8 unchanged sentences
The Asset/Liability Committee meets at least monthly, or as needed, to review the impact of interest rate changes on net interest income, net interest margin, net income and the economic value of equity.
−Removed: The Asset/Liability Committee reviews a variety of
−Removed: strategies that project changes in asset or liability mix and the impact of those changes on projected net interest income and net income.
+Added: The Asset/Liability Committee reviews a variety of strategies that project changes in asset or liability mix and the impact of those changes on projected net interest income and net income.
The Company’s strategy for liabilities has been to maintain a stable core-funding base by focusing on core deposit account acquisition and increasing products and services per household.
The Company’s ability to retain maturing time deposit accounts is the result of its strategy to remain competitively priced within its marketplace.
−Removed: The Company’s pricing strategy may vary depending upon current funding needs and the ability of the Company to fund operations through alternative sources, primarily by accessing short-term lines of credit with the FHLBNY during periods of pricing dislocation.
+Added: The Company’s pricing strategy may vary depending upon current funding needs and the ability of the Company to fund operations through alternative sources, primarily by accessing short-term lines of credit with FHLBNY during periods of pricing dislocation.
Quantitative Analysis.
12 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 March 31, 2025 (dollars in thousands):
+Added: The following table sets forth the results of a twelve-month net interest income projection model as of June 30, 2025 (dollars in thousands):
Change in interest rates (basis points) - Rate Ramp Net Interest Income
5 unchanged sentences
+200 770,938 (5,573) (0.7)
−Removed: The interest rate risk position of the Company is slightly liability-sensitive.
−Removed: As a result, the preceding table indicates that, as of March 31, 2025, in the event of a 200 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, net interest income would decrease 1.0%, or $7.8 million.
+Added: The interest rate risk position of the Company is relatively neutral.
+Added: As a result, the preceding table indicates that, as of June 30, 2025, in the event of a 200 basis point increase in interest rates, whereby rates ramp up evenly over a twelve-month period, net interest income would decrease 0.7%, or $5.6 million.
In the event of a 200 basis point decrease in interest rates, whereby rates ramp downward evenly over a twelve-month period, net interest income would decrease 0.4%, or $2.8 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 March 31,
−Removed: 2025 (dollars in thousands):
+Added: The following table illustrates the result of the economic value of equity model as of June 30, 2025 (dollars in thousands):
Present Value of Equity Present Value of Equity as Percent of Present Value of Assets
4 unchanged sentences
-100 3,515,140 (97,373) (2.7) 14.1 (4.4)
−Removed: Flat 3,330,163 — — 13.4 —
+Added: Static 3,612,513 — — 14.7 —
+100 3,646,124 33,611 0.9 15.1 2.8
+200 3,667,609 55,096 1.5 15.5 5.2
−Removed: The preceding table indicates that as of March 31, 2025, in the event of an immediate and sustained 200 basis point increase in interest rates, the present value of equity is projected to increase 1.9%, or $61.9 million.
+Added: The preceding table indicates that as of June 30, 2025, in the event of an immediate and sustained 200 basis point increase in interest rates, the present value of equity is projected to increase 1.5%, or $55.1 million.
If rates were to decrease 200 basis points, the present value of equity would decrease 6.5%, or $235.0 million.
Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements.
−Removed: Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit decay rates, which may or may not reflect future loan prepayment and deposit withdrawal activity.
+Added: Modeling changes in net interest income requires the use of certain assumptions regarding prepayment and deposit decay rates, which may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates.
While management believes such assumptions are reasonable, there can be no assurance that assumed prepayment rates and decay rates will approximate actual future loan prepayment and deposit withdrawal activity.
2 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.