7 unchanged sentences
We monitor the impact of changes in interest rates on net interest income using several tools.
−Removed: See Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations , Recent Events in the Financial Services Industry.
+Added: Management’s Discussion and Analysis of Financial Condition and Results of Operations , Recent Events in the Financial Services Industry.
Our primary objective in managing interest rate risk is to minimize the adverse impact of changes in interest rates on our net interest income and capital, while configuring our asset-liability structure to obtain the maximum yield-cost spread on that structure.
4 unchanged sentences
Interest rate risk is the risk to earnings and fair value arising from changes in market interest rates.
−Removed: Interest rate risk arises from timing differences in the repricing and maturities of interest-earning assets and interest-bearing liabilities (repricing risk), changes in the expected maturities of assets and liabilities arising from embedded options, such as borrowers’ ability to prepay home mortgage loans at any time, depositors’ ability to redeem certificates of deposit before maturity (option risk), changes in the shape of the yield curve, where interest rates increase or decrease in a nonparallel fashion (yield curve risk), and changes in spread relationships between different yield curves, such as U.S.
+Added: Interest rate risk arises from timing differences in the repricing and maturities of interest-earning assets and interest-bearing liabilities (repricing risk), changes in the expected maturities of assets and liabilities arising from embedded options, such as borrowers’ ability to prepay home mortgage loans at any time, depositors’ ability to redeem certificates of deposit before maturity (option risk), changes in the shape of the yield curve, where interest rates increase or decrease in a non-parallel fashion (yield curve risk), and changes in spread relationships between different yield curves, such as U.S.
Treasuries and SOFR (basis risk).
25 unchanged sentences
This simulation assumes that there is no growth in interest-earning assets or interest-bearing liabilities over the next 12 months.
−Removed: As of March 31, 2023
+Added: As of June 30, 2023
As of December 31, 2022
8 unchanged sentences
This analysis measures the difference between predicted changes in the fair value of our assets and predicted changes in the present value of our liabilities, assuming various changes in current interest rates.
−Removed: The table below represents an analysis of our interest rate risk as measured by the estimated changes in our economic value of equity, resulting from an instantaneous and sustained parallel shift in the yield curve at March 31, 2023, and December 31, 2022.
−Removed: As of March 31, 2023
+Added: The table below represents an analysis of our interest rate risk as measured by the estimated changes in our economic value of equity, resulting from an instantaneous and sustained parallel shift in the yield curve at June 30, 2023, and December 31, 2022.
+Added: As of June 30, 2023
As of December 31, 2022
6 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.