13 unchanged sentences
Interest rate sensitivity is a measure of the difference between amounts of interest-earning assets and interest-bearing liabilities which either reprice or mature within a given period of time.
−Removed: The difference, or the interest rate repricing “gap,” provides an indication of the extent to which an institution’s interest rate spread will be affected by changes in interest rates.
+Added: The difference, or the interest rate repricing "gap,"
+Added: provides an indication of the extent to which an institution's interest rate spread will be affected by changes in interest rates.
A gap is considered positive when the amount of interest-rate sensitive assets exceeds the amount of interest-rate sensitive liabilities repricing during the same period, and is considered negative when the amount of interest-rate sensitive liabilities exceeds the amount of interest-rate sensitive assets during the same period.
1 unchanged sentence
During a period of falling interest rates, the opposite would be true.
−Removed: As of March 31, 2021, Great Southern’s interest rate risk models indicate that, generally, rising interest rates are expected to have a positive impact on the Company’s net interest income, while declining interest rates are expected to have a negative impact on net interest income.
+Added: As of June 30, 2021, Great Southern's interest rate risk models indicate that, generally, rising interest rates are expected to have a positive impact on the Company's net interest income, while declining interest rates are expected to have a negative impact on net interest income.
We model various interest rate scenarios for rising and falling rates, including both parallel and non-parallel shifts in rates.
2 unchanged sentences
In the subsequent months we expect that the net interest margin would stabilize and begin to improve, as renewal interest rates on maturing time deposits are expected to decrease compared to the current rates paid on those products.
−Removed: Subsequent to March 31, 2021, cumulative time deposit maturities are as follows:
+Added: Subsequent to June 30, 2021, cumulative time deposit maturities are as follows:
within three months --$339 million;
1 unchanged sentence
and within twelve months -- $864 million.
−Removed: At March 31, 2021, the weighted average interest rates on these various cumulative maturities were 0.78%, 0.79% and 0.78%, respectively.
+Added: At June 30, 2021, the weighted average interest rates on these various cumulative maturities were 0.70%, 0.71% and 0.69%, respectively.
The current level and shape of the interest rate yield curve poses challenges for interest rate risk management.
5 unchanged sentences
In response to the COVID-19 pandemic, the FRB decreased interest rates on two occasions in March 2020, a 0.50% decrease on March 3rd and a 1.00% decrease on March 16th.
−Removed: At March 31, 2021, the Federal Funds rate stood at 0.25%.
−Removed: A substantial portion of Great Southern’s loan portfolio ($2.00 billion at March 31, 2021) is tied to the one-month or three-month LIBOR index and will be subject to adjustment at least once within 90 days after March 31, 2021.
+Added: At June 30, 2021, the Federal Funds rate stood at 0.25%.
+Added: A substantial portion of Great Southern’s loan portfolio ($1.94 billion at June 30, 2021) is tied to the one-month or three-month LIBOR index and will be subject to adjustment at least once within 90 days after June 30, 2021.
Of these loans, $1.93 billion had interest rate floors.
−Removed: Great Southern also has a portfolio of loans ($246 million at March 31,
−Removed: 2021) tied to a “prime rate” of interest and will adjust immediately with changes to the “prime rate” of interest.
−Removed: During 2020, we experienced some compression of our net interest margin due to 2.25% of Federal Fund rate cuts.
+Added: Great Southern also has a portfolio of loans ($254 million at June 30, 2021) tied to a "prime rate"
+Added: of interest and will adjust immediately with changes to the “prime rate” of interest.
+Added: During 2020, we experienced some compression of our net interest margin due to Federal Fund rate cuts totaling 1.50%.
Margin compression primarily resulted from generally slower changing average interest rates on deposits and borrowings and lower yields on loans and other interest-earning assets.
24 unchanged sentences
The notional amount of the swap was $400 million with a contractual termination date of October 6, 2025.
−Removed: Under the terms of the swap, the Company received a fixed rate of interest of 3.018% and paid a floating rate of
−Removed: interest equal to one-month USD-LIBOR.
+Added: Under the terms of the swap, the Company received a fixed rate of interest of 3.018% and paid a floating rate of interest equal to one-month USD-LIBOR.
The floating rate reset monthly and net settlements of interest due to/from the counterparty also occurred monthly.
7 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.