FCF

MKT CAP $2.1BP/E 12.6DIV YIELD 2.66%FCF YIELD —REV TTM —NET INCOME $168.3M +25.6%NET CASH $342.8M52W 15.29 – 21.95NEXT EARNINGS Oct 27SEC XBRL · TTM TO Invalid Date

How FCF rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

83%

of sentences unchanged

Added

new sentences

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sentences removed

Length

+579

words, now 7,570

New in FY2025

We Are Subject to Risk Arising from Conditions in the Commercial Real Estate Market As of December 31, 2025, commercial real estate mortgage loans comprised approximately 33% of our loan portfolio.
As of December 31, 2025, approximately 29% of our deposits were either uninsured or otherwise unsecured, and we rely on these deposits for liquidity.
Unrealized Losses in Our Securities Portfolio Could Affect Liquidity As a result of changes in market interest rates, we have experienced unrealized losses on our available for sale securities portfolio.
The Value of Our Goodwill and Other Intangible Assets May Decline in the Future As of December 31, 2025, we had $400.2 million of goodwill and other intangible assets.
Any failure or circumvention of our controls and procedures or failure to comply with regulations related to controls and procedures or failure to comply with our corporate governance policies and procedures could have a material adverse effect on our reputation, business, financial condition and results of operations.
Our Reputation and Our Business Are Subject to Negative Publicity Risk Reputational risk, or the risk to our earnings and capital from negative public opinion, is inherent in our business.
Negative public opinion could result from our actual or alleged conduct in any number of activities, including lending practices, corporate governance, regulatory compliance, mergers and acquisitions, public disclosures, sharing or inadequate protection of customer information, and from actions taken by government regulators and community organizations in response to that conduct.
Acts of Cyber-Crime May Compromise Client and Company Information, Disrupt Access to Our Systems or Result in Loss of Clients or Company Assets Our business is dependent upon the availability of technology, the Internet and telecommunication systems to enable financial transactions by clients, record and monitor transactions and transmit and receive data to and from clients and third parties.
Increasing Fraud Risk Could Adversely Affect Our Business, Financial Condition, and Reputation We are exposed to an increasing risk of fraud, including cyber fraud, identity theft, account takeover, and other fraudulent activities targeting financial institutions and their customers.
The sophistication and frequency of these schemes continue to grow, driven by advances in technology and the proliferation of digital banking channels.
Fraudulent activity can result in financial losses for us or our customers, increased operational costs, and potential legal exposure.
Although we employ robust security measures, including authentication protocols, transaction monitoring, and fraud detection systems, these controls may not be sufficient to prevent all fraudulent activity.
Criminals continuously adapt their methods to circumvent existing safeguards, and emerging technologies such as artificial intelligence may further enhance their ability to perpetrate fraud.
Significant fraud-related losses could negatively impact our earnings, capital, and liquidity.
In addition, fraud incidents may harm our reputation, erode customer trust, and lead to regulatory scrutiny or enforcement actions.
Failure to effectively manage and mitigate fraud risk could have a material adverse effect on our business, financial condition, and results of operations.
The Proliferation of Stablecoins May Adversely Impact Our Business The growing adoption of stablecoins, including yield‑bearing stablecoins, and the evolving regulatory framework under the Guiding and Establishing National Innovation for U.S.
Stablecoins Act (the “GENIUS Act”), could adversely affect our deposits, liquidity, and competitive position.
Certain stablecoin products may function as substitutes for traditional bank deposits while operating under different regulatory requirements.
If regulatory safeguards under the GENIUS Act prove insufficient or are unevenly applied between banks and non‑bank issuers, stablecoins could facilitate deposit outflows, reduce funding stability, and create risks associated with parallel banking systems.
Regulatory changes or additional compliance obligations arising from the GENIUS Act could also increase our operational costs or limit our ability to compete effectively in digital payments and settlement activities.
We Are Subject To the Potential Adverse Effects of a U.S.
Federal Government Shutdown A prolonged or repeated shutdown of the U.S. federal government could adversely affect our business, financial condition, liquidity, and results of operations.
Funding gaps or lapses in federal appropriations may disrupt the operations of government agencies that provide critical economic data, administer regulatory functions, or directly support our customers and counterparties.
During a shutdown, federal agencies such as the Internal Revenue Service, Small Business Administration, and various supervisory bodies may suspend or significantly curtail their activities, which can delay loan originations, hinder verification processes, impede regulatory approvals, and reduce the availability of government guaranteed lending programs.
A shutdown may also impair the financial capacity of borrowers who depend on federal salaries, contracts, reimbursements, or benefit programs, including government employees, federal contractors, and recipients of government-funded services.
Reduced or delayed income to these borrowers could increase delinquencies, reduce loan demand, negatively affect deposit inflows, and increase our credit risk exposure.
In addition, disruptions to federal economic data releases or fiscal operations may create volatility in financial markets, affecting interest rates, liquidity conditions, and the valuation of securities in our investment portfolio.
The duration and economic impact of any government shutdown are inherently uncertain, and any such event could, individually or in the aggregate, have a material adverse effect on our business, financial condition and results of operations.
Acquisitions typically involve the payment of a premium over book and market values; therefore, some dilution of our tangible book value and net income per common share may occur in connection with any future transaction.
Most recently, in connection with successive failures by the U.S. government to reverse the trend of large annual fiscal deficits and growing interest costs, Moody's lowered its long-term issuer credit rating on the U.S. from Aaa to Aa1.

Gone since FY2024

We Are Subject to Risk Arising from Conditions in the Commercial Real Estate Market As of December 31, 2024, commercial real estate mortgage loans comprised approximately 35% of our loan portfolio.
As of December 31, 2024, approximately 27% of our deposits were either uninsured or otherwise unsecured and we rely on these deposits for liquidity.
Unrealized Losses in Our Securities Portfolio Could Affect Liquidity As market interest rates have increased, we have experienced unrealized losses on our available for sale securities portfolio.
The Value of Our Goodwill and Other Intangible Assets May Decline in the Future As of December 31, 2024, we had $383.4 million of goodwill and other intangible assets.
Any failure or circumvention of our controls and procedures, failure to comply with regulations related to controls and procedures; or failure to comply with our corporate governance policies and procedures could have a material adverse effect on our reputation, business, financial condition and results of operations.
Our Reputation and our Business Are Subject to Negative Publicity Risk Reputation risk, or the risk to our earnings and capital from negative public opinion, is inherent in our business.
Negative public opinion could result from our actual or alleged conduct in any number of activities, including lending practices, corporate governance, regulatory compliance, mergers and acquisitions, and disclosure, sharing or inadequate protection of customer information, and from actions taken by government regulators and community organizations in response to that conduct.
Acts of Cyber-Crime May Compromise Client and Company Information, Disrupt Access to Our Systems or Result in Loss of Client or Company Assets Our business is dependent upon the availability of technology, the Internet and telecommunication systems to enable financial transactions by clients, record and monitor transactions and transmit and receive data to and from clients and third parties.
Acquisitions typically involve the payment of a premium over book and market values, and, therefore, some dilution of our tangible book value and net income per common share may occur in connection with any future transaction.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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