FMAO — what changed in the latest 10-Q
A section-by-section comparison of FMAO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-29 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +99 | −46 | ~25 | 67 |
| Market risk (Item 3) | Text added/removed | +9 | −2 | ~3 | 19 |
| Controls & procedures | Text added/removed | +8 | −1 | ~1 | 17 |
| Legal proceedings | Text added/removed | +8 | −1 | ~1 | 16 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 10 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-29
The Company continues to realize the benefits of being disciplined in the execution of our strategic plan. The largest benefit evident is the improvement in overall profitability. Net income is up 45.79% or over $6.7 million year to date compared to year-to-date 2025. On a quarterly basis, net incom…
Total deposits also grew in comparisons of the two periods, mainly in money market and certificate of deposit balances. Interest expense decreased in comparing 2026 to 2025 in both second quarter and year-to-date performances. Deposit growth enabled FHLB borrowings to be paid off along with the cont…
A portion of our strategic plan focuses on improvement in noninterest income while controlling noninterest expense. Noninterest income has favorable comparisons in the quarter’s performance and year-to-date. In terms of dollars, it is higher than first quarter 2026, second quarter 2025 and year-to-d…
Operating expenses are up slightly due mainly to employee expenses, as we accrue with higher performance payouts. In comparing the first half of 2026 to the first half of 2025, furniture and equipment include our newest office in 2026 that was not added until the second half of 2025. Consulting fees…
Overall, we have seen improvement in our past due loans and nonaccrual/nonperforming loan balances. The Bank is back to a more normal range of 0.34% of loans past due, following a couple quarters with higher levels of past due loans. Consumer, Home Loans and Commercial loan past due percentages are …
Text removed vs the prior filing · source: 10-Q · 2026-04-29
With the first quarter of 2026 complete, the Company has seen the beginning of its new three-year strategic plan unfold. The plan is to increase loans and deposits and, in turn, earnings and market presence. The Company is also working to improve operational efficiencies and scale while continuing t…
Fourth quarter 2025 included $180 thousand of additional loan fees related to interest rate swap transactions, while the first quarter of 2026 included no additional loan fees. This was a factor of net interest income decreasing in the first quarter of 2026 by $327 thousand as compared to the fourth…
Comparing the quarter ended March 31, 2026 to March 31, 2025, net interest income increased $3.5 million which consisted of an improvement in interest income of $2.3 million and a reduction of interest expense of $1.2 million. We have seen improved margin, driven by asset yield improvement, and anti…
The largest contributor to better profitability was the increase in the net interest margin from 3.03% to 3.42%, a 39-basis point increase and net interest spread increasing 41 basis points in comparing March 31, 2026 to March 31, 2025. The loan portfolio decreased 1.2% from year end 2025. Total dep…
The provision for credit losses related to loans decreased by $509 thousand from March 31, 2025. Please refer to Note 4 for further analysis of both our loan portfolio and the associated allowance for credit loss.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-07-29
The Bank’s monthly cost of funds dropped from 2.58% on March 31, 2026, to 2.54% on June 30, 2026. This decrease was led by the Bank paying off $50 million in higher-cost borrowings during the second quarter of 2026, as well as dropping some of our deposit rates. Older loans and investments will cont…
Global Economic and Geopolitical Instability, Trade Policy and Inflationary Risks
Geopolitical instability, terrorist attacks, military conflicts, natural disasters, severe weather, widespread health emergencies and other catastrophic events could materially adversely affect our business. Tensions between China and the United States, the conflicts involving Russia and Ukraine and…
These conditions, together with fiscal and monetary policies, tariffs, retaliatory trade measures, economic sanctions and other restrictions on international trade, could disrupt energy, commodity and supply chains; increase the costs of fuel, transportation, raw materials and other goods; contribut…
Adverse Conditions in the Agricultural Economy Could Adversely Affect Our Agricultural Borrowers and Our Credit Quality
Text removed vs the prior filing · source: 10-Q · 2026-04-29
The Bank was aggressive in dropping its non-maturity deposit rates while the Fed was cutting their rate over the past 18 months. We have a modest opportunity to be aggressive with future Fed rate cuts. The Bank’s monthly cost of funds held steady at 2.58% from December 31, 2025, to March 31, 2026. O…
Treasury stock repurchased the quarter ended March 31, 2026.
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-07-29
Global Economic and Geopolitical Instability, Trade Policy and Inflationary Risks
Geopolitical instability, terrorist attacks, military conflicts, natural disasters, severe weather, widespread health emergencies and other catastrophic events could materially adversely affect our business. Tensions between China and the United States, the conflicts involving Russia and Ukraine and…
These conditions, together with fiscal and monetary policies, tariffs, retaliatory trade measures, economic sanctions and other restrictions on international trade, could disrupt energy, commodity and supply chains; increase the costs of fuel, transportation, raw materials and other goods; contribut…
Adverse Conditions in the Agricultural Economy Could Adversely Affect Our Agricultural Borrowers and Our Credit Quality
A meaningful portion of our lending activities consists of agricultural real estate and operating loans to crop and livestock producers and businesses that depend upon the agricultural sector. Repayment of these loans depends largely on the successful operation and cash flow of the borrower’s agricu…
Text removed vs the prior filing · source: 10-Q · 2026-04-29
Treasury stock repurchased the quarter ended March 31, 2026.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-07-29
Global Economic and Geopolitical Instability, Trade Policy and Inflationary Risks
Geopolitical instability, terrorist attacks, military conflicts, natural disasters, severe weather, widespread health emergencies and other catastrophic events could materially adversely affect our business. Tensions between China and the United States, the conflicts involving Russia and Ukraine and…
These conditions, together with fiscal and monetary policies, tariffs, retaliatory trade measures, economic sanctions and other restrictions on international trade, could disrupt energy, commodity and supply chains; increase the costs of fuel, transportation, raw materials and other goods; contribut…
Adverse Conditions in the Agricultural Economy Could Adversely Affect Our Agricultural Borrowers and Our Credit Quality
A meaningful portion of our lending activities consists of agricultural real estate and operating loans to crop and livestock producers and businesses that depend upon the agricultural sector. Repayment of these loans depends largely on the successful operation and cash flow of the borrower’s agricu…
Text removed vs the prior filing · source: 10-Q · 2026-04-29
Treasury stock repurchased the quarter ended March 31, 2026.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice