33 unchanged sentences
The model modifications incorporated observed pricing and customer behavior in both rising and falling interest rate environments.
−Removed: The model is updated annually and was last evaluated during the three months ended September 30, 2024.
+Added: The model is updated annually and was last evaluated during the three months ended December 31, 2025.
The following table presents the projected changes in NII at Risk and EVE that would occur upon an immediate change in interest rates based on independent analysis, but without giving effect to any steps that management might take to counteract that change as of the dates indicated:
5 unchanged sentences
On December 10, 2025, the FOMC lowered the upper range of the Fed Funds Target Rate from 4.00% to 3.75%.
−Removed: In the accompanying statement, they maintained their previous assessment that labor market conditions have generally eased while unemployment rate has moved up but remains low.
−Removed: They noted that inflation has made further progress towards the Committee’s 2 percent inflation objective but remain “somewhat elevated”.
−Removed: They added that, “In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook.
−Removed: The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.”
+Added: In the accompanying statement, noted economic activity has been expanding at a moderate pace but highlighted that unemployment rate has edged up through September.
+Added: Inflation has moved up since earlier in the year and remained somewhat elevated.
+Added: The Committee reiterated that they remain attentive to the risks to both sides of its dual mandate but judged that downside risks to employment rose in recent months.
+Added: In considering the extent and timing of additional adjustments to the target range of the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks.
As of December 31, 2025, the Company’s net interest income sensitivity results exhibit an asset sensitive profile.
3 unchanged sentences
Actual results in net interest income during a period of rising interest rates may vary from the Company’s net interest income sensitivity results, as the actual result reflects earnings asset growth and deposit mix changes based on customer preferences relative to the interest rate environment.
−Removed: The Company’s EVE sensitivity reflects a slight liability sensitive profile due to the continuing deposit mix shift from non-maturity deposits to time deposits.
+Added: The Company’s EVE sensitivity reflects a slight liability sensitive profile due to the deposit mix shift away from non-maturity deposits to time deposits.
The model result is highly sensitive to deposit behaviors as well as loan prepayment assumptions.
1 unchanged sentence
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.