12 unchanged sentences
We manage the available-for-sale investment securities portfolio while maintaining a balance between risk and return.
−Removed: The Company's funding strategy is to grow core deposits while we efficiently supplement using wholesale borrowings.
+Added: The Company's funding strategy is to grow deposits while we efficiently supplement using wholesale borrowings.
We estimate the sensitivity of our net interest income to changes in market interest rates using an interest rate simulation model that includes assumptions related to the level of balance sheet growth, deposit repricing characteristics and the rate of prepayments for multiple interest rate change scenarios.
3 unchanged sentences
The following table presents sensitivity gaps for these different intervals:
−Removed: At March 31, 2023
+Added: At June 30, 2023
(in thousands) 3 Mos.
39 unchanged sentences
(3) Based on contractual maturity.
−Removed: As of March 31, 2023, the Company is considered liability-sensitive as exhibited by the gap table.
−Removed: Our net interest income sensitivity analysis results are basically neutral due in part to the steps the Company has taken to extend the duration of its liabilities, both through increased levels of term certificates of deposit and the utilization of fixed-rate term borrowings.
+Added: As of June 30, 2023, the Company is considered liability-sensitive as exhibited by the gap table.
+Added: To reduce our net interest income sensitivity the Company has taken actions to extend the duration of its liabilities, both through increased levels of term certificates of deposit and the utilization of fixed-rate term borrowings.
Changes in the mix of interest-earning assets or interest-bearing liabilities can either increase or decrease the net interest margin, without affecting interest rate sensitivity.
5 unchanged sentences
Because of these factors, an interest sensitivity gap analysis may not provide an accurate assessment of our actual exposure to changes in interest rates.
−Removed: The estimated impact on our net interest income over a time horizon of one year and the change in net portfolio value as of March 31, 2023 and December 31, 2022 are provided in the table below.
+Added: The estimated impact on our net interest income over a time horizon of one year and the change in net portfolio value as of June 30, 2023 and December 31, 2022 are provided in the table below.
For the scenarios shown, the interest rate simulation assumes an instantaneous and sustained shift in market interest rates and no change in the composition or size of the balance sheet.
−Removed: At March 31, 2023 At December 31, 2022
+Added: At June 30, 2023 At December 31, 2022
Change in Interest Rates
15 unchanged sentences
(3) This percentage change represents the impact to the net present value of equity, assuming there is no change in the structure of the balance sheet.
−Removed: The changes in interest rate sensitivity between December 31, 2022 and March 31, 2023 reflected the impact of higher market interest rates, a flatter yield curve and changes to overall balance sheet composition.
+Added: The changes in interest rate sensitivity between December 31, 2022 and June 30, 2023 reflected the impact of higher market interest rates, a flat to inverted yield curve and changes to overall balance sheet composition.
Some of the assumptions made in the simulation model may not materialize and unanticipated events and circumstances will occur.
7 unchanged sentences
Reliance on secondary funding sources could increase the Company's overall cost of funding and reduce net interest income.
−Removed: As of March 31, 2023, the Company had available contingent liquidity of $5.8 billion which is equal to 82% of its total deposits and level of uninsured deposits was only 14% of total deposits.
+Added: As of June 30, 2023, the Company had available contingent liquidity of $5.6 billion which is equal to 84% of its total deposits and the level of uninsured deposits was 7% of total deposits.
The Company believes it has sufficient liquidity to meet its current needs.
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.