+Added: In addition to the other information set forth in this report, the Company's business, financial condition, and results of operations may be materially impacted by the risks that are discussed under the caption “Risk Factors” in Part I, Item 1A of the Company's Annual Report on Form 10-K, as amended, for the year ended December 31, 2022.
+Added: The risk factors set forth below update, and should be read together with, such risk factors.
Liquidity and Capital Risks
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The Company maintains a portfolio of investments, which includes available for sale debt securities, trading securities, equity securities, and other investments.
−Removed: At March 31, 2023, the Company did not hold any investments classified as held-to-maturity.
+Added: At June 30, 2023, the Company did not hold any investments classified as held-to-maturity.
The Company's available for sale debt securities portfolio is carried at fair value, with unrealized gains and losses carried in accumulated other comprehensive income (loss) within shareholder's equity.
The fair value of investments, including available for sale debt investments, may change with changes in interest rates, credit concerns, or other economic factors.
−Removed: Due to the rapid rise of interest rates during the previous 13 months, the fair value of the Company's available of sale debt securities included a net unrealized loss of $1.3 billion at March 31, 2023.
−Removed: Although as of March 31, 2023, the Company has the intent and ability to maintain its available for sale debt investments until maturity, if in the future the Company were to elect to sell or needed to sell the investments before their maturity, the Company could realize significant losses in its income statement.
+Added: Due to the rapid rise of interest rates during 2022 and early 2023, the fair value of the Company's available of sale debt securities included a net unrealized loss of $1.4 billion at June 30, 2023.
+Added: Although as of June 30, 2023, the Company has the intent and ability to maintain its available for sale debt investments until maturity, if in the future the Company were to elect to sell or needed to sell the investments before their maturity, the Company could realize significant losses in its income statement.
Any changes to regulations, regulatory policies, laws, or supervisory or enforcement activities arising from the recent events in the banking industry could increase the Company’s expenses and adversely impact the Company’s operations.
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Changes to regulations, regulatory policies, laws, or supervisory or enforcement activities could affect the Company in substantial and adverse ways, including limiting the services and products the Company may offer, restrict the Company’s ability to pay dividends, result in the Company incurring higher costs, or subject the Company to higher capital requirements.
−Removed: Inability to access short-term funding, loss of client deposits or changes in our credit ratings could increase the cost of funding, limit access to capital markets or negatively impact the Company’s overall liquidity or capitalization.
+Added: Inability to access short-term funding, loss of client deposits or
+Added: changes in our credit ratings could increase the cost of funding, limit access to capital markets or negatively impact the Company’s overall liquidity or capitalization.
The Company may be impacted by concerns regarding the soundness or creditworthiness of other financial institutions, which can cause disruption within the financial markets and increased expenses.
1 unchanged sentence
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.