−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk represents the potential economic loss on trading and non-trading portfolios and financial instruments due to adverse price movements in markets including interest rates, foreign exchange rates, credit spreads, commodity prices and equity and related implied volatility levels.
5 unchanged sentences
VaR provides a consistent cross-asset measure for risk profiles and allows for diversification benefit based on historical correlations across market moves.
−Removed: As of June 30, 2026, the Company’s exposure through its trading desk does not pose a significant market risk to the Company.
+Added: As of September 30, 2026, the Company’s exposure through its trading desk does not pose a significant market risk to the Company.
All statistical models involve a degree of uncertainty and VaR is calculated at a statistical confidence interval of the 95th percentile based on one-year daily historic market moves.
3 unchanged sentences
Interest Rate Risk Management
−Removed: The Company’s interest rate sensitivity as of June 30, 2026 is illustrated in the following table.
−Removed: The table reflects rate-sensitive positions as of June 30, 2026 and is not necessarily indicative of positions on other dates.
+Added: The Company’s interest rate sensitivity as of September 30, 2026 is illustrated in the following table.
+Added: The table reflects rate-sensitive positions as of September 30, 2026 and is not necessarily indicative of positions on other dates.
The table does not take into account the effect of the Company’s derivatives designated as hedges.
35 unchanged sentences
Interest rate derivative contracts may be used to manage exposure to adverse fluctuations in these primary interest rate exposures as is discussed in more detail under the heading Use of Derivatives to Manage Interest Rate and Other Risks below.
−Removed: For modeling purposes, the “shock test” scenarios as of June 30, 2026 and June 30, 2025 assume immediate parallel, sustained 100 and 200 basis point increases in interest rates as well as 100 and 200 basis point decreases in interest rates.
+Added: For modeling purposes, the “shock test” scenarios as of September 30, 2026 and September 30, 2025 assume immediate parallel, sustained 100 and 200 basis point increases in interest rates as well as 100 and 200 basis point decreases in interest rates.
The Company will continue to evaluate these scenarios as interest rates change.
−Removed: The Company’s interest rate risk exposure model incorporates assumptions regarding the level of interest rate, including indeterminable maturity deposits (non-interest bearing deposits, interest bearing transaction accounts and savings accounts) and loan and security prepayment behaviors for a given level of market rate change.
+Added: The Company’s interest rate risk exposure model incorporates assumptions regarding the level of interest rates, including indeterminable maturity deposits (non-interest bearing deposits, interest bearing transaction accounts and savings accounts) and loan and security prepayment behaviors for a given level of market rate change.
In the current environment of changing short-term rates, deposit pricing can vary by product and customer.
3 unchanged sentences
Annualized Hypothetical Change in Net Interest Income
−Removed: June 30, 2026 June 30, 2025
+Added: September 30, 2026 September 30, 2025
+ 200 basis points 3.4 % 7.7 %
12 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.