4 unchanged sentences
In particular, the Company’s financial results are sensitive to significant changes in the treasury yield curve, the Federal Funds rate, and the Wall Street Prime Index.
−Removed: The Company’s total interest income was $52.7 million for the three months ended September 30, 2024 and $174.4 million for the year ended December 31, 2023.
−Removed: Our total interest expense was $22.3 million for the three months ended September 30, 2024 and $63.5 million for the year ended December 31, 2023.
−Removed: Overall, our net interest income was $30.4 million for the three months ended September 30, 2024 and $110.9 million for the year ended December 31, 2023.
+Added: The Company’s total interest income was $57.1 million for the three months ended March 31, 2025 and $207.0 million for the year ended December 31, 2024.
+Added: Our total interest expense was $23.1 million for the three months ended March 31, 2025 and $87.2 million for the year ended December 31, 2024.
+Added: Overall, our net interest income was $34.0 million for the three months ended March 31, 2025 and $119.7 million for the year ended December 31, 2024.
Economic value of equity (“EVE”) measures our long-term earnings exposure from changes in market rates of interest.
1 unchanged sentence
An increase in EVE due to a specified rate change indicates an improvement in the long-term earnings capacity of the balance sheet, assuming that the rate change remains in effect over the life of the current balance sheet.
−Removed: As of September 30, 2024, the Company carried a slightly higher balance of liabilities than assets that will reprice within the next twelve months in the event that interest rates fall.
+Added: As of March 31, 2025, the Company carried a slightly higher balance of liabilities than assets that will reprice within the next twelve months in the event that interest rates fall.
Our policies and procedures provide management with guidelines for effective funds management, and we have established a measurement system for monitoring our net interest rate sensitivity position.
6 unchanged sentences
EVE results are compared to previous periods and established policies on a quarterly basis.
−Removed: As of September 30, 2024, the overnight Federal Funds rate (the rate used in the interest rate shock scenarios listed below) was 4.83%, a decrease from 5.33% at December 31, 2023.
+Added: As of March 31, 2025, the overnight Federal Funds rate (the rate used in the interest rate shock scenarios listed below) was 4.33%, remaining constant from December 31, 2024.
The scenarios presented assume that interest rates change instantaneously (“shock”) and that there are no significant changes in the structure of the Company’s balance sheet over the twelve months being measured.
−Removed: Table 30 summarizes the estimated effect on net interest income and EVE from changing interest rates as measured against a flat rate (no interest rate change) instantaneous parallel shock scenario over a twelve-month period utilizing an interest sensitivity (GAP) analysis based on the Company’s specific mix of interest-earning assets and interest-bearing liabilities as of September 30, 2024 and December 31, 2023.
+Added: Table 26 summarizes the estimated effect on net interest income and EVE from changing interest rates as measured against a flat rate (no interest rate change) instantaneous parallel shock scenario over a twelve-month period utilizing an interest sensitivity (GAP) analysis based on the Company’s specific mix of interest-earning assets and interest-bearing liabilities as of March 31, 2025 and December 31, 2024.
Estimated Effect on Net Interest Income and EVE from Changing Interest Rates
−Removed: September 30, 2024
+Added: March 31, 2025
December 31, 2024
13 unchanged sentences
-300 (shock) 7.61 % 8.99 % 7.95 % 10.12 %
−Removed: The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions, which are based upon our experience and published industry experience.
+Added: The computation of the prospective effects of hypothetical interest rate changes requires numerous assumptions, which are based upon our experience and published industry experience including, but not limited to, assumptions relating to expected maturities, hypothetical changes in interest rates, decay rates, and deposit betas.
Such assumptions may not necessarily reflect the manner or timing in which our interest-earning assets and interest-bearing liabilities respond to changes in market rates.
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.