7 unchanged sentences
The COVID-19 pandemic may adversely affect our business
−Removed: Unexpected and unprecedented changes have occurred during 2020 and into 2021 as the result of COVID-19.
−Removed: This aggressive and persistent virus causes a respiratory disease and can result in serious illness or death.
+Added: Unexpected and unprecedented changes have occurred during 2020 and 2021 as the result of COVID-19.
The World Health Organization has declared the situation a global pandemic.
−Removed: The pandemic has created significant market volatility, economic uncertainty, and disruption to normal business operations around the world, with slowdowns and shutdowns affecting entire industries.
−Removed: The Michigan governor issued on March 23, 2020 a stay-at-home order, which limited gatherings and travel, and required those working, or required individuals working in select businesses who were not deemed essential to sustain or protect life to stay home.
−Removed: The Michigan stay-at-home order was in effect until early June.
−Removed: The orders led to financial stress for many businesses and their employees throughout the communities we serve.
−Removed: Additional executive and Michigan State Health Department orders have been put in place since June 2020.
+Added: The pandemic created significant market volatility, economic uncertainty, and disruption to normal business operations around the world, with slowdowns and shutdowns affecting entire industries.
The extent to which COVID-19 impacts our business will depend on future developments, which are highly uncertain and cannot be predicted with any accuracy.
Future developments include new information which may emerge concerning the severity of COVID-19 and the actions to contain the coronavirus or treat its impact, among others.
−Removed: We expect the significance of the COVID-19 pandemic, including the extent of its effect on our financial and operational results, to be dictated by, among other factors, its duration, the success of efforts to contain it and the impact of actions taken in response, including the development and distribution of effective vaccines.
+Added: We expect the significance of the COVID-19 pandemic, including the extent of its effect on our financial and operational results, to be dictated by, among other factors, its duration, the success of efforts to contain it and the impact of actions taken in response.
Uncertainty created by the COVID-19 pandemic is pervasive, and has impacted our financial results, operations, customers, vendors and various areas of risk.
15 unchanged sentences
An economic downturn within our local markets, as well as downturns in the state, national, or global markets, could negatively impact household and corporate incomes.
−Removed: This could lead to decreased demand for both loan and deposit products and lead to
−Removed: an increase of customers who fail to pay interest or principal on their loans.
+Added: This could lead to decreased demand for both loan and deposit products and lead to an increase of customers who fail to pay interest or principal on their loans.
We continually monitor key economic indicators in an effort to anticipate the possible effects of downturns in the local, regional, and national economies.
2 unchanged sentences
The local economic conditions in these areas have a significant impact on the demand for our products and services, as well as the ability of our customers to repay loans, the value of the collateral securing loans, and the stability of our deposit funding sources.
−Removed: A significant decline in general economic conditions, caused by inflation, recession, acts of terrorism, international or domestic occurrences, a health crisis, unemployment, changes in securities markets or other factors could impact these local economic conditions and, in turn, could have a material adverse effect on our financial condition and results of operations.
+Added: A significant decline in general economic
+Added: conditions, caused by inflation, recession, acts of terrorism, international or domestic occurrences, a health crisis, unemployment, changes in securities markets or other factors could impact these local economic conditions and, in turn, could have a material adverse effect on our financial condition and results of operations.
Interest rate risk
12 unchanged sentences
Operational risk
−Removed: Operational risk is the risk of loss resulting from failed or inadequate internal processes, staffing, systems, or external events and includes reputation risk and transaction risk.
+Added: Operational risk is the risk of loss resulting from failed or inadequate internal processes, staffing, information technology systems, or external events.
+Added: These factors may lead to reputation risk and transaction risk.
Reputation risk is managed by developing and retaining marketplace confidence in handling customers’ financial transactions in an appropriate manner and protecting our safety and soundness.
61 unchanged sentences
Additionally, changes to our articles of incorporation must be approved by a two-thirds majority vote of our shareholders.
−Removed: These provisions may make our common stock less attractive to potential shareholders.
Unresolved Staff Comments.
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.