13 unchanged sentences
and manage the risk consistent with Board approved guidelines.
−Removed: The Company’s Board maintains an Asset Liability Committee (“ALCO”) consisting of members of management, responsible for reviewing asset liability policies and the IRR position.
+Added: The Company maintains an Asset Liability Committee (“ALCO”) consisting of members of management, responsible for reviewing asset liability policies and the IRR position.
ALCO meets regularly and reports the Company’s IRR position and trends to the Board on a regular basis.
18 unchanged sentences
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.
−Removed: 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.
−Removed: The Company’s weighted average age of non-maturity deposit accounts is approximately 12.6 years, and the weighted average cost is 2.03%.
+Added: However, for non-maturity deposits, the fair value differs for EVE as it also considers the likelihood of deposit withdrawals and the current weighted average deposit rate relative to market rates.
+Added: The Company’s weighted average age of non-maturity deposit accounts is approximately 12.1 years, and the weighted average cost was 2.04%.
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 March 31, 2025 and December 31, 2024.
−Removed: March 31, 2025 December 31, 2024
+Added: The following table sets forth sensitivity for a specific range of interest rate scenarios as of June 30, 2025 and December 31, 2024.
+Added: June 30, 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) (7.0) (1.4) (0.6) (2.6)
−Removed: The net interest income sensitivity results indicate that at March 31, 2025 the Company was modestly asset sensitive.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: The net interest income sensitivity results indicate that at June 30, 2025 the Company was modestly liability sensitive to rising rate scenarios and modestly asset sensitive to falling rate scenarios.
+Added: The change in sensitivity between June 30, 2025 and December 31, 2024 was impacted by an increase in fixed-rate loans, a decrease in floating-rate investments and a deposit mix shift within non-maturity deposits into lower betas, partially offset by an increase in short-term time deposits, and overnight and short-term borrowings.
+Added: Overall, the measure of EVE at risk decreased in both rising and falling rate scenarios from December 31, 2024 to June 30, 2025.
+Added: This was the result of an increase in fixed-rate loans, a decrease in floating-rate investments 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.
6 unchanged sentences
Accordingly, although the above measurements provide an indication of the Company’s IRR exposure at a particular point in time, such measurements are not intended to provide a precise forecast of the effect of changes in market interest rates.
−Removed: Given the unique nature of the post-pandemic interest rate environment and the speed with which interest rates have been changing, the projections noted above on the Company’s EVE and net interest income can be expected to significantly differ from actual results.
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.