4 unchanged sentences
The Company is not subject to foreign currency exchange or commodity price risk.
−Removed: During the three months ended March 31, 2024, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.
+Added: During the three and six months ended June 30, 2024, we conducted zero transactions involving derivative instruments requiring bifurcation in order to hedge interest rate or market risk.
Interest Rate Risk Exposure Analysis
18 unchanged sentences
No matter the care and precision with which the estimates are derived, actual cash flows could differ significantly from the Company’s estimates resulting in significantly different EVE calculations.
−Removed: The analysis that follows presents, as of March 31, 2024 and December 31, 2023, the estimated EVE at both the Pre-Shock Scenario and the -200 Basis Point, -100 Basis Point, +100 Basis Point, and +200 Basis Point Rate Shock Scenarios.
−Removed: March 31, 2024
+Added: The analysis that follows presents, as of June 30, 2024 and December 31, 2023, the estimated EVE at both the Pre-Shock Scenario and the -200 Basis Point, -100 Basis Point, +100 Basis Point, and +200 Basis Point Rate Shock Scenarios.
+Added: June 30, 2024
December 31, 2023
6 unchanged sentences
- 200 Basis Points
−Removed: The Company’s Pre-Shock Scenario EVE increased from $1.33 billion at December 31, 2023 to $1.48 billion at March 31, 2024.
+Added: The Company’s Pre-Shock Scenario EVE increased from $1.33 billion at December 31, 2023 to $1.59 billion at June 30, 2024.
The primary factor contributing to the increase in EVE is an increase in the value of the Bank’s non-maturity deposit base.
−Removed: Partially offsetting this gain in EVE was a decline in the relative value of the Bank’s loan portfolio.
−Removed: The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios increased from $1.38 billion and $1.41 billion, respectively, at December 31, 2023, to $1.54 billion and $1.52 billion, respectively, at March 31, 2024.
−Removed: In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenario the Company’s EVE increased from $1.25 billion and $1.11 billion, respectively, at December 31, 2023, to $1.43 billion and $1.29 billion, respectively, at March 31, 2024.
+Added: The Company’s EVE in the +100 Basis Point Rate and +200 Basis Point Rate Shock Scenarios increased from $1.38 billion and $1.41 billion, respectively, at December 31, 2023, to $1.66 billion and $1.65 billion, respectively, at June 30, 2024.
+Added: In the -100 Basis Point Rate and -200 Basis Point Rate Shock Scenario the Company’s EVE increased from $1.25 billion and $1.11 billion, respectively, at December 31, 2023, to $1.53 billion and $1.37 billion, respectively, at June 30, 2024.
Income Simulation Analysis .
2 unchanged sentences
Management reports the net interest income simulation results to the Company’s Board of Directors on a quarterly basis.
−Removed: The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates over a 12-month period beginning March 31, 2024, for the given rate scenarios:
+Added: The following table discloses the estimated changes to the Company’s net interest income in various time periods assuming gradual changes in interest rates over a 12-month period beginning June 30, 2024, for the given rate scenarios:
Percentage Change in Net Interest Income
13 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.