What changed in this filing

/stocks — the workspaceLOADING

Item 1A. Risk Factors

2026-03-16 compared with 2025-03-17 · 86 added, 53 removed, 255 unchanged (35% of the section changed)

9 unchanged sentences

All of these factors can individually or in the aggregate be detrimental to our business, and the interplay between these factors can be complex and unpredictable.

Adverse economic conditions could have a material adverse effect on our business, and/or the the financial condition of our customers and our results of operations.

Adverse economic conditions could have a material, adverse effect on our business, and/or the financial condition of our customers and our results of operations.

Adverse developments affecting financial institutions or the financial services industry generally, such as actual events or concerns involving liquidity, defaults or non-performance, could adversely affect our operations and liquidity.

2 unchanged sentences

Such high-profile bank failures also highlighted the speed at which deposits can be moved in the digital economy, as well as the speed and reach of media attention, including social media, and its ability to disseminate concerns or rumors, in each case potentially exacerbating liquidity concerns.

In addition, the banking operating environment and public trading prices of banking institutions can be highly correlated, in particular during times of stress, which could materially and adversely impact the trading prices of our common stock and potentially our results of operations.

In addition, the banking operating environment and public trading prices of banking institutions can be highly correlated, in particular during times of stress, which could materially and adversely impact the trading price of our common stock and potentially our results of operations.

Additionally, negative news about us or the banking industry in general could negatively impact market and/or customer perceptions of the Company, which could lead to a loss of depositor confidence and an increase in deposit withdrawals, particularly among those with uninsured deposits.

Furthermore, the failure of other financial institutions may cause deposit outflows as customers spread deposits among several different banks so as to maximize their amount of FDIC insurance, move deposits to banks deemed “too big to fail” or remove deposits from the banking system entirely.

As of December 31, 2024, approximately 57.1% of our deposits were insured and protected and 42.9% of our deposits were uninsured and unprotected.

As of December 31, 2025, approximately 40.9% of our deposits were uninsured and 59.1% of our deposits were insured.

We rely on these deposits for liquidity.

4 unchanged sentences

The presidential administration and certain governmental

agencies have announced plans to reduce government spending and the size of the federal government workforce.

agencies have announced and begun to implement plans to reduce government spending and the size of the federal government workforce.

The Washington, D.C.

10 unchanged sentences

Our customers and businesses in the Washington, D.C.

metropolitan area may be adversely impacted as a result of changes in government spending or government shutdown.

The presidential administration and certain governmental agencies have announced plans to reduce government spending and the size of the federal government workforce.

These announcements could have an adverse effect on the economy of the Washington, D.C.

metropolitan area, which in turn could adversely affect the Company.

metropolitan area may be adversely impacted as a result of the government shutdown and changes in government spending.

Disagreement over the U.S.

federal budget, specifically regarding expiring tax credits and spending priorities, caused the U.S.

federal government to shut down from October 1, 2025 to November 12, 2025.

The government shutdown resulted in furloughs and layoffs for hundreds of thousands of federal employees.

Recently, there have been several additional instances where there has been uncertainty regarding the ability of Congress and the President to collectively reach agreement on federal budgetary and spending matters.

A period of failure to reach agreement on these matters, particularly if accompanied by another government shutdown, may have an adverse impact on the U.S.

The Washington, D.C.

7 unchanged sentences

In addition, a significant portion of our loan portfolio is secured by real estate, including construction and land development loans, all of which are in greater demand when interest rates are low and economic conditions are good.

Accordingly, a decline in local economic conditions would likely have an adverse impact on our financial condition and results of operations, and the impact on us would likely be greater than the impact felt by larger financial institutions whose loan portfolios are geographically diverse.

We cannot guarantee that any risk management practices that we implement to address our geographic and loan concentrations will be effective in preventing losses relating to our loan portfolio.

1 unchanged sentence

A primary component of our business involves making loans to customers.

The business of lending is inherently risky, including risks that the principal of or interest on any loan will not be repaid in a timely manner or at all or that the value of any collateral supporting the loan will be insufficient to cover our

outstanding exposure.

A failure to measure and limit the credit risk associated with our loan portfolio effectively could lead to unexpected losses and have a materially adverse effect on our business, financial condition and results of operations.

Our Allowance for Credit Losses (“ACL”) may prove to be insufficient to absorb life-time losses in our loan portfolio, which may adversely affect our business, financial condition and results of operations.

Our ACL may prove to be insufficient to absorb life-time losses in our loan portfolio, which may adversely affect our business, financial condition and results of operations.

Under the current expected credit loss model (“CECL”), the ACL on loans is a valuation allowance estimated at each balance sheet date in accordance with U.S.

16 unchanged sentences

The ACL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset.

Additional credit losses will likely occur in the future and may occur at a rate greater than we have previously experienced.

We may be required to take additional provisions for credit losses in the future to further supplement our ACL, either due to management’s decision to do so or requirements by our banking regulators.

Additional credit losses will occur in the future and may occur at a rate greater than we have previously experienced.

We may be required to take additional provisions for credit losses in the future to

further supplement our ACL, either due to management’s decision to do so or requirements by our banking regulators.

In addition, bank regulatory agencies will periodically review our ACL and the value attributed to nonaccrual loans or to real estate acquired through foreclosure.

Such regulatory agencies may require us to recognize future charge-offs.

These adjustments could have an adverse effect on our business, financial condition and results of operations.

These adjustments could have a material, adverse effect on our business, financial condition and results of operations.

The small- to medium-sized businesses that we lend to may have fewer resources to weather adverse business developments, which may impair our borrowers’ ability to repay loans.

13 unchanged sentences

In general, these loans are collateralized by general business assets, including, among other things, accounts receivable, inventory and equipment, and most are backed by a personal guaranty of the borrower or principal.

Significant adverse changes in the economy or local market conditions in which our commercial lending customers operate could cause rapid declines in loan collectability and the values associated with general business assets resulting in inadequate collateral coverage that may expose us to credit losses and could materially and adversely affect our business, financial condition and results of operations.

to credit losses and could materially and adversely affect our business, financial condition and results of operations.

Appraisals and other valuation techniques we use in evaluating and monitoring loans secured by real property, other real estate owned and repossessed personal property may not accurately describe the net value of the asset.

In considering whether to make a loan secured by real property, we generally require an appraisal of the property.

However, an appraisal is only an estimate of the value of the property at the time the appraisal is made and, as real estate values may change significantly in value in relatively short periods of time (especially in periods of heightened economic uncertainty), this estimate may not accurately describe the net value of the real property collateral after the loan is made.

However, an appraisal is only an estimate of the value of the property at the time the appraisal is made and, inasmuch as real estate values may change significantly in value in relatively short periods of time (especially in periods of heightened economic uncertainty), this estimate may not accurately describe the net value of the real property collateral after the loan is made.

As a result, we may not be able to recover the full amount of any remaining indebtedness when we foreclose on and sell the relevant property.

6 unchanged sentences

Additionally, consumer protection initiatives or changes in state or federal law may substantially increase the time and expense associated with the foreclosure process or prevent us from foreclosing at all.

If new state or federal laws or regulations are ultimately enacted that significantly raise the cost of foreclosure or impose outright barriers, such could have a materially adverse effect on our business, financial condition and results of operation.

If new state or federal laws or regulations are ultimately enacted that raise the cost of foreclosure or impose outright barriers, such could have a materially adverse effect on our business, financial condition and results of operation.

A lack of liquidity could impair our ability to fund operations and adversely impact our business, financial condition and results of operations.

4 unchanged sentences

Withdrawals of deposits by any one of our largest depositors could force us to rely more heavily on borrowings and other sources of funding for our business, adversely affecting our net interest margin and results of operations.

We may also be forced, as a result of any withdrawal of deposits, to rely more heavily on other, potentially more expensive and less stable funding sources.

We may also be forced, as a result of any withdrawal of deposits, to rely more

heavily on other, potentially more expensive and less stable funding sources.

Consequently, the occurrence of any of these events could have a material, adverse effect on our business, financial condition and results of operations.

19 unchanged sentences

In the case of an OpenSky ™ account that is funded through fraud on the part of an applicant, we are required by applicable laws to refund the amount of the original deposit, and we charge off balances which were subsequently charged on the card.

Account balances in excess of established credit limits happen as a result of certain VISA membership policies that allow cardholders to incur certain charges even if they exceed their card limits, which include, but are not limited to, rental car charges, gas station charges and hotel deposits.

If an OpenSky ™ cardholder exceeds his or her credit limit as a result of purchases in one of these categories, we may incur losses for amounts in excess of the

collateral deposited if the borrower fails to repay such excess amounts.

Account balances in excess of

established credit limits happen as a result of certain VISA membership policies that allow cardholders to incur certain charges even if they exceed their card limits, which include, but are not limited to, rental car charges, gas station charges and hotel deposits.

If an OpenSky ™ cardholder exceeds his or her credit limit as a result of purchases in one of these categories, we may incur losses for amounts in excess of the collateral deposited if the borrower fails to repay such excess amounts.

Customers can also exceed their credit limit by making intra-period payments to replenish their available lines.

1 unchanged sentence

Losses to our credit card portfolio also arise when cardholders cease to maintain the account in good standing with timely payments.

For example, in the event a secured card becomes more than 90 days past due, or an unsecured card becomes more than 150 days past due, the credit card balance is recovered against any corresponding deposit account and a charge-off is recorded for any related fees, accrued interest or other charges in excess of the deposit account balance.

A charge-off is recorded for any related fees, accrued interest or other charges in excess of the deposit account balance no later than 120 days for secured and 180 days for unsecured.

We have invested in technology and systems designed to detect fraudulent behavior and somewhat mitigate losses but such investments may not be adequate, and our systems may not adequately monitor or mitigate potential losses arising from these risks.

15 unchanged sentences

Additionally, technical defaults could lead to potential liability for Windsor™ if it assisted in the origination or servicing of the loan on behalf of another bank.

Such technical defaults and associated losses could materially adversely affect our business.

Such technical defaults and

associated losses could materially adversely affect our business.

Furthermore, increased instances of technical defaults, particularly where Windsor Advantage™ acted as a lender service provider, could result in reputational damage to us.

6 unchanged sentences

Such changes could have a material, adverse impact on our business, including through a reduction in sales income and decreased revenue within Windsor Advantage™.

Additionally, a substantial portion of our government guaranteed loan program is tied to the financing of renewable energy projects, including, but not limited to commercial solar farms.

A significant portion of the committed equity in these projects is derived from investment tax credits and other forms of financial incentives provided through federal programs, legislative measures, and governmental support.

However, the availability and terms of these tax credits, and the continuation of other federal support programs, are subject to the actions of the U.S.

federal government, which may evolve under the current administration.

If the new administration implements or advocates for reductions in renewable energy and related incentives, government guaranteed lending opportunities could be materially and adversely affected.

Further, any expiration, phase-down, or reduction of key tax incentives or other federal programs, or delays in reauthorization or expansion of these programs, could materially and adversely impact the volume of government guaranteed lending opportunities within our USDA business and the renewable energy sector more broadly.

As a result, any adverse changes in the regulatory framework or governmental support for renewable energy could have a material and adverse impact on our financial performance, particularly in the renewable energy lending space, where government incentives are a critical element of project viability.

Changes to renewable energy tax credits and federal incentive programs could adversely affect certain lending opportunities.

A portion of our lending activities is tied to the financing of renewable energy projects, including, but not limited to, commercial solar farms.

A portion of the committed equity in some of these projects is derived from investment tax credits and other financial incentives provided through federal programs, legislative measures, and governmental support.

federal government has previously enacted changes affecting the availability and terms of certain renewable energy tax credits and related incentives.

These programs remain subject to further legislative, regulatory, or administrative modification, reinterpretation, or repeal.

Any additional changes to the structure, availability, transferability, monetization, or timing of these tax credits or related support programs could affect the economics or viability of projects seeking financing.

Reductions in renewable energy incentives, expiration, phase-down, or modification of key tax benefits, or delays in reauthorization or expansion of related programs could materially impact the volume of renewable energy lending opportunities.

In addition uncertainty regarding future federal policy may delay project development, financing decisions or capital commitments.

Accordingly, adverse changes in the regulatory framework or governmental support for renewable energy projects could materially and adversely affect our financial performance.

We are subject to interest rate risk as fluctuations in interest rates may adversely affect our earnings.

3 unchanged sentences

In either case, if market interest rates move contrary to our position, this gap will negatively impact our earnings.

The impact on earnings is more adverse when short-term interest rates increase more than long-term interest rates or when long-term interest rates decrease more than short-term interest rates, or in circumstances of a flattened or inverted yield curve.

The impact on earnings is more adverse when short-term interest rates increase more than long-term interest rates or when long-term interest rates decrease more

than short-term interest rates, or in circumstances of a flattened or inverted yield curve.

Many factors impact interest rates, including governmental monetary policies, inflation, recession, changes in unemployment, the money supply, international economic weakness and disorder and instability in domestic and foreign financial markets.

16 unchanged sentences

We operate in the highly competitive financial services industry and face significant competition for customers from financial institutions located both within and beyond our principal markets.

We compete with commercial banks, savings banks, credit unions, nonbank financial services companies and other financial institutions operating within or near the areas we serve.

We compete with commercial banks, savings banks, credit unions, non-bank financial services companies and other financial institutions operating within or near the areas we serve.

In addition, many of our non-bank competitors are not subject to the same extensive regulations that govern our activities and may have greater flexibility in competing for business.

4 unchanged sentences

Our operations are also dependent upon our ability to protect our computer systems and network infrastructure, including our digital, mobile and internet banking activities, against damage from physical break-ins, cybersecurity breaches and other disruptive problems.

Such computer break-ins and other disruptions would jeopardize the security of information stored in and transmitted through our computer systems and network infrastructure, which may result in significant liability, damage our reputation and

inhibit the use of our internet banking services by current and potential customers.

A breach of our security that results in unauthorized access to our data could expose us to a disruption or challenges relating to our daily operations, as well as to data loss, litigation, damages, fines and penalties, significant increases in compliance costs and reputational damage, any of which could have a material, adverse effect on our business, financial condition and results of operations.

14 unchanged sentences

Even the most advanced internal control environment may be vulnerable to compromise.

The techniques used by cyber criminals change frequently, may not be recognized until launched, and may not be recognized until well after a breach has occurred.

The techniques used by cyber criminals change frequently, may not be recognized until launched, and may not be recognized until well after a breach has

The speed at which new vulnerabilities are discovered and exploited, often before security patches are published, continues to rise.

6 unchanged sentences

In addition, we may not have adequate insurance coverage to compensate for losses from a cybersecurity event.

Failure to maintain an effective system of internal control and disclosure controls and procedures could have a material adverse effect on our results of operations, financial condition and stock price.

As disclosed in Part II - Item 9A.

Controls and Procedures, management has identified a material weakness in our internal control over financial reporting and, as a result, concluded that our internal control over financial reporting and our disclosure controls and procedures were not effective as of December 31, 2025.

We are currently working to remediate the material weakness.

However, there can be no assurance that these remediation efforts will be successful.

In addition, these remediation efforts will place a burden on management and may result in additional expenses.

If we are unable to remediate this material weakness, or are otherwise unable to maintain effective internal control over financial reporting or disclosure controls and procedures, our ability to record, process and report financial information accurately, and to prepare financial statements within required time periods, could be adversely affected, which could subject us to litigation or investigations requiring management resources and payment of legal and other expenses, result in violations of applicable securities laws, prejudice our ability to meet NASDAQ listing requirements, negatively affect investor confidence in the accuracy and completeness of our financial statements, and adversely impact the trading price of our securities.

Risks Related to Our Operations and the Regulation of Our Industry

1 unchanged sentence

Banking is highly regulated under federal and state law.

As such, we are subject to extensive regulation, supervision and legal requirements that govern almost all aspects of our operations.

Compliance with laws and regulations can be difficult and costly, and changes to laws and regulations, including potential changes in federal policy and at regulatory agencies as a result of changes in U.S.

Presidential administrations that have different regulatory agendas than their predecessors, often impose additional operating costs.

We expect the Trump administration will seek to implement a regulatory reform agenda that is significantly different than that of the Biden administration.

We expect there will be changes in rulemaking, supervision, examination, and enforcement priorities of the federal banking agencies.

Our failure to comply with these laws and regulations, even if the failure follows good faith efforts or reflects a difference in interpretation, could subject us to restrictions on our business activities, enforcement actions and fines and other penalties, any of which could adversely affect our results of operations, regulatory capital levels and the price of our securities.

Further, any new laws, rules and regulations could make compliance more difficult or expensive or otherwise materially and adversely affect our business, financial condition and results of operations.

Accordingly, we are subject to extensive regulation, supervision and legal requirements that govern almost all aspects of our operations.

Compliance with applicable laws and regulations can be complex and costly, and changes to laws and regulations, including changes in federal policy and regulatory priorities associated with transitions in U.S.

Presidential administrations frequently impose additional operating costs.

Recent administrations have pursued regulatory agendas that differ in approach and emphasis, and we expect that rulemaking, supervision, examination and enforcement priorities of the federal banking agencies will continue to evolve.

Such changes may affect the manner in which we conduct our business, the products and

services we offer, and the costs associated with compliance.

Our failure to comply with applicable laws and regulations, even where such failure reflects good faith efforts or differences in interpretation, could subject us to restrictions on our business activities, enforcement actions, fines, or other penalties, any of which could adversely affect our results of operations, regulatory capital levels, and the price of our securities.

In addition, new or amended laws, rules or regulations could increase compliance costs, limit business opportunities, or otherwise materially and adversely affect our business, financial condition, and results of operations.

Federal banking agencies periodically conduct examinations of our business, including compliance with laws and regulations, and our failure to comply with any supervisory actions to which we are or become subject as a result of such examinations could adversely affect us.

2 unchanged sentences

These actions include the power to enjoin “unsafe or unsound” practices, to require affirmative actions to correct any conditions resulting from any violation or practice, to issue an administrative order that can be judicially enforced, to direct an increase in our capital levels, to restrict our growth, to assess civil monetary penalties against us, the Bank or their respective officers or directors, to remove officers and directors and, if it is concluded that such conditions cannot be corrected or there is an imminent risk of loss to depositors, to terminate the Bank’s deposit insurance.

subject to such regulatory actions, our business, financial condition, results of operations and reputation would be materially and adversely affected.

If we become subject to such regulatory actions, our business, financial condition, results of operations and reputation would be materially and adversely affected.

Regulatory requirements affecting our loans secured by commercial real estate could limit our ability to leverage our capital and adversely affect our growth and profitability.

1 unchanged sentence

Federal bank regulatory guidelines identify institutions potentially exposed to commercial real estate concentration risk as those that have (i) experienced rapid growth in commercial real estate lending, (ii) notable exposure to a specific type of commercial real estate, (iii) total reported loans for construction, land development and other land loans representing 100% or more of the institution’s capital, or (iv) total non-owner-occupied commercial real estate (including construction) loans representing 300% or more of the institution’s capital if the outstanding balance of the institution’s non-owner-occupied commercial real estate (including construction) loan portfolio has increased 50% or more during the prior 36 months.

At December 31, 2024, the Bank’s construction to total capital ratio was 99% and the Bank’s non-owner-occupied commercial real estate (including construction) loans to total capital ratio was 298%.

At December 31, 2025, the Bank’s construction to total capital ratio was 100% and the Bank’s non-owner-occupied commercial real estate (including construction) loans to total capital ratio was 302%, which exceeded the 300% regulatory guideline threshold set forth in clause (iv) above.

As a result, we are deemed to have a concentration in commercial real estate lending under applicable regulatory guidelines.

Additionally, at December 31, 2025, the Company’s construction to total capital ratio was 88.1% and the Company’s non-owner-occupied commercial real estate (including construction) loans to total capital ratio was 270.8%.

Because a significant portion of our loan portfolio depends on commercial real estate, a change in the regulatory capital requirements applicable to us or a decline in our regulatory capital could limit our ability to leverage our capital as a result of these policies, which could have a material, adverse effect on our business, financial condition and results of operations.

2 unchanged sentences

Severe weather, earthquakes, other natural disasters, pandemics, climate change, acts of war or terrorism and other adverse external events could have a significant impact on the Company’s ability to conduct business.

Such events could affect the stability of its deposit base, impair the ability of borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in loss of revenue, cause us to incur additional expenses or disrupt the Company’s operations.

Such events could affect the stability of our deposit base, impair the ability of our borrowers to repay outstanding loans, impair the value of collateral securing loans, cause significant property damage, result in loss of revenue, cause us to incur additional expenses or disrupt the Company’s operations.

Climate change has the potential to increase the frequency and severity of severe weather events in the future.

Although management has established disaster recovery policies and procedures, the occurrence of any such events could have a material, adverse effect on our business, financial condition, results of operations or profitability.

The development and use of AI presents risks that may adversely impact our business.

We are evaluating and may continue to expand our use of AI, and other emerging technologies in various aspects of our operations, including customer service, internal processes, risk management, and data analytics.

Furthermore, our vendors or third parties may develop or incorporate AI technology in certain business processes, services or products.

While these technologies may enhance efficiency and decision-making, their adoption presents risks and challenges.

AI systems may produce inaccurate, biased or inconsistent outputs, including as a result of flawed data, model limitations or inadequate oversight.

Reliance on such outputs could lead to operational errors, customer harm, regulatory scrutiny or legal liability.

In addition, the use of AI may raise concerns related to data privacy, intellectual property, cybersecurity and model governance, particularly where third-party vendors or externally developed tools are involved.

The legal and regulatory environment governing AI remains rapidly evolving.

Federal and state regulators may introduce new rules, supervisory expectations or guidance regarding transparency, consumer protection, fair lending, model risk management, data usage or vendor oversight.

Compliance with these evolving requirements could increase costs, restrict our use of certain technologies or require modifications to existing processes or systems.

Further, failures or perceived misuse of AI technologies could result in reputational harm, loss of customer confidence or competitive disadvantage.

Operational disruptions, technology failures or security vulnerabilities associated with AI tools or service providers could adversely affect our business continuity or information security posture.

We maintain governance, risk management and oversight processes designed to manage the risks associated with AI, but there can be no assurance that such processes will be effective in identifying or mitigating all risks.

As a result, the use of AI and similar technologies could materially and adversely affect our business and results of operations.

Risks Related to Strategic Growth

1 unchanged sentence

GAAP requires us to record the assets and liabilities of an acquired business to their fair values at the time of the acquisition.

With larger transactions, such as our recent merger with IFH, fair value and other estimates can take up to one year to finalize.

With transactions, such as our merger with IFH, fair value and other estimates can take up to one year to finalize.

These estimates, and their revisions, can have a substantial effect on the presentation of our financial condition and operating results after the transaction closes.

In addition, the excess of the purchase price over the fair value of the assets acquired, net of liabilities assumed, is recorded as goodwill.

If the estimates that we have used at any financial statement date are

significantly revised in the future, there could be a negative impact to our goodwill or other acquisition-related intangibles and our results of operations for the period in which the revisions are made.

If the estimates that we have used at any financial statement date are significantly

revised in the future, there could be a negative impact to our goodwill or other acquisition-related intangibles and our results of operations for the period in which the revisions are made.

If our goodwill were determined to be impaired, it could have a negative impact on our profitability.

4 unchanged sentences

Acquisitions may disrupt our business.

The success of our recent merger with IFH or any future acquisition we may consummate will depend on, among other things, our ability to realize anticipated revenue enhancements and efficiencies and to combine our business with the business of the target institution in a manner that does not materially disrupt the existing customer relationships of either institution, or result in decreased revenues resulting from any loss of customers, and that permits growth opportunities to occur.

The success of our merger with IFH or any future acquisition we may consummate will depend on, among other things, our ability to realize anticipated revenue enhancements and efficiencies and to combine our business with the business of the target institution in a manner that does not materially disrupt the existing customer relationships of either institution, or result in decreased revenues resulting from any loss of customers, and that permits growth opportunities to occur.

If we are not able to successfully achieve these objectives, the anticipated benefits of the subject acquisition may not be realized fully or at all or may take longer to realize than expected.

It is possible that the integration process associated with any pending or future acquisition could result in the loss of key employees, the disruption of ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect our ability to maintain relationships with clients, customers, depositors and employees or to achieve the anticipated benefits of the acquisitions.

Integration efforts could also divert management attention and resources.

These integration matters could have an adverse effect on the combined Company.

These integration matters could have a material and adverse effect on the combined Company.

Risks Related to Ownership of Our Common Stock

16 unchanged sentences

Our common stock ranks junior to all of our existing and future indebtedness and other non-equity claims with respect to assets available to satisfy claims against us, including claims in the event of our liquidation.

As of December 31, 2024, we had outstanding approximately $10.0 million in aggregate principal amount of subordinated notes and $2.1 million in aggregate principal amount of junior subordinated debentures.

As of December 31, 2025, we had $2.1 million in aggregate principal amount of junior subordinated debentures and we had no aggregate principal amount of subordinated notes outstanding.

We may incur additional indebtedness in the future to increase our capital resources or if our total capital ratio or the total capital ratio of the Bank falls below the required minimums.

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1A. Risk Factors