Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 28, 2025. A box jumps to the paragraph as filed, below.
7 paragraphs in Risk Factors of the 10-K filed Feb 27, 2026 with nothing like them in the 10-K filed Feb 28, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
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
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.
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.
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.
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.
New in the latest 10-Q
4 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
by independent third-parties. Reports by the independent third-parties are presented to the Audit Committee of the Board of Directors.
Read in the 10-Q
Management and its tax advisors continue to engage in discussions with the New Jersey Division of Taxation regarding the tax positions under examination. Certain legal and factual issues remain unresolved, including clarification related to nexus and the State’s ability to assess periods prior to those currently under examination, including periods dating back to the formation of the entity. Depending on the resolution of these issues, the final assessment could be materially more or less favorable than the amount reflected in the initial assessment described above.
Read in the 10-Q
The Company continues to defend its positions regarding New Jersey nexus and the sourcing of income, and believes its positions are supported by the relevant facts and applicable tax law.
Read in the 10-Q
history and three of the four loans require no specific reserve allocations, while one loan has a specific reserve of $488,000. These allocations are based on sales agreements for the four collateral properties and stipulation agreements for the related loan payoffs, all of which have been approved by the bankruptcy court.
Read in the 10-Q
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 27, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:There were no material changes to the risk factors previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Read in the 10-Q
Two-word phrases in Risk Factors of the 10-K filed Feb 27, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 28, 2025
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
6 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
10-K change: what was reworded or cut, section by section.
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/PFS/export.csv") into a cell.
