6 unchanged sentences
On page 78 (Table 38) of Park’s 2022 Form 10-K, management reported that Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $1,087 million or 11.9% of total interest earning assets at December 31, 2022.
−Removed: At March 31, 2023, Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $860.3 million or 9.44% of total interest earning assets.
+Added: At June 30, 2023, Park’s twelve-month cumulative rate sensitivity gap was a positive (assets exceeding liabilities) $529.6 million or 5.79% of total interest earning assets.
Management supplements the interest rate sensitivity gap analysis with periodic simulations of balance sheet sensitivity under various interest rate and what-if scenarios to better forecast and manage the net interest margin.
−Removed: Management uses a 50 basis
−Removed: point change in market interest rates per quarter for a total of 200 basis points per year in evaluating the impact of changing interest rates on net interest income and net income over a twelve-month horizon.
+Added: Management uses a 50 basis point change in market interest rates per quarter for a total of 200 basis points per year in evaluating the impact of changing interest rates on net interest income and net income over a twelve-month horizon.
On page 79 of Park’s 2022 Form 10-K, management reported that at December 31, 2022, the earnings simulation model projected that net income would increase by 3.7% using a rising interest rate scenario and decrease by 5.4% using a declining interest rate scenario over the next year.
−Removed: At March 31, 2023, the earnings simulation model projected that net income would increase by 2.6% using a rising interest rate scenario and would decrease by 3.2% in a declining interest rate scenario.
−Removed: At March 31, 2023, management continues to believe that it has the tools necessary to mitigate gradual changes in interest rates (50 basis points per quarter for a total of 200 basis points per year) such that the overall impact to net income will be modest.
+Added: At June 30, 2023, the earnings simulation model projected that net income would increase by 0.3% using a rising interest rate scenario and would decrease by 0.8% in a declining interest rate scenario.
+Added: At June 30, 2023, management continues to believe that it has the tools necessary to mitigate gradual changes in interest rates (50 basis points per quarter for a total of 200 basis points per year) such that the overall impact to net income will be modest.
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.