2 unchanged sentences
Asset/Liability Management.
−Removed: Our asset/liability management process consists of quantifying, analyzing and controlling interest rate risk to maintain reasonably stable net interest income levels under various interest rate environments.
−Removed: The principal objective of asset/liability management is to maximize net interest income while operating within acceptable limits established for interest rate risk and to maintain adequate levels of liquidity.
+Added: Our asset/liability management (ALM) process consists of quantifying, analyzing and controlling interest rate risk (IRR) to maintain reasonably stable net interest income levels under various interest rate environments.
+Added: The principal objective of ALM is to maximize net interest income while operating within acceptable limits established for interest rate risk and to maintain adequate levels of liquidity.
The majority of our assets and liabilities are monetary in nature.
10 unchanged sentences
We are working to limit our future exposure to interest rate fluctuations by creating a more balanced mix of rate sensitive assets and liabilities on a one-year time horizon and greater than one-year time horizon.
−Removed: We purchased amortizing mortgage backed securities in 2024.
+Added: We purchased amortizing mortgage backed securities in 2024 and 2025.
We also purchased U.S.
9 unchanged sentences
The interest sensitivity analysis at December 31, 2025 illustrated below reflects a liability-sensitive position with a negative cumulative gap on a one-year basis.
+Added: The interest spread and liability funding discussed below are directly related to changes in asset and liability mixes, volumes, maturities and repricing opportunities for interest-earning assets and interest-bearing liabilities.
+Added: Interest-sensitive assets and liabilities are those which are subject to repricing in the near term, including both floating or adjustable rate instruments and instruments approaching maturity.
+Added: The interest sensitivity gap is the difference between total interest-sensitive assets and total interest-sensitive liabilities.
+Added: Interest rates on our various asset and liability categories do not respond uniformly to changing market conditions.
+Added: Interest rate risk is the degree to which interest rate fluctuations in the marketplace can affect net interest income.
December 31, 2025
22 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.