18 unchanged sentences
The following table presents sensitivity gaps for these different intervals:
−Removed: At September 30, 2023
+Added: At March 31, 2024
(in thousands) 3 Mos.
39 unchanged sentences
(3) Based on contractual maturity.
−Removed: As of September 30, 2023, the Company is considered liability-sensitive as exhibited by the gap table.
+Added: As of March 31, 2024, the Company is considered liability-sensitive as exhibited by the gap table.
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.
6 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 September 30, 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 March 31, 2024 and December 31, 2023 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 September 30, 2023 At December 31, 2022
+Added: At March 31, 2024 At December 31, 2023
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 September 30, 2023 reflected the impact of higher market interest rates, a flat to inverted yield curve and changes to overall balance sheet composition.
+Added: The changes in interest rate sensitivity between December 31, 2023 and March 31, 2024 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.
−Removed: We do not allow for negative rate assumptions in our model, but actual results in extreme interest rate decline scenarios may result in negative rate assumptions which may cause the modeling results to be inherently unreliable.
In addition, the simulation model does not take into account any future actions that we could undertake to mitigate an adverse impact due to changes in interest rates from those expected, in the actual level of market interest rates or competitive influences on our deposits.
3 unchanged sentences
Market conditions and external factors may unpredictably impact the competitive landscape for deposits in the banking industry.
−Removed: Additionally, the rising interest rate environment has increased competition for liquidity and the premium at which liquidity is available to meet funding needs.
+Added: Additionally, the higher interest rate environment has increased competition for liquidity and the premium at which liquidity is available to meet funding needs.
Reliance on secondary funding sources could increase the Company's overall cost of funding and reduce net interest income.
−Removed: As of September 30, 2023, the Company had available contingent liquidity of $5.1 billion which is equal to 76% of its total deposits and the level of uninsured deposits was 8% of total deposits.
+Added: As of March 31, 2024, the Company had available contingent liquidity of $5.1 billion which is equal to 78% of its total deposits and the level of uninsured deposits was 8% 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.