34 unchanged sentences
Actual results may significantly differ from simulated results due to timing, magnitude and frequency of interest rate changes and changes in market conditions and specific strategies among other factors.
−Removed: The following table shows the approximate percentage change in net interest income as of March 31, 2022 over a 12 and 24-month period under several rate scenarios:
+Added: The following table shows the approximate percentage change in net interest income as of March 31, 2023 over a 12 and 24-month period under several instantaneous changes in interest rate scenarios:
Percent change in net
7 unchanged sentences
Down 100 basis points
−Removed: (1) The target federal funds rate as of March 31, 2022 was between 0.25% - 0.50%.
−Removed: No rates in this model are allowed to go below zero and therefore a down 200 and down 300 basis point scenario would not be plausible.
−Removed: Our consolidated balance sheet continues to be asset sensitive, meaning that interest-earning assets reprice faster than interest-bearing liabilities in a given period.
−Removed: However, due to a number of loans in our loan portfolio with interest rate floors, our net interest income will be negatively impacted in a rising interest rate environment until such time as the current rate exceeds these interest rate floors.
−Removed: Net interest income will increase in year one as set forth in the table above as our interest-earning assets are expected to continue to reprice faster than interest-bearing liabilities.
−Removed: In a falling interest rate environment, our net interest income will be negatively impacted as our deposit costs are currently relatively low and interest rates paid cannot decrease significantly.
+Added: Down 200 basis points
+Added: Down 300 basis points
+Added: In general, interest-earning assets reprice faster than interest-bearing liabilities in a given period.
+Added: However, due to a number of loans in our loan portfolio with fixed interest rates, our net interest income will be negatively impacted in a rising interest rate environment.
+Added: In a rising interest rate environment, net interest income will decrease in year one as set forth in the table above as our interest-bearing liabilities are expected to continue to increase faster than interest-earning assets.
+Added: In a falling interest rate environment, our net interest income will be positively impacted in the first 100 basis point movement as our interest-bearing liabilities decrease faster in relation to our interest-earning assets.
We attempt to limit our interest rate risk through managing the repricing characteristics of our assets and liabilities.
4 unchanged sentences
Furthermore, in the event of a change in interest rates, expected rates of prepayments on loans and early withdrawals from certificates could deviate significantly from those assumed in calculating the table.
−Removed: The following table shows the Company’s financial instruments that are sensitive to changes in interest rates, categorized by expected maturity, and the instruments’ fair values at March 31, 2022.
−Removed: Market risk sensitive instruments are generally defined as on- and off-balance sheet derivatives and other financial instruments (dollars in thousands).
−Removed: Interest-Sensitive Assets:
−Removed: Loans receivable
−Removed: Investment securities and other interest-earning assets
−Removed: Interest-Sensitive Liabilities:
−Removed: Interest checking
−Removed: Savings accounts
−Removed: Money market accounts
−Removed: Certificate accounts
−Removed: Subordinated debentures
−Removed: Finance lease liability
−Removed: Total liabilities
−Removed: Interest sensitivity gap
−Removed: Cumulative interest sensitivity gap
−Removed: Off-Balance Sheet Items:
−Removed: Commitments to extend credit
−Removed: Unused lines of credit
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.