1 unchanged sentence
Liquidity and Market Risk Management
−Removed: 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.
+Added: At March 31, 2025, we held $2.63 billion in assets that could be used for liquidity purposes, which we refer to as net available internal liquidity.
This balance consisted of $1.50 billion in unpledged investment securities which could be used for additional secured borrowing capacity, $943.3 million in cash on deposit with the Federal Reserve Bank ("FRB") and $183.6 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 September 30, 2024.
−Removed: 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.
+Added: Consistent with our practice of maintaining access to significant external liquidity, we had $3.25 billion in net available sources of borrowed funds, which we refer to as net available external liquidity, as of March 31, 2025.
+Added: This included $4.89 billion in total borrowing capacity with the Federal Home Loan Bank ("FHLB"), of which $1.93 billion has been drawn upon in the ordinary course of business, resulting in $2.96 billion in net available liquidity with the FHLB as of March 31, 2025.
The $1.93 billion consisted of $600.0 million in outstanding FHLB advances and $1.33 billion used for pledging purposes.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Details on our available liquidity as of September 30, 2024 is available below.
+Added: We also had access to approximately $191.5 million available borrowing capacity from the Discount Window.
+Added: As of March 31, 2025, 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 $5.88 billion net available liquidity as of March 31, 2025, which consisted of $2.63 billion of net available internal liquidity and $3.25 billion in net available external liquidity.
+Added: Details on our available liquidity as of March 31, 2025 are available below.
+Added: Available Liquidity
(in thousands) Total Available Amount Used Net Availability
7 unchanged sentences
FRB Discount Window 191,465 — 191,465
−Removed: BTFP (par value) 700,000 700,000 —
FNBB 55,000 — 55,000
3 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 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.
+Added: As of March 31, 2025, we held approximately $8.51 billion in uninsured deposits of which $678.5 million were intercompany subsidiary deposit balances and $3.13 billion were collateralized deposits, for a net position of $4.70 billion.
This represented approximately 26.8% of total deposits.
−Removed: In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.04 billion as of September 30, 2024.
−Removed: (in thousands) As of September 30, 2024
+Added: In addition, net available liquidity exceeded uninsured and uncollateralized deposits by $1.17 billion as of March 31, 2025.
Uninsured Deposits
+Added: (in thousands) As of March 31, 2025
+Added: Uninsured Deposits $ 8,511,277
Intercompany Subsidiary and Affiliate Balances 678,464
37 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 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.
−Removed: Table 26 presents our sensitivity to net interest income as of September 30, 2024 and September 30, 2023.
+Added: At March 31, 2025, our net interest margin exposure related to these hypothetical changes in market interest rates was within the current guidelines established by us.
+Added: Table 32 presents our sensitivity to net interest income as of March 31, 2025 and March 31, 2024.
Sensitivity of Net Interest Income
−Removed: Percentage Change from Base Percentage Change from Base September 30,
−Removed: Interest Rate Scenario September 30, 2024 September 30, 2023 2024 vs.
+Added: Percentage Change from Base Percentage Change from Base March 31,
+Added: Interest Rate Scenario March 31, 2025 March 31, 2024 2025 vs.
Up 200 basis points 11.00 % 9.43 % 1.57 %
2 unchanged sentences
Down 200 basis points (12.22) (11.95) (0.27)
−Removed: There have been no material changes in our market risk exposure from September 30, 2023 to September 30, 2024.
−Removed: 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.
+Added: There have been no material changes in our market risk exposure from March 31, 2024 to March 31, 2025.
+Added: Our balance sheet mix has remained consistent.
+Added: The target rate changes by the Federal Reserve have impacted our earnings, but our net interest income exposure is still within our current guidelines.
+Added: The Federal Reserve reduced the target rate three times during 2024.
+Added: First, on September 18, 2024, the target rate was reduced to 4.75% to 5.00%, second, on November 7, 2024, the target rate was reduced to 4.50% to 4.75% and third, on December 18, 2024, the target rate was reduced to 4.25% to 4.50%.
+Added: As of March 31, 2025, the Federal Reserve has not changed the rates during 2025.
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.