15 unchanged sentences
The modeled scenarios begin with a base case in which rates are unchanged and include parallel and nonparallel rate shocks.
−Removed: The results of these shocks are measured in two forms:
+Added: The model includes deposit beta assumptions which are estimates of changes in interest-bearing deposit pricing for a given change in market interest rates.
+Added: In the current model scenario, deposit betas in falling rate scenarios are significantly lower than the deposit betas in rising rate scenarios.
+Added: This results in a smaller deposit repricing benefit in falling rate scenarios.
+Added: The results of the rate shocks are measured in two forms:
first, the impact on the net interest margin and earnings over one and two year time frames;
1 unchanged sentence
The results of the simulation are compared against approved policy limits.
−Removed: The following table presents the estimated change in net interest income for one year under several scenarios of assumed interest rate changes for the rate shock levels shown.
+Added: The following table presents the estimated change in net interest income over a one year time horizon under several scenarios of assumed interest rate changes for the rate shock levels shown.
The changes in each interest rate scenario represents the difference between estimated net interest income in the unchanged interest rate scenario, or the base case, and the estimated net interest income in each of the alternative interest rate scenarios.
The net interest income in each scenario is based on immediate parallel yield curve changes in the interest rates applied to a static balance sheet.
−Removed: These do not reflect earnings expectations of management.
−Removed: Net Interest Income at September 30, 2023
+Added: This analysis does not represent a forecast and should not be relied upon as being indicative of expected operating results.
+Added: At March 31, 2024
+Added: Sensitivity of Net Interest Income Over One Year Horizon
Change in Interest Rates $ Change % Change
9 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.