19 unchanged sentences
We have temporarily suspended the -300 and -400 basis point rate shock analyses.
−Removed: Due to the rising interest rate environment, we believe the impact to NII income when evaluating the -200, -300, and -400 basis point rate shock scenarios do not provide meaningful insight into our interest rate risk position.
+Added: Due to the rising interest rate environment, we believe the impact to NII when evaluating the -300 and -400 basis point rate shock scenarios do not provide meaningful insight into our interest rate risk position.
To monitor interest rate risk beyond the 24-month time horizon of rate shocks, we also perform EVE rate shock simulations using the same assumptions used in the NII rate shock simulations discussed above.
4 unchanged sentences
Our policy guidelines limit the change in EVE given changes in rates of +/- 100, 200, 300, and 400 basis points.
−Removed: We have also temporarily suspended the EVE -200, -300, and -400 basis point scenarios in 2022 and 2021 due to the current interest rate environment.
−Removed: The following tables reflect the net interest income rate shock analyses and EVE analyses results for the periods presented utilizing a forecasted static balance sheet over the next twelve months.
+Added: We have also temporarily suspended the EVE -300 and -400 basis point rate shock scenarios due to the rising interest rate environment.
+Added: The following tables reflect the NII rate shock analyses and EVE analyses results for the periods presented utilizing a forecasted static balance sheet over the next twelve months.
All percentage changes presented are within prescribed ranges set by management.
1 unchanged sentence
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (continued)
−Removed: June 30, 2022 December 31, 2021
+Added: September 30, 2022 December 31, 2021
Change in Interest Rate (basis points) % Change in Pretax Net Interest Income % Change in Economic Value of Equity % Change in Pretax Net Interest Income % Change in Economic Value of Equity
7 unchanged sentences
Conversely, in a declining interest rate environment, we are positioned to have decreased pretax net interest income for the same reasons discussed above.
−Removed: Based on the ALM results presented above for the quarters ending June 30, 2022 and December 31, 2021, the Company’s balance sheet is less asset sensitive at June 30, 2022 than it previously was at December 31, 2021.
+Added: Based on the ALM results presented above for the quarters ending September 30, 2022 and December 31, 2021, the Company’s balance sheet is less asset sensitive at September 30, 2022 than it previously was at December 31, 2021.
This migration in asset sensitivity is due to 1) lower yielding, floating rate excess cash positions held in federal reserve bank and interest-bearing deposits in other financial institutions that are more sensitive to future market interest rate changes which were deployed into higher yielding, fixed and floating rate securities and portfolio loans that are less sensitive to future market interest rate changes, and 2) the recent shifts in the shape of the yield curve between the two periods presented above.
2 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.