20 unchanged sentences
(4) managing the investment portfolio IRR profile;
−Removed: (5) managing the maturities and rate structures of borrowings;
+Added: (5) managing the maturities and rate structures of borrowings and time deposits;
and (6) purchasing interest rate swaps to manage overall balance sheet interest rate risk.
9 unchanged sentences
The Company’s interest rate sensitivity should be reviewed in conjunction with the financial statements and notes thereto contained in the 2022 Form 10-K.
+Added: The methodologies and assumptions used in this analysis are periodically evaluated and refined in response to changes in the market environment, changes in the Company’s balance sheet composition, enhancements in the Company’s modeling and other factors.
+Added: Such changes may affect historical comparisons of these results.
+Added: In the third quarter of 2023, the Company refined certain fair value assumptions related to the loan portfolio, including prepayment rates.
+Added: This resulted in a modest increase to EVE and a decrease to its sensitivity, and had a marginal impact to the net interest income scenarios.
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 June 30, 2023 and December 31, 2022 (dollars in thousands).
−Removed: June 30, 2023 December 31, 2022
+Added: The following table sets forth sensitivity scenarios for a specific range of interest rate scenarios as of September 30, 2023 and December 31, 2022 (dollars in thousands).
+Added: September 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) 1,486,373 11.1 11.4 347,889 (2.8) 1,740,837 1.2 13.5 412,038 (5.4)
−Removed: The net interest income sensitivity results indicate that at both June 30, 2023 and December 31, 2022 the Company was modestly asset sensitive.
−Removed: 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.
−Removed: Overall, the measure of EVE at risk increased in all rising rate scenarios from December 31, 2022 to June 30, 2023.
−Removed: 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.
+Added: The net interest income sensitivity results indicate that at both September 30, 2023 and December 31, 2022 the Company was modestly asset sensitive.
+Added: The change in sensitivity between these periods was impacted by growth in floating rate loan and an increase in cash on hand, offset by the deposit mix shift into short-term time deposits and higher-yield savings deposits.
+Added: Overall, the measure of EVE at risk increased in all rising rate scenarios from December 31, 2022 to September 30, 2023.
+Added: This increase was the result of rising market rates resulting in lower market values in the loan and investment portfolios, along with the impact of an increase in deposit costs and a shift from lower cost, long-term non-maturity deposits to short-term higher cost time deposits and higher-yield savings 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.