33 unchanged sentences
Rate Changes (basis points) 2025 2024
+Added: Year 1 from Year 1 Base
(100) 0.10 % 0.40 %
5 unchanged sentences
Rate Changes (basis points) 2025 2024
+Added: Year 1 from Year 1 Base
(100) (0.60) % (1.00) %
2 unchanged sentences
300 6.40 % 1.40 %
−Removed: The net interest income at risk simulation results indicate that, as of December 31, 2024, we remain liability sensitive.
−Removed: The liability sensitivity is due to the fact that there are more liabilities than assets subject to repricing as market rates change.
−Removed: We conduct an economic value of equity at risk simulation in tandem with net interest income simulations, to ascertain a longer-term view of our interest rate risk position by capturing longer-term re-pricing risk and options risk embedded in the balance sheet.
−Removed: It measures the sensitivity of economic value of equity to changes in interest rates.
−Removed: Economic value of equity at risk simulation values only the current balance sheet and does not incorporate the growth assumptions used in one of the income simulations.
−Removed: As with the net interest income simulation, this simulation captures product characteristics such as loan resets, repricing terms, maturity dates, rate caps and floors.
−Removed: Key assumptions include loan prepayment speeds, deposit pricing elasticity and non-maturity deposit attrition rates.
−Removed: These assumptions can have significant impacts on valuation results as the assumptions remain in effect for the entire life of each asset and liability.
−Removed: All key assumptions are subject to a periodic review.
+Added: The net interest income simulation model attempts to measure the change in net interest income over the next one-year period, and over the next two-year period on a cumulative basis, assuming certain changes in the general level of interest rates.
+Added: Based on our model, which was run as of December 31, 2025, we estimated that over the next one-year period a 200 basis-point parallel ramp increase of interest rates would increase our net interest income by 1.00%, while a 100 basis-point parallel ramp decrease of interest rates would decrease net interest income by 0.10%.
+Added: As of December 31, 2024, we estimated that over the next one-year period a 200 basis-point parallel ramp increase of interest rates would decrease our net interest income by 1.00%, while a 100 basis-point parallel ramp decrease of interest rates would increase net interest income by 0.40%.
+Added: Based on our model, which was run as of December 31, 2025, we estimated that over the next two years, on a cumulative basis, a 200 basis-point parallel ramp increase of interest rates would increase our net interest income by 6.00%, while a 100 basis-point parallel ramp decrease in interest rates would increase net interest income by 7.90%.
+Added: As of December 31, 2024, we estimated that over the next two years, on a cumulative basis, a 200 basis-point parallel ramp increase of interest rates would decrease our net interest income by 2.90%, while a 100 basis-point parallel ramp decrease in interest rates would increase net interest income by 12.80%.
+Added: The change in sensitivity between December 31, 2025 and December 31, 2024 was impacted by an increase in variable-rate loans.
+Added: We also conduct an economic value of equity at risk simulation in tandem with our net interest income simulations, which measures the sensitivity of economic value of equity to changes in interest rates.
Base case economic value of equity at risk is calculated by estimating the net present value of all future cash flows from existing assets and liabilities using current interest rates.
17 unchanged sentences
Income simulation results assume that changes in both core savings deposit rates and balances are related to changes in short-term interest rates.
−Removed: Lastly, mortgage-backed securities and
−Removed: mortgage loans involve a level of risk that unforeseen changes in prepayment speeds may cause related cash flows to vary significantly in differing rate environments.
+Added: Lastly, mortgage-backed securities and mortgage loans involve a level of risk that unforeseen changes in prepayment speeds may cause related cash flows to vary significantly in differing rate environments.
Such changes could affect the level of reinvestment risk associated with cash flow from these instruments, as well as their market value.
8 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.