ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: By June 2022, Ohio’s unemployment rate approximated 4.5%.
−Removed: The bank is based in Holmes County which is reporting an unemployment rate of 3.0% in June 2022.
−Removed: Of the counties within the bank’s footprint, Stark County reported the highest unemployment rate at 4.2% in June.
+Added: By September 2022, Ohio’s unemployment rate approximated 3.8%.
+Added: The bank is based in Holmes County which is reporting an unemployment rate of 2.5% in September 2022.
+Added: Of the counties within the bank’s footprint, Stark County reported the highest unemployment rate at 3.7% in September.
Many jobs within the Bank’s market footprint are going unfilled.
−Removed: The rising rate of inflation, which stood at 9.1% in June 2022, has become persistent and market interest rates have risen substantially during the first six months of the year.
+Added: The rising rate of inflation, which stood at 8.2% in September 2022, has become persistent and market interest rates have risen substantially during the first nine months of the year.
Credit quality in the Bank’s loan portfolio has continued to improve, however risks to the economy remain with higher prices for goods and labor.
2 unchanged sentences
All balance sheet positions, and interest rate projections are currently within the Company’s board-approved policy for both the twelve- month and twenty-four-month periods.
−Removed: The following table presents an analysis of the estimated sensitivity of the Company’s annual net interest income to sudden and sustained -200 through +400 basis point changes, in 100 basis point increments, in market interest rates at June 30, 2022 and December 31, 2021.
+Added: The following table presents an analysis of the estimated sensitivity of the Company’s annual net interest income to sudden and sustained -200 through +400 basis point changes, in 100 basis point increments, in market interest rates at September 30, 2022 and December 31, 2021.
The net interest income reflected is for the first twelve-month period of the modeled twenty-four-month horizon.
The underlying balance sheet for illustrative purposes is dynamic with projected growth in assets and liabilities.
−Removed: June 30, 2022
+Added: September 30, 2022
(Dollars in thousands)
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.