| | | | | | | | | | | | | | | | | | | | |
Standard | | Description | | Effective date | | Effect on the financial statements or other significant matters |
| | | | | | |
Standards not yet adopted by the Bank as of March 31, 2026 |
| | | | | | |
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) | | This accounting standards update (“ASU”) requires additional disclosures of certain costs and expenses in both interim and annual reporting periods, including: •Amounts of employee compensation, depreciation, and intangible asset amortization included in certain expense lines presented on the face of the income statement within continuing operations. •A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. | | Annual periods beginning January 1, 2027; Interim periods beginning January 1, 2028. | | The overall effect of this standard is not expected to have a material impact on our consolidated financial statements. |
| | | | | | |
ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) | | This ASU modernizes the accounting treatment for internal-use software to better reflect current development practices, including agile and iterative approaches. Key provisions include: •Elimination of Prescriptive Project Stages: The guidance no longer requires classification of costs by development phase, thereby removing rigid stage-based criteria. •Capitalization Criteria: Capitalization of eligible software development costs commences once management has both authorized and committed to funding the project, and it is probable that the project will be completed, and requires consideration of development uncertainties. | | Annual and interim periods beginning after December 15, 2027. | | The overall effect of this standard is not expected to have a material impact on our consolidated financial statements. |
| | | | | | |
ASU 2025-08, Financial Instruments—Credit Losses (Topic 326): Purchased Loans | | This ASU broadens the population of financial assets subject to the gross-up method under Topic 326 to include all purchased seasoned loans (excluding credit cards), which are defined as: •Non-purchase credit deteriorated (“PCD”) loans acquired in a business combination. •Non-PCD loans acquired in an asset acquisition more than 90 days after their origination date. | | Annual and interim periods beginning after December 15, 2026. | | The overall effect of this standard is not expected to have a material impact on our consolidated financial statements. |
| | | | | | |
ASU 2025-09, Derivatives and Hedging (Topic 815)—Hedge Accounting Improvements | | This ASU introduces targeted improvements to accounting standards codification (“ASC”) Topic 815 to better align hedge accounting with common risk management strategies. The updates address multiple items, including the following: •Similar risk assessment for cash flow hedges. •Hedging interest payments on choose-your-rate debt. •Net written options as hedging instruments. | | Annual and interim periods beginning after December 15, 2026. | | The overall effect of this standard is not expected to have a material impact on our consolidated financial statements. |
| | | | | | |