26 unchanged sentences
• Higher-balance demand deposit tiers and promotional demand accounts move at 50% to 75% of the rate ramp in either direction, subject to certain interest rate floors.
−Removed: The following table sets forth the results of a twelve-month net interest income projection model as of September 30, 2021 (dollars in thousands):
+Added: The following table sets forth the results of a twelve-month net interest income projection model as of March 31, 2022 (dollars in thousands):
Change in interest rates (basis points) - Rate Ramp Net Interest Income
4 unchanged sentences
404,336 13,052 3.3
−Removed: The interest rate risk position of the Company has shifted to a more neutral position during the third quarter 2021 due to the deployment of excess cash into fixed rate, longer duration assets including investment securities and loans.
−Removed: As a result, the preceding table indicates that, as of September 30, 2021, in the event of a 300 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, there would be a minimal change to net interest income.
+Added: 410,643 19,359 4.9
+Added: The interest rate risk position of the Company remains moderately asset-sensitive notwithstanding the deployment of excess cash into fixed rate longer duration assets, including investment securities and loans during the first quarter of 2022.
+Added: As a result, the preceding table indicates that, as of March 31, 2022, in the event of a 300 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, net interest income would increase 4.9%, or $19.4 million.
In the event of a 100 basis point decrease in interest rates, whereby rates ramp downward evenly over a twelve-month period, net interest income would decrease 3.2%, or $12.5 million over the same period.
1 unchanged sentence
Another measure of interest rate sensitivity is to model changes in economic value of equity through the use of immediate and sustained interest rate shocks.
−Removed: The following table illustrates the result of the economic value of equity model as of September 30, 2021 (dollars in thousands):
+Added: The following table illustrates the result of the economic value of equity model as of March 31, 2022 (dollars in thousands):
Present Value of Equity Present Value of Equity as Percent of Present Value of Assets
7 unchanged sentences
2,384,677 148,026 6.6 18.9 14.8
−Removed: The preceding table indicates that as of September 30, 2021, in the event of an immediate and sustained 300 basis point increase in interest rates, the present value of equity is projected to increase 2.4%, or $43.2 million.
+Added: The preceding table indicates that as of March 31, 2022, in the event of an immediate and sustained 300 basis point increase in interest rates, the present value of equity is projected to increase 6.6%, or $148.0 million.
If rates were to decrease 100 basis points, the present value of equity would decrease 6.3%, or $140.6 million.
5 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.