5 unchanged sentences
The Company retains residential fixed rate mortgages with terms of 15 years or less and biweekly payment residential mortgages with a term of 30 years or less.
−Removed: Commercial real estate loans generally have interest rates that reset in five years, and other commercial loans
−Removed: such as construction loans and commercial lines of credit reset with changes in the Prime Rate, the Federal Funds Rate, LIBOR or SOFR.
+Added: Commercial real estate loans generally have interest rates that reset in five years, and other commercial loans such as construction loans and commercial lines of credit reset with changes in the Prime Rate, the Federal Funds Rate, LIBOR or SOFR.
Investment securities purchases generally have maturities of five years or less, and mortgage-backed securities have weighted average lives between three and five years.
18 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 June 30, 2024 (dollars in thousands):
+Added: The following table sets forth the results of a twelve-month net interest income projection model as of September 30, 2024 (dollars in thousands):
Change in interest rates (basis points) - Rate Ramp Net Interest Income
6 unchanged sentences
The interest rate risk position of the Company remains slightly asset-sensitive.
−Removed: As a result, the preceding table indicates that, as of June 30, 2024, in the event of a 100 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, net interest income would decrease 0.3%, or $2.3 million.
−Removed: In the event of a 300 basis point decrease in interest rates, whereby rates ramp downward evenly over a twelve-month period, net interest income would decrease 0.4%, or $3.1 million over the same period.
+Added: As a result, the preceding table indicates that, as of September 30, 2024, in the event of a 100 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, net interest income would decrease 0.3%, or $2.1 million.
+Added: In the event of a 300 basis point decrease in interest rates, whereby rates ramp downward evenly over a twelve-month period, net interest income would increase 0.1%, or $592,000 over the same period.
In this downward rate scenario, rates on deposits have a repricing floor of zero.
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 June 30,
−Removed: 2024 (dollars in thousands):
+Added: The following table illustrates the result of the economic value of equity model as of September 30, 2024 (dollars in thousands):
Present Value of Equity Present Value of Equity as Percent of Present Value of Assets
7 unchanged sentences
+100 2,979,753 30,187 1.0 12.5 3.0
−Removed: The preceding table indicates that as of June 30, 2024, in the event of an immediate and sustained 100 basis point increase in interest rates, the present value of equity is projected to decrease 0.6%, or $17.3 million.
+Added: The preceding table indicates that as of September 30, 2024, in the event of an immediate and sustained 100 basis point increase in interest rates, the present value of equity is projected to increase 1.0%, or $30.2 million.
If rates were to decrease 300 basis points, the present value of equity would decrease 14.7%, or $434.6 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.