18 unchanged sentences
(2) attempting to reduce the overall interest rate sensitivity of liabilities by emphasizing stable relationship-based deposits and longer-term deposits;
−Removed: (3) selectively purchasing interest rate swaps and caps converting the rates for customer loans to manage individual loans and the Bank’s overall IRR profile;
+Added: (3) selectively purchasing interest rate swaps and caps converting the rates for customer loans to manage individual loans and the Company’s overall IRR profile;
(4) managing the investment portfolio IRR profile;
12 unchanged sentences
Such changes may affect historical comparisons of these results.
+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 7, 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 12.6 years, and the weighted average cost is 2.03%.
The Company performs a variety of EVE and twelve-month net interest income sensitivity scenarios.
−Removed: The following table sets forth sensitivity for a specific range of interest rate scenarios as of September 30, 2024 and December 31, 2023.
−Removed: September 30, 2024 December 31, 2023
+Added: The following table sets forth sensitivity for a specific range of interest rate scenarios as of March 31, 2025 and December 31, 2024.
+Added: March 31, 2025 December 31, 2024
Change in Interest Rates in Basis Points Economic Value of Equity Net Interest Income Economic Value of Equity Net Interest Income
7 unchanged sentences
(300) (10.0) (3.5) (0.6) (2.6)
−Removed: The net interest income sensitivity results indicate that at September 30, 2024 the Company was modestly asset sensitive.
−Removed: The change in sensitivity between September 30, 2024 and December 31, 2023 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.
−Removed: Overall, the measure of EVE at risk decreased in all rate scenarios from December 31, 2023 to September 30, 2024.
−Removed: 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.
+Added: The net interest income sensitivity results indicate that at March 31, 2025 the Company was modestly asset sensitive.
+Added: The change in sensitivity between March 31, 2025 and December 31, 2024 was impacted by an increase in floating-rate loans and a deposit mix shift within non-maturity deposits into lower betas, partially offset by an increase in overnight borrowings and a reduction in floating-rate investments.
+Added: Overall, the measure of EVE at risk decreased in rising rate scenarios and increased in falling rate scenarios from December 31, 2024 to March 31, 2025.
+Added: This was the result of an increase in floating-rate loans and a deposit mix shift within non-maturity deposits into lower betas and longer average lives as well as a reduction in deposit costs.
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.