6 unchanged sentences
Adherence to relevant policies is monitored on an ongoing basis by the Asset/Liability Committee.
−Removed: The Company has a total cumulative gap in interest-earning assets and interest-bearing liabilities of 6.7% as of March 31, 2026, indicating that, overall, assets will reprice before liabilities during the expected life of the instruments.
+Added: The Company has a total cumulative gap in interest-earning assets and interest-bearing liabilities of 6.4% as of June 30, 2026, indicating that, overall, assets will reprice before liabilities during the expected life of the instruments.
Cumulative gap is a useful measure to monitor balance sheet match-funding, yet economic value of equity and net interest income simulations, discussed below, are more useful in understanding potential impacts to earnings from a change in interest rates.
14 unchanged sentences
The simulation analysis incorporates management’s current assessment of the risk that pricing margins will change adversely over time due to competition or other factors.
−Removed: The table below sets forth an approximation of the Company’s NII sensitivity exposure for the 12-month periods ending March 31, 2027 and 2028, and the Company’s EVE sensitivity at March 31, 2026 under instantaneous parallel interest rate shocks assuming a static balance sheet.
−Removed: The simulation uses projected repricing of assets and liabilities at March 31, 2026, on the basis of contractual maturities, anticipated repayments and scheduled rate adjustments.
+Added: The table below sets forth an approximation of the Company’s NII sensitivity exposure for the 12-month periods ending June 30, 2027 and 2028, and the Company’s EVE sensitivity at June 30, 2026 under instantaneous parallel interest rate shocks assuming a static balance sheet.
+Added: The simulation uses projected repricing of assets and liabilities at June 30, 2026, on the basis of contractual maturities, anticipated repayments and scheduled rate adjustments.
Critical model assumptions such as loan and investment prepayment rates, deposit decay rates, deposit betas and lags and assumed replacement pricing can have a significant impact on interest income simulation.
5 unchanged sentences
Basis Point Change in
−Removed: Interest Rates 12 Months Ending March 31, 2027 12 Months Ending March 31, 2028 As of March 31, 2026
+Added: Interest Rates 12 Months Ending June 30, 2027 12 Months Ending June 30, 2028 As of June 30, 2026
+300 20.0 % 14.5 % (5.9 %)
5 unchanged sentences
Rates are increased instantaneously at the beginning of the projection.
−Removed: Under this instantaneous parallel interest rate shock, with a static balance sheet NII simulation, the Company is moderately asset sensitive in the initial year, as the Company’s large variable rate loan portfolio reprices the full amount of the assumed change in interest rates, while the large retail savings and short-term retail certificates of deposits portfolio will reprice with an assumed beta.
−Removed: The Company is slightly asset sensitive in the second year of the projection due to interest rates increasing or decreasing for the full year, the Company’s loan portfolio continuing to reprice, and also due to the other assumptions used in the analysis as noted previously.
+Added: Under this instantaneous parallel interest rate shock, with a static balance sheet NII simulation, the Company is moderately asset sensitive in the initial year, as the Company’s large variable rate loan portfolio reprices the full amount of the assumed change in interest rates, while the large retail savings and short-term retail certificates of deposit portfolio will reprice with an assumed beta.
+Added: The Company is moderately asset sensitive in the second year of the projection due to interest rates increasing or decreasing for the full year, the Company’s loan portfolio continuing to reprice, and also due to the other assumptions used in the analysis as noted previously.
Interest rates do not normally move all at once or evenly over time, but management believes that the analysis is useful to understanding the potential direction and magnitude of net interest income changes due to changing interest rates.
The EVE analysis shows that the Company would theoretically lose market value in a rising rate environment.
−Removed: This is largely driven by the Company’s longer asset duration, primarily consisting of investments and loans, versus the shorter duration of its funding portfolio, primarily consisting of retail savings and short-term retail certificates of deposits.
+Added: This is largely driven by the Company’s longer asset duration, primarily consisting of investments and loans, versus the shorter duration of its funding portfolio, primarily consisting of retail savings and short-term retail certificates of deposit.
The NII and EVE simulation analysis shown above is only an estimate of interest rate risk exposure at a particular point in time without growth considerations.
3 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.