Red Flags Detected

• ⚠ Commercial Real Estate Concentration (new) — CRE loans are 483.5% of risk-based capital, far exceeding the 300% threshold that triggers heightened regulatory scrutiny and potential capital requirements.
• ⚠ BM Tech Segment Losses (new) — The acquired BM Tech segment continues to lose money, with $909K loss in Q1 2026 and $3.2M in 2025, driven by fraud losses and amortization.
• ⚠ Goodwill Impairment Sensitivity (new) — BM Tech's fair value exceeds carrying value by only 5-10%, with $44.5M of goodwill at risk of impairment from modest adverse changes.
• ⚠ Deposit Concentration (new) — The 30 largest deposit relationships account for 30% of total deposits, and 17% of deposits are uninsured, creating liquidity risk.
• ⚠ Loan Concentration (new) — Top 20 borrowing relationships represent 24.6% of total outstanding commitments, indicating significant credit concentration risk.
• ⚠ Share Overhang (new) — Over 18 million shares are not subject to lock-up agreements and can be sold immediately after the offering, potentially pressuring the stock price.