserve Bank has taken decisive and sweeping actions as well. We have participated as a lender in the PPP. In addition, litigation can be costly, regardless of outcome. We also face additional costs when our customers become the victims of cyber attacks. The consent order will be in effect for 10 years. As a result, the impact of the future regulatory requirements continues to be uncertain. The FDIC insures deposits at FDIC-insured financial institutions, including the Bank. A downturn in the real estate market would hurt our business. In addition, we also have investments and interest rate derivatives that reference LIBOR. Item 9B. Other InformationNone.43PART IIIItem 10. The code of ethics is publicly available on the Company's website at www.wafdbank.com. Holders of common stock may act by unanimous written consent. Listing: Our common stock trades on the Nasdaq Stock Market under the symbol "WAFD". & 3.04 "Board" means the Board of Directors of the Corporation. 3.06 "Change in Control" has the meaning set forth in Section 8.03 of the Plan. c) Accelerated Vesting for Changes in Control. 8.09 Additional Terms Applicable to Incentive Stock Options. ARTICLE IX RESTRICTED SHARES 9.01 Restricted Shares. ( The Company is headquartered in Seattle, Washington. Below is a summary of our community activities in 2020. As for our stock price, it feels like we are on a seesaw. This year, the stock took a significant hit, closing the fiscal year at $20.86. We are pleased to be done with fiscal 2020 and look forward to a bright future. In this regard, 2020 was a blockbuster year for the bank. It is difficult to get a strong business to re-evaluate their banking relationship. Inertia can be a powerful force. Our culture is foundational to who we are at WaFd Bank. This year we took action for change to better promote social equity. It is my opinion that the market may have oversold bank stocks and left them undervalued. The Company\'s fiscal year end is September 30. The amount of ACL is based on ongoing, quarterly assessments by management. TDRs are reserved for under the Company\'s CECL methodology. Each request is individually evaluated for merit and likelihood of success. Interest-only payments may also be approved during the modification period. As of September 30, 2020, 97.4% of TDR loans were performing. In those instances, the loan will remain on non-accrual. This increase was primarily due to the $1,788,860,000 increase in customer deposits. Pursuant to the CARES Act, these loan modifications are not accounted for as TDRs. These obligations are included in the Consolidated Statements of Financial Condition. Prior to October 1, 2019, the calculation was based on incurred loss methodology. In certain instances, amounts in text are presented by rounding to the nearest thousand. Allowance for Credit Losses (Held-to-Maturity D
