17 unchanged sentences
Interest Rate Risk (“IRR”)
−Removed: The Company actively manages interest rate risk, as changes in market interest rates can have a significant impact on reported earnings.
The Company's IRR analysis is designed to compare income and economic valuation simulations in market scenarios designed to alter the direction, magnitude and speed of interest rate changes, as well as the slope of the yield curve.
−Removed: This analysis may not represent all impacts driven by changes in the interest rate environment, such as certain other card fee income and expense line items tied to card processing expense derived from contractual agreements with certain Partner Solutions partners and servicing fees the Company recognizes from custodial off-balance sheet deposits.
+Added: This analysis may not represent all impacts driven by changes in the interest rate environment, such as certain other card fee income and expense line items tied to card processing expense derived from contractual agreements with certain Partner Solutions partners and servicing fees the Company recognizes from custodial deposits.
The Company does not currently engage in trading activities to control IRR although it may do so in the future, if deemed necessary, to help manage IRR.
11 unchanged sentences
It models basis point parallel shifts in market interest rates over the next one-year period.
−Removed: The following table shows the results of the scenarios as of June 30, 2025 and September 30, 2024:
+Added: The following table shows the results of the scenarios as of December 31, 2025 and September 30, 2025:
Net Sensitive Earnings at Risk
3 unchanged sentences
(Dollars in Thousands) Book Value -200 -100 Base +100 +200
−Removed: Balances as of June 30, 2025
+Added: Balances as of December 31, 2025
Total interest income 6,736,345 413,496 430,892 457,104 493,583 530,513
7 unchanged sentences
Percentage change from base -10.0 % -6.1 % — % 6.6 % 13.3 %
−Removed: The EAR analysis reported at June 30, 2025 , shows that changes in market interest rates have a larger impact on total interest income than total interest expense.
+Added: The EAR analysis reported at December 31, 2025 , shows that changes in market interest rates have a larger impact on total interest income than total interest expense.
IRR is a snapshot in time.
5 unchanged sentences
It models immediate basis point parallel shifts in market interest rates.
−Removed: The following table shows the results of the scenario as of June 30, 2025 and September 30, 2024:
+Added: The following table shows the results of the scenario as of December 31, 2025 and September 30, 2025:
Economic Value Sensitivity
2 unchanged sentences
-200 -100 +100 +200
−Removed: Balances as of June 30, 2025
+Added: Balances as of December 31, 2025
Percentage change from base -8.2 % -3.5 % 2.7 % 4.7 %
1 unchanged sentence
Percentage change from base -6.5 % -2.6 % 1.6 % 2.8 %
−Removed: The EVE at risk reported at June 30, 2025 shows that the economic value of equity position is expected to benefit from rising interest rates due to the large amount of noninterest-bearing funding.
+Added: The EVE at risk reported at December 31, 2025 shows that the economic value of equity position is expected to benefit from rising interest rates due to the large amount of noninterest-bearing funding.
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.