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Liquidity and Market Risk Management
+Added: At March 31, 2023, we held $2.74 billion in assets that could be used for liquidity purposes, which we refer to as net available internal liquidity.
+Added: This balance consisted of $2.15 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $407.2 million in cash on deposit with the Federal Reserve Bank ("FRB") and $185.9 million in other liquid cash accounts.
+Added: Consistent with our practice of maintaining access to significant external liquidity, we had $4.18 billion in net available sources of borrowed funds, which we refer to as net available external liquidity, as of March 31, 2023.
+Added: This included $5.20 billion in total borrowing capacity with the Federal Home Loan Bank ("FHLB"), of which $1.80 billion has been drawn upon in the ordinary course of business, resulting in $3.40 billion in net available liquidity with the FHLB as of March 31, 2023.
+Added: The $1.80 billion consisted of $650.0 million in outstanding FHLB advances and $1.15 billion used for pledging purposes.
+Added: We also had access to approximately $677.7 million in liquidity with the FRB as of March 31, 2023.
+Added: This consisted of $71.8 million available borrowing capacity from the Discount Window and $605.9 million available through the Bank Term Funding Program ("BTFP").
+Added: As of March 31, 2023, the Company also had access to $55.0 million from First National Bankers’ Bank ("FNBB"), and $45.0 million from other various external sources.
+Added: Overall, we had $6.92 billion net available liquidity as of March 31, 2023, which consisted of $2.74 billion of net available internal liquidity and $4.18 billion in net available external liquidity.
+Added: Details on our available liquidity as of March 31, 2023 is available below.
+Added: (in thousands) Total Available Amount Used Net Availability
+Added: Internal Sources
+Added: Unpledged investment securities (market value) $ 2,150,186 $ $ 2,150,186
+Added: Cash at FRB 407,210 — 407,210
+Added: Other liquid cash accounts 185,943 — 185,943
+Added: Total Internal Liquidity 2,743,339 — 2,743,339
+Added: External Sources
+Added: FHLB 5,201,603 1,798,490 3,403,113
+Added: FRB Discount Window 71,755 — 71,755
+Added: BTFP (par value) 605,896 — 605,896
+Added: FNBB 55,000 — 55,000
+Added: Other 45,000 — 45,000
+Added: Total External Liquidity 5,979,254 1,798,490 4,180,764
+Added: Total Available Liquidity $ 8,722,593 $ 1,798,490 $ 6,924,103
+Added: We have continued to limit our exposure to uninsured deposits and have been actively monitoring this in light of the current banking environment.
+Added: As of March 31, 2023, we held approximately $7.89 billion in uninsured deposits of which $2.68 billion were collateralized deposits, for a net position of $5.21 billion.
+Added: This represents approximately 29.9% of total deposits.
+Added: In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.72 billion.
+Added: (in thousands) As of March 31, 2023
+Added: Uninsured Deposits $ 7,892,121
+Added: Collateralized Deposits 2,683,804
+Added: Net Uninsured Position 5,208,317
+Added: Total Available Liquidity 6,924,103
+Added: Net Uninsured Position 5,208,317
+Added: Net Available Liquidity in Excess of Uninsured Deposits $ 1,715,786
+Added: Subsequent to the end of the quarter, we made the decision to pledge additional investment securities with a market value of $761.5 million in order to increase our BTFP borrowing capacity by $825.5 million, which represents the par value of the pledged investment securities.
+Added: This increased the net available liquidity exceeding uninsured deposits by $64.0 million.
Asset/Liability Management .
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For the rising and falling interest rate scenarios, the base market interest rate forecast was increased and decreased over twelve months by 200 and 100 basis points, respectively.
−Removed: At September 30, 2022, our net interest margin exposure related to these hypothetical changes in market interest rates was within the current guidelines established by us.
−Removed: Table 24 presents our sensitivity to net interest income as of September 30, 2022.
+Added: At March 31, 2023, our net interest margin exposure related to these hypothetical changes in market interest rates was within the current guidelines established by us.
+Added: Table 24 presents our sensitivity to net interest income as of March 31, 2023.
Sensitivity of Net Interest Income
−Removed: Interest Rate Scenario Percentage Change
+Added: Interest Rate Scenario Percentage Change from Base
Up 200 basis points 8.55 %
3 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.