FSEA — what changed in the latest 10-Q
A section-by-section comparison of FSEA'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 · 2026-05-15 vs the prior 10-Q · 2025-11-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +12 | −30 | ~23 | 38 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~4 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
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 · 2026-05-15
Deposits. Our deposits are generated primarily from residents within our primary market area. We offer a selection of deposit accounts, including non-interest-bearing and interest-bearing checking accounts, savings accounts, money market accounts
Deposits decreased $11.8 million to $459.0 million at March 31, 2026 from $470.8 million at December 31, 2025 primarily as a result of a $16.3 million decrease in retail deposits offset by a $4.5 million increase in commercial deposits. Core deposits (defined as deposits other than time deposits, in…
Borrowings. Total borrowings from the FHLB was $52.3 million at March 31, 2026 and December 31, 2025.
Non-performing loans were $412,000 and $478,000 at March 31, 2026 and December 31, 2025, respectively. At March 31, 2026, non-performing loans consist of a residential mortgage loan and a consumer loan secured by a manufactured housing property. The non-performing residential mortgage loan with an o…
Interest Expense. Total interest expense decreased $300,000, or 9.2%, to $3.0 million for the three months ended March 31, 2026 from $3.3 million for the three months ended March 31, 2025. Interest expense on deposits decreased $255,000, or 9.8%, to $2.3 million for the three months ended March 31, …
Text removed vs the prior filing · source: 10-Q · 2025-11-14
"CECL model"), for the loss calculation of each of our loan pools utilizing a third-party software application. The WARM uses a quarterly loss rate and future expectations of loan balances to calculate an ACL. A loss rate is applied to pool balances over time.
Deposits increased $25.8 million, or 5.7%, to $480.0 million at September 30, 2025 from $454.2 million at December 31, 2024 primarily as a result of a $5.2 million increase in commercial deposits and a $20.6 million increase in retail deposits. Core deposits (defined as deposits other than time depo…
Additionally, there were $22.0 million and $22.1 million of brokered deposits included in savings deposits at September 30, 2025 and December 31, 2024, respectively. Deposits from related parties totaled $12.6 million and $11.6 million at September 30, 2025 and December 31, 2024, respectively.
Non-performing loans were $194,000 and $-0- at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, non-performing loans consisted of a residential mortgage loan with an outstanding balance of $65,000 and an estimated collateral market value of $275,000, a consumer loan sec…
Interest Expense. Total interest expense decreased $121,000, or 3.4%, to $3.4 million for the three months ended September 30, 2025 from $3.6 million for the three months ended September 30, 2024. Interest expense on deposits increased $113,000, or 4.2%, to $2.8 million for the three months ended Se…
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