1 unchanged sentence
Liquidity and Market Risk Management
−Removed: At June 30, 2024, we held $2.67 billion in assets that could be used for liquidity purposes, which we refer to as net available internal liquidity.
+Added: At September 30, 2024, we held $2.50 billion in assets that could be used for liquidity purposes, which we refer to as net available internal liquidity.
This balance consisted of $1.51 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $718.9 million in cash on deposit with the Federal Reserve Bank ("FRB") and $270.4 million in other liquid cash accounts.
−Removed: Consistent with our practice of maintaining access to significant external liquidity, we had $3.15 billion in net available sources of borrowed funds, which we refer to as net available external liquidity, as of June 30, 2024.
−Removed: This included $4.81 billion in total borrowing capacity with the Federal Home Loan Bank ("FHLB"), of which $1.86 billion has been drawn upon in the ordinary course of business, resulting in $2.95 billion in net available liquidity with the FHLB as of June 30, 2024.
+Added: Consistent with our practice of maintaining access to significant external liquidity, we had $3.15 billion in net available sources of borrowed funds, which we refer to as net available external liquidity, as of September 30, 2024.
+Added: This included $4.80 billion in total borrowing capacity with the Federal Home Loan Bank ("FHLB"), of which $1.84 billion has been drawn upon in the ordinary course of business, resulting in $2.97 billion in net available liquidity with the FHLB as of September 30, 2024.
The $1.84 billion consisted of $600.0 million in outstanding FHLB advances and $1.24 billion used for pledging purposes.
−Removed: We also had access to approximately $797.3 million in liquidity with the FRB as of June 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $97.3 million in net available liquidity with the FRB as of June 30, 2024.
−Removed: As of June 30, 2024, 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 $5.82 billion net available liquidity as of June 30, 2024, which consisted of $2.67 billion of net available internal liquidity and $3.15 billion in net available external liquidity.
−Removed: Details on our available liquidity as of June 30, 2024 is available below.
+Added: We also had access to approximately $785.6 million in liquidity with the FRB as of September 30, 2024, of which $700.0 million has been drawn upon in the ordinary course of business, resulting in $85.6 million in net available liquidity with the FRB as of September 30, 2024.
+Added: As of September 30, 2024, 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 $5.65 billion net available liquidity as of September 30, 2024, which consisted of $2.50 billion of net available internal liquidity and $3.15 billion in net available external liquidity.
+Added: Details on our available liquidity as of September 30, 2024 is available below.
(in thousands) Total Available Amount Used Net Availability
13 unchanged sentences
We have continued to limit our exposure to uninsured deposits and have been actively monitoring this exposure in light of the current banking environment.
−Removed: As of June 30, 2024, we held approximately $8.33 billion in uninsured deposits of which $744.9 million were intercompany subsidiary deposit balances and $2.90 billion were collateralized deposits, for a net position of $4.69 billion.
+Added: As of September 30, 2024, we held approximately $8.18 billion in uninsured deposits of which $766.2 million were intercompany subsidiary deposit balances and $2.81 billion were collateralized deposits, for a net position of $4.61 billion.
This represented approximately 27.6% of total deposits.
−Removed: In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.13 billion as of June 30, 2024.
−Removed: (in thousands) As of June 30, 2024
+Added: In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.04 billion as of September 30, 2024.
+Added: (in thousands) As of September 30, 2024
Uninsured Deposits $ 8,179,825
38 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 June 30, 2024, our net interest margin exposure related to these hypothetical changes in market interest rates was within the current guidelines established by us.
−Removed: Table 26 presents our sensitivity to net interest income as of June 30, 2024 and June 30, 2023.
+Added: At September 30, 2024, our net interest margin exposure related to these hypothetical changes in market interest rates was within the current guidelines established by us.
+Added: Table 26 presents our sensitivity to net interest income as of September 30, 2024 and September 30, 2023.
Sensitivity of Net Interest Income
−Removed: Percentage Change from Base Percentage Change from Base June 30,
−Removed: Interest Rate Scenario June 30, 2024 June 30, 2023 2024 vs.
+Added: Percentage Change from Base Percentage Change from Base September 30,
+Added: Interest Rate Scenario September 30, 2024 September 30, 2023 2024 vs.
Up 200 basis points 9.92 % 7.50 % 2.42 %
2 unchanged sentences
Down 200 basis points (11.74) (9.60) (2.14)
−Removed: There have been no material changes in our market risk exposure from June 30, 2023 to June 30, 2024 as the Company remains in an asset sensitive position with no significant changes to the balance sheet mix and only one target rate increase by the Federal Reserve from 5.00% to 5.25% at June 30, 2023 to 5.25% to 5.50% on July 26, 2023.
+Added: There have been no material changes in our market risk exposure from September 30, 2023 to September 30, 2024.
+Added: Our balance sheet mix has remained consistent, and there has been only one target rate change by the Federal Reserve reducing the target rate from 5.25% to 5.50% as of July 26, 2023, to 4.75% to 5.00% on September 18, 2024.
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.