What changed in this filing

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Item 1A. Risk Factors

2026-02-27 compared with 2025-02-28 · 68 added, 58 removed, 266 unchanged (32% of the section changed)

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The Company's risk factors are categorized as follows:

• Risks Related to the Recent Merger with Lakeland

• Risks Related to the Merger with Lakeland

• Risks Related to the Economy, Financial Markets, and Interest Rates

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• Risks Related to the Business Environment and Operations.

• Risks Related to Our Pending Core Conversion

• Risks Related to Technology and Security

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Risks Related to the Recent Merger with Lakeland

The ongoing integration of Lakeland with the Company may be more difficult, costly or time-consuming than expected, and the Company may fail to realize the anticipated benefits of the merger.

The Company completed its acquisition of Lakeland on May 16, 2024.

To realize the anticipated benefits and cost savings from the merger, the Company must successfully integrate and combine the Company’s and Lakeland’s businesses in a manner that permits those cost savings to be realized without adversely affecting current revenues and future growth.

If the Company is not able to successfully achieve these objectives, the anticipated benefits of the merger may not be realized fully or at all, or may take longer to realize than expected.

It is possible that the integration process could result in the loss of key employees, the disruption of the Company’s ongoing businesses or inconsistencies in standards, controls, procedures and policies that adversely affect the Company’s ability to maintain relationships with clients, customers, depositors and employees or to achieve the anticipated benefits and cost savings of the merger.

If the Company is unable to retain key employees, including management, who are critical to the successful integration and future operations of the Company, the Company could face disruptions in its operations, loss of existing customers, loss of key information, expertise or know-how and unanticipated additional recruitment costs.

The Company’s integration efforts may also divert management attention and resources.

In addition, the actual cost savings of the merger could be less than anticipated, and integration may result in additional and unforeseen expenses, including costs related to requirements of regulatory agencies.

An inability to realize the full extent of the anticipated benefits of the merger, as well as any delays encountered in the integration process, could have an adverse effect upon the business, financial condition and results of operations of the Company.

The regulatory approvals received for the merger of the Company and Lakeland include conditions and commitments that could in the future have adverse effects on the Company.

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and the Bank must maintain its commercial real estate concentrations (as a percent of capital and reserves) at levels at or below those forecasted in the pro forma financial projections that the Bank submitted to the FDIC.

The failure to continue to comply with the regulatory conditions could result in supervisory and enforcement actions against the Company and the Bank, including the issuance of a cease and desist order or the imposition of civil money penalties, and could constrain the Company’s business operations, which could materially and adversely affect our business, financial condition, results of operations and prospects.

The failure to continue to comply with the regulatory conditions may result in supervisory and enforcement actions against the Company and the Bank, including the issuance of a cease and desist order or the imposition of civil money penalties, and could constrain the Company’s business operations, which could materially and adversely affect our business, financial condition, results of operations and prospects.

As a result of the merger, the Bank has become subject to additional requirements imposed by the DOJ.

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one in Newark, New Jersey and one in the Newark Lending Area.

In addition, Lakeland Bank was required to continue to maintain its full-time Community Development Officer position to oversee these efforts throughout the term of the consent order.

In addition, Lakeland Bank was required to continue to maintain its full-time Community Development Officer position (or similar officer designated with the community lending function) to oversee these efforts throughout the term of the consent order.

As required by the terms of the DOJ Consent Order, the Bank, as the resulting institution in the bank merger, assumed all obligations of Lakeland Bank under the DOJ Consent Order.

Although the Bank is committed to full compliance with the DOJ Consent Order, achieving such compliance has required and will require significant management attention from the Bank and has caused and may continue to cause the Bank to incur significant costs and expenses.

While the Bank is committed to full compliance with the DOJ Consent Order, achieving such compliance has required and will require significant management attention from the Bank and has caused and may continue to cause the Bank to incur significant costs and expenses.

Actions taken to achieve compliance with the DOJ Consent Order may affect the Bank’s business or financial performance and may require the Bank to reallocate resources away from existing businesses or to undertake significant changes to its business, operations, products and services and risk management practices.

In addition, although the DOJ Consent Order resolved all claims by the DOJ against Lakeland Bank, the Company and the Bank could be subject to other enforcement actions relating to the alleged violations resolved by the DOJ Consent Order as well as relating to any failure or delay to comply with one or more of the terms of the DOJ Consent Order.

The combined company's human capital may be affected by inability to retain personnel successfully.

The success of the merger will depend in part on the combined company’s ability to manage its human capital and retain the talent and dedication of key employees.

It is possible that these employees may decide not to remain with the Company going forward.

In addition, if key employees terminate their employment, the Company’s human capital and business activities may be adversely affected, and management’s attention may be diverted from successfully hiring suitable replacements, all of which may cause the Company’s business to suffer.

The Company also may not be able to locate or retain suitable replacements for any key employees who leave.

Risks Related to the Economy, Financial Markets, and Interest Rates

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As the Federal Reserve has maintained higher interest rates, our interest-bearing liabilities may continue to be subject to repricing or maturing more quickly than our interest-earning assets.

Persistent elevated short-term rates continue to require us to increase the rates we pay on our deposits and borrowed funds more quickly than we can increase the interest rates we earn on our loans and investments, resulting in a negative effect on interest spreads and net interest income.

Persistent elevated short-term rates could require us to increase the rates we pay on our deposits and borrowed funds more quickly than we can increase the interest rates we earn on our loans and investments, resulting in a negative effect on interest spreads and net interest income.

In addition, the effect of high rates continue to be compounded as deposit customers move funds into higher yielding accounts or are lost to competitors offering higher rates on their deposit products.

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As of December 31, 2025, our available for sale debt securities portfolio totaled $3.16 billion.

Unrealized gains and losses on securities available for sale are reported as a

separate component of stockholders’ equity.

Unrealized gains and losses on securities available for sale are reported as a separate component of stockholders’ equity.

Therefore, decreases in the fair value of securities available for sale resulting from increases in interest rates could have an adverse effect on our stockholders’ equity.

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A general economic slowdown or uncertainty that produces either reduced returns or excessive market volatility could adversely impact our overall profitability, including our wealth management fee income and our access to capital and liquidity.

A general economic slowdown could affect our core banking business.

Changes in economic conditions in the broader market, in our market area, or in our local market, could affect our core banking business.

As of December 31, 2025, various economic indicators suggested that real gross domestic product had expanded throughout 2025.

The unemployment rate had increased, on net, but remained low relative to historic levels.

Consumer price inflation, as measured by the 12-month change in the price index for personal consumption expenditures, had moved lower compared to its peak level in 2023.

Despite improved projections, unforeseen adverse changes in the economy and a possible recession could negatively affect the ability of our borrowers to repay their loans or force us to offer lower interest rates to encourage new borrowing activity.

Consumer price inflation, as measured by the 12-month change in the price index for personal consumption expenditures, remained below its peak level in 2023.

Nevertheless, unforeseen changes in the economy or in foreign or domestic policy such as tariffs or international conflicts could negatively affect the ability of our borrowers to repay their loans or force us to offer lower interest rates to encourage new borrowing activity.

Uncertainty and market volatility could affect the value of the assets under management in our wealth management business resulting in lower fee income.

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Furthermore, market volatility could adversely impact our access to capital and liquidity.

Another shutdown of the federal government could adversely affect our results of operations and financial condition.

Risks associated with another potential U.S.

government shutdown include delays in regulatory reviews, approvals, or rulemaking from federal agencies, reduced access to government economic data and reports which could affect our ability to assess risk and make informed investment or risk management decisions, heightened volatility or reduced liquidity in financial markets, credit and counterparty risk exposure in connection with clients or counterparties that rely on government funding or contracts, and diminished investor and consumer confidence which could reduce demand for financial products

If our allowance for credit losses is not sufficient to cover actual loan losses, our earnings could decrease.

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Furthermore, these loans may be affected by factors outside the borrower’s control, such as adverse conditions in the real estate market or the economy, declining rents, tenant defaults, or changes in government regulation.

As of December 31, 2024, our CRE office portfolio totaled $884.1 million dollars, with approximately 13% being loans in New York.

In our CRE multi-family portfolio,loans that are collateralized by rent stabilized apartments comprise less than 0.80% of the total loan portfolio and are all performing.

Included in our commercial real estate portfolio, our CRE office portfolio totaled $775.5 million, which includes but is not limited to markets such as New York (approximately 15% of such loans).

In our CRE multi-family portfolio, loans that are collateralized by rent stabilized apartments comprise less than one percent of the total loan portfolio and are all performing.

In the case of commercial and industrial loans, although we strive to maintain high credit standards and limit exposure to any one borrower, the collateral for these loans often consists of accounts receivable, inventory and equipment.

This type of collateral typically does not yield substantial recovery in the event we need to foreclose on it and may rapidly deteriorate, disappear, or be misdirected in advance of foreclosure.

This adds to the potential that our charge-offs will be volatile, which could significantly

negatively affect our earnings in any quarter.

This adds to the potential that our charge-offs will be volatile, which could significantly negatively affect our earnings in any quarter.

In addition, some of our construction loans may pose higher risk than the levels expected at origination, as projects may stall, interest reserves may be inadequate, absorption may be slower than projected or sales prices or rents may be lower than forecasted.

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Consequently, an adverse development with respect to one loan or one credit relationship may expose the Company to significantly greater risk of loss.

The failure to address the federal debt ceiling in a timely manner, downgrades of the U.S.

credit rating and uncertain credit and financial market conditions may affect the stability of securities issued or guaranteed by the federal government, which may affect the valuation or liquidity of our investment securities portfolio and increase future borrowing costs.

As a result of uncertain political, credit and financial market conditions, including the potential consequences of the federal government defaulting on its obligations for a period of time due to federal debt ceiling limitations or other unresolved political issues, investments in financial instruments issued or guaranteed by the federal government pose credit default and liquidity risks.

Any event that disrupts the U.S.

federal government’s continuity or undermines perceptions of fiscal stability could reduce investor confidence and adversely affect the value of U.S.

government securities, thereby increasing market volatility and our future borrowing costs.

As a result of uncertain political, credit and financial market conditions, including the potential consequences of the federal government defaulting on its obligations for a period of time due to federal debt ceiling limitations, failing to pass a federal budget through Congress, or other unresolved political issues, investments in financial instruments issued or guaranteed by the federal government pose credit default and liquidity risks.

Given that future deterioration in the U.S.

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We operate in a highly regulated environment and may be adversely affected by changes in laws and regulations.

We are subject to extensive regulation, supervision and examination by various regulatory authorities, but primarily by the New Jersey Department of Banking and Insurance, our chartering authority, and by the FDIC, as insurer of our deposits.

We are subject to extensive regulation, supervision and examination by various regulatory authorities, but primarily by the NJDOBI, our chartering authority, and by the FDIC, as insurer of our deposits.

As a bank holding company, we are subject to regulation and oversight by the Federal Reserve Board.

Such regulation and supervision governs the activities in which a bank and its holding company may engage and is intended primarily for the protection of the insurance fund and depositors.

Following the bank failures in early 2023, regulators have increasingly focused on banks’ sources of liquidity, deposit mixes and concentration within certain sectors.

Following the bank failures in early 2023, regulators have increasingly focused on banks’ sources of liquidity, deposit mixes

and concentration within certain sectors.

These regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the ability to require that we hold additional capital, restrict our operations, modify the classification of our assets, increase our allowance for credit losses, and strengthen the management of risks posed by our reliance on third party vendors.

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New laws, regulations, and other regulatory changes, may also significantly affect the markets in which we do business, the markets for and value of our loans and investments, and our ongoing operations, costs and profitability.

Financial institutions are facing increased scrutiny and potential enforcement actions from federal agencies, leading to the need to update internal risk-scoring and compliance procedures.

In August 2025, the President of the United States issued an Executive Order entitled “Guaranteeing Fair Banking for All Americans” that addressed access to financial services and directed several actions by certain federal agencies, to include a review and revision of their internal policies and manuals, which they in turn communicated to regulated entities such as the Company.

The Company has provided initial responses to requests from government authorities regarding, among other things, the Company’s past and existing policies and processes and the provision.

Federal agencies may return with additional inquiries, requirements, or enforcement actions that require us to use additional resources to respond to and comply with.

As a larger financial institution, we are subject to additional regulation and increased supervision.

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Banks with assets in excess of $10 billion are subject to requirements imposed by the Dodd-Frank Act and its implementing regulations including being subject to the examination authority of the Consumer Financial Protection Bureau to assess our compliance with federal consumer financial laws, the imposition of higher FDIC premiums, reduced debit card interchange fees, and enhanced risk management frameworks, all of which increase operating costs and reduce earnings.

As we continue to grow in size, we can expect greater regulatory scrutiny and expectations requiring us to invest significant management attention and make additional investments in staff and other resources to comply with applicable regulatory expectations.

As we continue to grow in size and complexity, we can expect greater regulatory scrutiny and expectations requiring us to invest significant management attention and make additional investments in staff and other resources to comply with applicable regulatory expectations.

While we cannot predict what effect any presently contemplated or future changes in the laws or regulations or their interpretations may have on us, these changes could be material.

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The fiscal, monetary and regulatory policies of the federal government and its agencies could have an adverse effect on our results of operations.

In addition to being affected by general economic conditions, our earnings and growth are affected by the policies of the FRB.

In addition to being affected by general economic conditions, our earnings and growth are affected by the policies of the Federal Reserve Bank ("FRB").

An important function of the FRB is to regulate the money supply and credit environment.

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Depending on industries and markets involved, changes to tax law and increased or reduced public expenditures could affect us directly or the business operations of our customers.

Changes in FRB and other governmental policies, fiscal policy, and our regulatory environment generally are beyond our control, and we are unable to predict what changes may occur or the manner in which any future changes may affect our business, financial condition and results of operations.

Changes in FRB and other governmental policies (including trade policies and tariffs), fiscal policy, and our regulatory environment generally are beyond our control, and we are unable to predict what changes may occur or the manner in which any future changes may affect our business, financial condition and results of operations.

We face regulatory scrutiny based on our commercial real estate lending.

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Although the CRE Guidance does not establish specific lending limits, it provides that a bank’s commercial real estate lending exposure may receive increased supervisory scrutiny where total non-owner occupied commercial real estate loans, including loans secured by multi-family buildings, investor commercial real estate and construction and land loans (“CRE Loans”), represent 300% or more of an institution’s total risk-based capital and the outstanding balance of the CRE Loan portfolio has increased by 50% or more during the preceding 36 months.

Our level of CRE Loans equaled 460.2% of total risk-based capital as of December 31, 2024, while our CRE Loan portfolio has increased by 72.2% during the preceding 36 months, primarily as a result of the addition of Lakeland.

Our level of CRE Loans equaled 432.1% of total risk-based capital as of December 31, 2025.

Based on the size of our CRE Loan portfolio as a percentage of capital, regulatory oversight of our management of this CRE concentration is elevated.

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Future acquisitions by the Company, particularly those of financial institutions, are subject to approval by a variety of federal and state regulatory agencies (collectively, "regulatory approvals").

consumer protection laws, unfair, deceptive, or abusive acts or practices regulations, and other similar laws and regulations.

Regulatory approvals could be delayed, impeded, restrictively conditioned or denied due to existing or new issues the Company has, or may have, with regulatory agencies, including, without limitation, issues related to BSA/AML compliance, CRA compliance, fair lending laws, fair housing laws, consumer protection laws, unfair, deceptive, or abusive acts or practices regulations, and other similar laws and regulations.

We may fail to pursue or complete strategic and competitively significant acquisition opportunities as a result of our inability, or perceived or anticipated inability, to obtain regulatory approvals in a timely manner, under reasonable conditions or at all.

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Impairment testing may be based on valuation models that estimate fair value.

In preparing the valuation models, we consider a number of factors, including operating results, business plans, economic conditions, future cash flows, and transactions and market data.

In preparing the valuation models, we consider a number of factors, including operating results, business plans, economic conditions, future cash flows,

and transactions and market data.

There are inherent uncertainties related to these factors and our judgment in applying them to the impairment analyses.

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State legislatures and federal and state regulatory agencies have proposed, and may propose in the future, initiatives, legislation, and regulations to supplement the global effort to combat climate change.

Similar and even more expansive initiatives are expected, including potentially increasing supervisory expectations with respect to banks’ risk management practices, accounting for the effects of climate change in stress testing scenarios and systemic risk assessments, revising expectations for credit portfolio concentrations based on climate-related factors, and encouraging investment by banks in climate-related initiatives and lending to communities disproportionately impacted by the effects of climate change.

The lack of empirical data surrounding the credit and other financial risks posed by climate change render it impossible to predict specifically how climate change may impact the financial condition and operations of the Company;

however, the physical effects of climate change may also directly impact the Company.

Specifically, unpredictable and more frequent weather disasters may adversely impact the value of real property securing certain loans in our portfolios.

This could include potentially increasing supervisory expectations with respect to banks’ risk management practices.

The lack of empirical data surrounding the credit and other financial risks as well as potential physical effects posed by climate change render it impossible to predict specifically how climate change may impact the financial condition, assets, and operations of the Company.

Further, the effects of climate change may negatively impact regional and local economic activity, which could lead to an adverse effect on our customers and impact our ability to raise and invest capital in potentially impacted communities.

The effects of changing strategies, policies, and investments as the global community transitions to a lower-carbon economy will impose additional operational and compliance burdens, and may result in market trends that alter business opportunities.

The effects of changing strategies, policies, and investments as parts of the global economy transition to a lower-carbon economy, as well as changes in insurance practices as insurers avoid insuring properties at risk from climate change, will impose additional operational and compliance burdens, and may result in market trends that alter business opportunities.

Compliance with any additional disclosure rules will require additional resources.

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We may incur substantial costs in connection with the integration of acquired companies.

There are many processes, policies, procedures, operations, technologies, and systems that may need to be integrated, including purchasing, accounting and finance, payroll, compliance, treasury management, branch operations, vendor management, risk management, lines of

business, pricing, and benefits.

While we have assumed that a certain level of costs will be incurred, there are many factors beyond our control that could affect the total amount or the timing of the integration costs.

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The metropolitan New York and Philadelphia areas remain central targets for potential acts of terrorism, including cyber terrorism, which could affect not only our operations but those of our customers.

Additionally, there could be sudden increases in customer transaction volume, electrical, telecommunications or other major physical infrastructure outages, natural disasters, events arising from local or larger scale geopolitical, political or social matters, including terrorist acts, and cyber-attacks from both private and state actors.

Additionally, there could be sudden increases

in customer transaction volume, electrical, telecommunications or other major physical infrastructure outages, natural disasters, events arising from local or larger scale geopolitical, political or social matters, including terrorist acts, and cyber-attacks from both private and state actors.

The emergence of widespread health emergencies or pandemics, similar to the spread of COVID-19, could lead to regional quarantines, business shutdowns, labor shortages, disruptions to supply chains, and overall economic instability.

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While we have established and regularly test disaster recovery procedures, the occurrence of any such event could have a material adverse effect on our business, operations and financial condition.

Additionally, financial markets may be adversely affected by any current or anticipated impact of military conflict, including continuing war between Russia and Ukraine, conflicts and military tension in the Middle East, Africa, and Asia, terrorism, cyber-attacks from nation states and non-state actors on financial institutions or other geopolitical events.

Additionally, financial markets may be adversely affected by any current or anticipated impact of military conflict, including continuing wars and military tensions, terrorism, cyber-attacks from nation states and non-state actors on financial institutions or other geopolitical events.

We may not be able to detect money laundering and other illegal or improper activities fully or on a timely basis, which could expose us to additional liability and could have a material adverse effect on us.

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While we emphasize the generation of low-cost core deposits as a source of funding, there is strong competition for such deposits in our market area.

Additionally, deposit balances can

decrease if customers perceive alternative investments as providing a better risk/return tradeoff.

Additionally, deposit balances can decrease if customers perceive alternative investments as providing a better risk/return tradeoff.

Further, the demand for deposits may be reduced due to a variety of factors such as negative trends in the banking sector, the level of and/or composition of our uninsured deposits, demographic patterns, changes in customer preferences, reductions in consumers' disposable income, the monetary policy of the FRB or regulatory actions that decrease customer access to particular products.

Accordingly, as a part of our liquidity management, we must use several funding sources in addition to deposits and repayments and maturities of loans and investments.

As we continue to grow, we may become more dependent on these sources, which may include Federal Home Loan Bank of New York and Federal Reserve Bank advances, federal funds purchased and brokered certificates of deposit.

As we continue to grow, we may become more dependent on these sources, which may include FHLBNY and FRB advances, federal funds purchased and brokered certificates of deposit.

Adverse operating results or changes in industry conditions could lead to difficulty or an inability to access these additional funding sources.

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Our profitability depends upon our continued ability to successfully compete in our market area.

We compete with commercial banks, savings institutions, mortgage banking firms, credit unions, finance companies, investment advisers, wealth managers, mutual funds, insurance companies, online lenders, large non-bank participants, and brokerage and investment banking firms operating both locally and elsewhere.

We compete with commercial banks, savings institutions, mortgage banking firms, credit unions,

finance companies, investment advisers, wealth managers, mutual funds, insurance companies, online lenders, large non-bank participants, and brokerage and investment banking firms operating both locally and elsewhere.

Over the past decade, our local markets have experienced the effects of substantial banking consolidation, and large out-of-state competitors have grown significantly.

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The adoption of these Fintech solutions within our market area may cause greater and faster disruption to our business model if we are unable to keep pace with, or invest wisely in, these enabling technologies.

Increasingly, many customers can complete certain transactions such as bill payments or fund transfers using alternatives to traditional banking, as the financial services industry undergoes rapid technological changes.

Digital payments, cryptocurrencies, blockchain, and other “fintech” technologies offer new ways of making payments while not being subject to the same regulatory restrictions as domestic banks, which increases competition in the sector and reduces the need for banks as financial deposit-keepers and intermediaries.

Digital currencies known as “stablecoins” are pegged to the U.S.

dollar or other currencies and provide users with the ability to conduct transactions without risk of losing value.

These competing services could result in the loss of fee income in traditional banking, as well as the loss of customer deposits and the related income generated from those deposits, which could negatively impact the Company’s deposit base and related revenue.

The Company’s models used for business planning purposes could perform poorly or provide inadequate information.

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We rely on historical data to help build models.

We seek to incorporate appropriate historical data in our models, but the range of market values and behaviors reflected in any period of historical data we incorporate into our models may turn out to be inappropriate

for the future period being modeled.

In such case, our ability to manage risk would be limited and our risk exposure and losses could be significantly greater than our models indicated.

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An inability to raise additional capital on acceptable terms when needed could have a material adverse effect on our business, financial condition and results of operations.

Risks Related to Our Pending Core Conversion

We expect to incur significant costs related to our core system integration.

In 2026 we expect to execute a core conversion from our existing platform to FIS’s IBS.

We expect this transition could incur substantial costs due to the need to optimize a large number of processes, procedures, operations, and technologies related to a new single core banking system.

We have assumed that a certain level of costs will be incurred for these enhancements and the consolidation of back office functions, however, there are many factors beyond our control that could affect the total amount or the timing of costs, and the anticipated benefits and synergies, if any, resulting upon completion.

These costs that will be incurred are, by their nature, difficult to estimate accurately.

As a result, the integration process may result in the Company taking larger than expected charges against its earnings.

Risks Related to Technology and Security

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As cyber threats and other fraudulent activity continues to evolve, we may be required to expend significant additional resources to continue to modify and enhance our protective measures, or to investigate and remediate any information security vulnerabilities or incidents.

Any of these matters could result in our loss of customers and business opportunities, significant disruption to our operations and business, misappropriation or destruction of our confidential information and/or that of our customers, or damage to our customers’ computers or systems, and could result in a violation of applicable privacy laws and other laws, litigation exposure, regulatory fines, penalties or intervention, loss of confidence in our security measures, reputational damage, reimbursement or other compensatory costs, and additional compliance costs.

customers, or damage to our customers’ computers or systems, and could result in a violation of applicable privacy laws and other laws, litigation exposure, regulatory fines, penalties or intervention, loss of confidence in our security measures, reputational damage, reimbursement or other compensatory costs, and additional compliance costs.

In addition, any of the matters described above could adversely impact our results of operations and financial condition.

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While we maintain a risk management program that is designed to minimize risk, we could suffer losses, face regulatory action, and suffer damage to our reputation because of our failure to properly anticipate and manage these risks.

Artificial Intelligence presents risks and challenges that may adversely affect our business.

Many companies in the finance industry including us and our vendors have begun incorporating artificial intelligence (AI) software and applications into our business activities in order to increase productivity.

The AI industry worldwide is developing rapidly, as is the legal and regulatory environment around its use.

Reliance on AI therefore presents risks and challenges as we adapt to evolving rules and regulations, concerns regarding data privacy and misuse of intellectual property, and data biases and accuracy of responses to inquiries during use.

These potential issues could raise compliance costs and increase security and liability concerns, which may reduce any productivity gained through its use.

The complexity surrounding AI use makes it difficult to know the expected impact on our business.

Failure to keep pace with technological changes could adversely affect our business.

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For instance, as private and state-sponsored hackers and malicious actors increasingly leverage the power of artificial intelligence to conduct cyber-attacks and other fraudulent activity, financial institutions can adopt and learn to use the same technology in order to detect attempts and defend themselves.

Adaptation to the current cybersecurity landscape requires resilience, flexibility, and collaboration in the face of increased threats enabled by technological advances.

Adaptation to the current cybersecurity landscape requires resilience, flexibility, and collaboration in the face of increased threats enabled by

technological advances.

Our future success depends, in part, upon our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations.

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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