The Rate-Sensitive Portfolio Expansion
Across 2 sectors, 10 filers are signaling rising cost pressure. Visible since 2025Q2, now plateauing. Reached 5 sectors at its 2025Q3 peak, now 2 sectors. Mixed: demand (40%), capital (30%), cost (26%). One disclosure notes "Net interest income in the consolidated statements of earnings was $6.00 billion for the first half of 2025, 78% higher than the first half of 2024."
Banks and utilities are growing interest-earning assets (loans, deposits, cash) while experiencing margin compression from balance-mix shifts, revealing a tension between volume growth and yield pressure in a higher-rate environment.
DISTINCT NEW FILERS PER QUARTER
✦ WHAT THE DIFF CAUGHT
Language shifts from forward-looking margin concerns to present-tense asset-growth benefits offset by structural compression in spreads.
REPRESENTATIVE SIGNAL FROM FILINGS
“Net interest income in the consolidated statements of earnings was $6.00 billion for the first half of 2025, 78% higher than the first half of 2024”
Net interest income increased 78% year-over-year in the first half of 2025 due to decreased interest expense outweighing slight decreases in interest income.
“Net interest income increased $916 million to $17.2 billion primarily driven by higher deposit spreads and loan balances”
Net interest income increased $916 million to $17.2 billion driven by higher deposit spreads and loan balances.
DRIVERS