Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Market risk is the risk of earnings volatility that results from adverse changes in interest rates and market prices. The Company's market risk is primarily interest rate risk arising from its core banking activities of lending and deposit taking. Interest rate risk is the risk that the change in market interest rates may adversely affect the Company's net interest income. Management continually develops and implements strategies to mitigate this risk. The analysis of the Company's interest rate risk as of December 31, 2021 was presented in the Company's Form 10-K filed with the Securities and Exchange Commission on February 24, 2022. The Company has not experienced any material changes to its interest rate risk position since December 31, 2021. Management does not believe that the Company's primary market risk exposure and management of that exposure in the first three months of 2022 materially changed compared to those in the year ended December 31, 2021.
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