29 unchanged sentences
December 31, 2022
−Removed: At December 31, 2022, given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to decrease by 3.00% over one year as compared to an increase of 2.70% at December 31, 2021.
−Removed: A 200 basis point immediate, sustained upward shock in the yield curve would decrease net interest income by an estimated 6.83% over one year as of December 31, 2022, as compared to an increase of 4.61% as of December 31, 2021.
−Removed: A 100 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 2.12% over one year as of December 31, 2022 as compared to a decrease of 0.98%, over one year as of December 31, 2021.
−Removed: A 200 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 2.16% over one year as of December 31, 2022 as compared to a decrease of 2.42% over one year as of December 31, 2021.
+Added: At December 31, 2023, given an immediate, sustained 100 basis point upward shock to the yield curve used in the simulation model, net interest income for United is estimated to increase by 0.24% over one year as compared to a decrease by 3.00% at December 31, 2022.
+Added: A 200 basis point immediate, sustained upward shock in the yield curve would decrease net interest income by an estimated 0.28% over one year as of December 31, 2023, as compared to a decrease of 6.83% as of December 31, 2022.
+Added: A 100 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 2.66% over one year as of December 31, 2023 as compared to an increase of 2.12%, over one year as of December 31, 2022.
+Added: A 200 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 4.35% over one year as of December 31, 2023 as compared to an increase of 2.16% over one year as of December 31, 2022.
In addition to the one year earnings sensitivity analysis, a two-year analysis is also performed.
2 unchanged sentences
A 200 basis point immediate, sustained upward shock in the yield curve would increase net interest income by an estimated 3.85% in year two as of December 31, 2023.
−Removed: A 100 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 2.32% in year two as of December 31, 2022.
+Added: A 100 basis point immediate, sustained downward shock in the yield curve would increase net interest income by an estimated 0.05% in year two as of December 31, 2023.
A 200 basis point immediate, sustained downward shock in the yield curve would decrease net interest income by an estimated 1.34% in year two as of December 31, 2023.
20 unchanged sentences
These securities are expected to have moderate extension risk in a rising rate environment.
−Removed: Current models show that an immediate, sustained upward shock of 300 basis points, the average life of these securities would only extend to 6.5 years.
+Added: Current models show that given an immediate, sustained upward shock of 300 basis points, the average life of these securities would only extend to 6.5 years.
The projected price decline of the fixed rate CMO portfolio in rates up 300 basis points would be 15.6%, or less than the price decline of a 7- year treasury note.
−Removed: By comparison, the price decline of a 30-year 5% coupon mortgage backed security (“MBS”) in rates higher by 300 basis points would be approximately 18.9%.
+Added: By comparison, the price decline of a 30-year 5.5% current coupon mortgage backed security (MBS) in rates higher by 300 basis points would be approximately 12.2%.
United had approximately $490.8 million in fixed rate Commercial mortgage backed Securities (CMBS) with a projected yield of 2.01% and a projected average life of 4.8 years on December 31, 2023.
23 unchanged sentences
Executive Vice President and Chief Financial Officer
−Removed: March 1, 2023
+Added: February 29, 2024
Report of Independent Registered Public Accounting Firm
5 unchanged sentences
and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on the COSO criteria.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes and our report dated March 1, 2023 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes and our report dated February 29, 2024 expressed an unqualified opinion thereon.
Basis for Opinion
16 unchanged sentences
Charleston, West Virginia
−Removed: March 1, 2023
+Added: February 29, 2024
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.