1 unchanged sentence
Liquidity and Market Risk Management
−Removed: 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: At June 30, 2023, we held $1.71 billion in assets that could be used for liquidity purposes, which we refer to as net available internal liquidity.
This balance consisted of $1.20 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $307.8 million in cash on deposit with the Federal Reserve Bank ("FRB") and $205.4 million in other liquid cash accounts.
−Removed: 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.
−Removed: 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: Consistent with our practice of maintaining access to significant external liquidity, we had $4.90 billion in net available sources of borrowed funds, which we refer to as net available external liquidity, as of June 30, 2023.
+Added: This included $5.20 billion in total borrowing capacity with the Federal Home Loan Bank ("FHLB"), of which $1.83 billion has been drawn upon in the ordinary course of business, resulting in $3.37 billion in net available liquidity with the FHLB as of June 30, 2023.
The $1.83 billion consisted of $650.0 million in outstanding FHLB advances and $1.18 billion used for pledging purposes.
−Removed: We also had access to approximately $677.7 million in liquidity with the FRB as of March 31, 2023.
−Removed: 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").
−Removed: 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.
−Removed: 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.
−Removed: Details on our available liquidity as of March 31, 2023 is available below.
+Added: We also had access to approximately $1.48 billion in liquidity with the FRB as of June 30, 2023, of which $50.0 million has been drawn upon in the ordinary course of business, resulting in $1.43 billion in net available liquidity with the FRB as of June 30, 2023.
+Added: The $1.43 billion consisted of $77.4 million available borrowing capacity from the Discount Window and $1.35 billion available through the Bank Term Funding Program ("BTFP").
+Added: As of June 30, 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 $6.61 billion net available liquidity as of June 30, 2023, which consisted of $1.71 billion of net available internal liquidity and $4.90 billion in net available external liquidity.
+Added: Details on our available liquidity as of June 30, 2023 is available below.
(in thousands) Total Available Amount Used Net Availability
12 unchanged sentences
Total Available Liquidity $ 8,491,632 $ 1,877,490 $ 6,614,142
−Removed: We have continued to limit our exposure to uninsured deposits and have been actively monitoring this in light of the current banking environment.
−Removed: 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: We have continued to limit our exposure to uninsured deposits and have been actively monitoring this exposure in light of the current banking environment.
+Added: As of June 30, 2023, we held approximately $8.89 billion in uninsured deposits of which $1.21 billion were intercompany subsidiary deposit balances and $2.76 billion were collateralized deposits, for a net position of $4.93 billion.
This represents approximately 29.0% of total deposits.
In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.69 billion.
−Removed: (in thousands) As of March 31, 2023
+Added: (in thousands) As of June 30, 2023
Uninsured Deposits $ 8,894,552
+Added: Intercompany Subsidiary and Affiliate Balances 1,206,304
Collateralized Deposits 2,761,675
3 unchanged sentences
Net Available Liquidity in Excess of Uninsured Deposits $ 1,687,569
−Removed: 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.
−Removed: This increased the net available liquidity exceeding uninsured deposits by $64.0 million.
Asset/Liability Management .
3 unchanged sentences
Our liquidity sources are prioritized based on availability and ease of activation.
−Removed: Our current liquidity condition is a primary driver in determining our funding needs and is a key component of our asset liability management.
+Added: Our current liquidity condition is a primary driver in determining our funding needs and is a key component of our asset and liability management.
Various sources of liquidity are available to meet the cash flow needs of depositors and borrowers.
25 unchanged sentences
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 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.
−Removed: Table 24 presents our sensitivity to net interest income as of March 31, 2023.
+Added: At June 30, 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 June 30, 2023.
Sensitivity of Net Interest Income
5 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.