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Net Interest Income % Change in Pretax
−Removed: Net Interest Income % Change in Pretax
+Added: Net Interest Income % Change in
Net Interest Income
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AND SUBSIDIARIES
−Removed: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: The results from the rate shock analyses on net interest income are consistent with having an asset sensitive balance sheet.
+Added: The results from the rate shock analyses on net interest income are generally consistent with having an asset sensitive balance sheet.
Having an asset sensitive balance sheet means more assets than liabilities will reprice during the measured time frames.
4 unchanged sentences
This situation could result in an increase in net interest income and operating income.
−Removed: Our rate shock analyses show less improvement in the percentage change in pretax net interest income in the rates up scenarios when comparing December 31, 2023 to December 31, 2022 primarily because we have a different deposit mix, more short-term borrowings and a larger fixed-rate loan portfolio.
−Removed: The percentage change in pretax net interest income in the rates down scenario shows an improvement when comparing December 31, 2023 to December 31, 2022 because of our increased ability to cut liability costs as deposit rates have increased and we have more short-term borrowings.
−Removed: The changes in our percentage changes in pretax net interest income reflect our strategic efforts to reduce our exposure to changes in interest rates.
−Removed: Our EVE analyses show a decline in the percentage change in EVE in the rates up scenarios and an improvement in rates down scenarios when comparing December 31, 2023 to December 31, 2022.
−Removed: These changes are mainly the result of the impact of interest rates on the value of nonmaturity deposits and deposit valuation methodology enhancements that recognize changes in customer behavior.
+Added: Our rate shock analyses show less improvement in the percentage change in pretax net interest income in the 1-12 month rates up scenarios when comparing December 31, 2024 to December 31, 2023 primarily because of changes to our funding mix.
+Added: Our rate shock analyses show more improvement in the percentage change in pretax net interest income in the 13-24 month rates up scenarios when comparing December 31, 2024 to December 31, 2023 primarily because of upcoming maturities within our receive-fixed balance sheet swap portfolio.
+Added: The percentage change in pretax net interest income in the rates down scenarios show a decline when comparing December 31, 2024 to December 31, 2023 primarily due to upcoming maturities within our receive-fixed balance sheet swap portfolio, enhanced loan prepayment assumptions, and changes in our bond portfolio mix.
+Added: Our EVE analyses show a slight decline in the rates up scenarios when comparing December 31, 2024 to December 31, 2023 primarily because of changes to interest rates, changes to our bond portfolio mix, and changes to our funding mix.
+Added: The percentage change in our EVE are smaller in the rates down scenarios when comparing December 31, 2024 to December 31, 2023.
+Added: These changes are mainly the result of changes to interest rates.
In addition to rate shocks and EVE analyses, we perform a market risk stress test at least annually.
6 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.