19 unchanged sentences
MERCANTILE BANK CORPORATION
−Removed: The following table depicts our GAP position as of June 30, 2024:
+Added: The following table depicts our GAP position as of September 30, 2024:
(Dollars in thousands)
16 unchanged sentences
Floating rate loans that are currently at interest rate floors are treated as fixed rate loans and are reflected using maturity date and not repricing frequency.
−Removed: Mortgage-backed securities are categorized by expected maturities based upon prepayment trends as of June 30, 2024.
+Added: Mortgage-backed securities are categorized by expected maturities based upon prepayment trends as of September 30, 2024.
MERCANTILE BANK CORPORATION
8 unchanged sentences
Actual results will differ from simulated results due to timing, magnitude, and frequency of interest rate changes and changes in market conditions and our strategies, among other factors.
−Removed: We conducted multiple simulations as of June 30, 2024, in which it was assumed that changes in market interest rates occurred ranging from up 300 basis points to down 300 basis points in equal quarterly instalments over the next twelve months.
−Removed: The following table reflects the suggested dollar and percentage changes in net interest income over the next twelve months in comparison to the $205 million in net interest income projected using our balance sheet amounts and anticipated replacement rates as of June 30, 2024.
+Added: We conducted multiple simulations as of September 30, 2024, in which it was assumed that changes in market interest rates occurred ranging from up 300 basis points to down 400 basis points in equal quarterly instalments over the next twelve months.
+Added: The following table reflects the suggested dollar and percentage changes in net interest income over the next twelve months in comparison to the $206 million in net interest income projected using our balance sheet amounts and anticipated replacement rates as of September 30, 2024.
The resulting estimates are generally within our policy parameters established to manage and monitor interest rate risk.
8 unchanged sentences
Interest rates down 200 basis points
+Added: Interest rates down 100 basis points
Interest rates up 100 basis points
11 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.