9 unchanged sentences
The extent of the movement of interest rates, higher or lower, is an uncertainty that could have a substantial impact on the earnings and stockholders’ equity of the Company.
−Removed: The principal objectives of the IRR management function are to evaluate the IRR inherent in the Company’s business;
+Added: The principal objectives of the IRR management function are to:
+Added: evaluate the IRR inherent in the Company’s business;
determine the level of risk appropriate given the Company’s business focus, operating environment, capital, and liquidity requirements and performance objectives;
20 unchanged sentences
The Company performs a variety of EVE and twelve-month net interest income sensitivity scenarios.
−Removed: The following table sets forth sensitivity scenarios for a specific range of interest rate scenarios as of March 31, 2023 and December 31, 2022 (dollars in thousands).
−Removed: March 31, 2023 December 31, 2022
+Added: The following table sets forth sensitivity scenarios for a specific range of interest rate scenarios as of June 30, 2023 and December 31, 2022 (dollars in thousands).
+Added: June 30, 2023 December 31, 2022
Change in Interest Rates in Basis Points (Rate Shock) Economic Value of Equity Net Interest Income Economic Value of Equity Net Interest Income
6 unchanged sentences
(200) 1,399,997 19.2 10.7 351,948 (6.9) 1,740,837 1.2 13.5 412,038 (5.4)
−Removed: The change in interest rate sensitivity was impacted by an increase in cash on hand position, floating rate loan growth and an increase in longer term fixed rate funding, partially offset by the deposit mix shift into short-term certificate of deposits.
+Added: The net interest income sensitivity results indicate that at both June 30, 2023 and December 31, 2022 the Company was modestly asset sensitive.
+Added: The change in sensitivity between these periods was impacted by floating rate loan growth and an increase in longer-term fixed-rate funding, partially offset by the deposit mix shift into short-term time deposits.
+Added: Overall, the measure of EVE at risk increased in all rising rate scenarios from December 31, 2022 to June 30, 2023.
+Added: This increase is the result of rising market rates resulting in lower market values in the loan portfolio, along with the impact of an increase in deposit costs and a shift from lower cost, long-term non-maturity deposits to higher cost time deposits.
Certain shortcomings are inherent in the methodology used in the EVE and net interest income IRR measurements.
7 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.