32 unchanged sentences
Such changes may affect historical comparisons of these results.
−Removed: During 2023, the Company refined certain fair value assumptions related to the loan portfolio, including prepayment rates.
−Removed: 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.
+Added: For loans, investments, borrowings and time deposits, the fair value used in the EVE closely aligns with the Company’s fair value measurements defined within Note 15, Fair Value Measurements to the Consolidated Financial Statements.
+Added: However, for non-maturity deposits, the fair value differs for EVE as it also considers the likelihood of deposit and withdrawals and current weighted average rate relative to market rates.
+Added: The Company’s weighted average age of non-maturity deposit accounts is approximately 11 years, and the weighted average cost is 1.64%.
The Company performs a variety of EVE and twelve-month net interest income sensitivity scenarios.
+Added: At both December 31, 2024 and 2023, the Company was in compliance with Board guidelines for each scenario.
The following table sets forth sensitivity for a specific range of interest rate scenarios as of December 31, 2024 and 2023.
9 unchanged sentences
(300) (0.6) (2.6) 6.8 (4.2)
−Removed: The net interest income sensitivity results indicate that at December 31, 2023, the Company was modestly asset sensitive to falling rates and modestly liability sensitive to rising rates compared to being modestly asset sensitive at December 31, 2022.
−Removed: The change in sensitivity between these periods was impacted by a deployment of cash into floating rate loans as well as higher-yielding securities with interest rate caps, offset by the deposit mix shift into short-term time deposits and higher-yield savings deposits.
−Removed: Overall, the measure of EVE at risk increased in all rate scenarios from December 31, 2022 to December 31, 2023.
−Removed: 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.
+Added: The net interest income sensitivity results at December 31, 2024 was modestly asset sensitive to neutral as compared to the prior year.
+Added: The change in sensitivity from prior year was impacted by an increase in floating-rate securities and term borrowings, a deposit mix shift within non-maturity deposits with lower betas as well as a change in loan prepayments, partially offset by an increase in overnight borrowings and a reduction in short-term time deposits.
+Added: Overall, the measure of EVE at risk decreased in all rate scenarios from December 31, 2023 to December 31, 2024.
+Added: This decrease was the result of an increase in floating-rate securities and term borrowings, a deposit mix shift within non-maturity deposits with lower betas and longer average lives, as well as a change in loan prepayments.
Certain shortcomings are inherent in the methodology used in the EVE and net interest income IRR measurements.
8 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.