Allowance for Credit Losses. The allowance for credit losses as reflected in Company's consolidated financial statements and the Company’s regulatory reports as of December 31, 2023 and as of June 30, 2024, in the reasonable opinion of Company's management, (a) was adequate to meet all reasonably anticipated credit losses, net of recoveries related to loans previously charged off as of those dates, (b) was consistent with GAAP and safe and sound banking practices, and (c) conforms to recommendations and comments in reports of examination in all material respects.
Allowance for Credit Losses. Each allowance for credit losses shown in the consolidated balance sheets of the Company and its Subsidiaries as of December 31, 2000, and included in the Company Financial Statements, complies in all material respects with GAAP.
Allowance for Credit Losses. (1) Within thirty (30) days of the date of this Agreement, the Board shall adopt a revised, written program for maintaining and reporting an appropriate Allowance for Credit Losses (“ACL Program”) in accordance with generally accepted accounting principles (“GAAP”) and the instructions for reporting the ACL on the Consolidated Reports of Condition and Income (“Call Reports”). Refer to the “Allowance for Credit Losses” booklet of the Comptroller's Handbook and the “Interagency Policy Statement on Allowances for Credit Losses,” dated April 21, 2023 (OCC Bulletin 2023-11). The ACL Program shall, at a minimum, that at least quarterly, include criteria and procedures for:
(a) further segmenting the loan portfolio to better stratify and recognize unique risk characteristics within the portfolio;
(b) thoroughly reviewing qualitative factor assessments and ensure adjustments are reasonably supported and consistent with the level of risk and changes to the loan portfolio;
(c) ensuring necessary provisions to the ACL to bring the balance to an appropriate level commensurate with the bank’s credit risk;
(d) improved reporting the board that details trends in the ACL and coverage of credit risk in the portfolio;
(e) ongoing independent assessments of the ACL balance and support and validation of the ACL methodology; and
(f) ensuring costs to sell are factored into assessing collateral support on collateral dependent loans (i.e., fair market value less cost to sell).
(2) Upon adoption of the ACL Program, the Board shall adopt and Bank management, subject to Board review and ongoing monitoring, shall immediately implement and thereafter ensure adherence to the ACL Program and any amendments thereto. The Board shall review the effectiveness of the ACL Program at least annually, and more frequently if necessary or if required by the OCC in writing, and amend the ACL Program as needed or directed by the OCC.
(3) If at any time the Bank’s actual ACL balance is determined to be inadequate in comparison to the ACL balance calculated pursuant to this Article, the Board shall remedy the inadequacy through additional provisions from earnings in the quarter the inadequacy is discovered, prior to the filing of the Bank’s Call Report.
Allowance for Credit Losses. At September 30, 1998 and thereafter, the allowances for credit losses of Summit and its subsidiaries are adequate in all material respects to provide for all losses on loans and leases outstanding, and to the best of Summit's knowledge, the loan and lease portfolios of Summit and its subsidiaries in excess of such allowances are collectible in the ordinary course of business.
Allowance for Credit Losses. Except as set forth in the Company Letter, the allowance for credit losses (the "Allowance") shown on the statements of financial position of the Company as of April 30, 1997 included in the Company Financial Statements was, and the Allowance shown on each of the statements of condition of the Company as of a date subsequent to the execution of this Agreement will be, in each case as of the dates thereof, determined in accordance with safe and sound banking practices and the guidelines and policies of the FDIC, and are (and will be) adequate, in the reasonable judgment of management, to provide for losses relating to or inherent in the loan and lease portfolios (including accrued interest receivable) of the Company and other extensions of credit (including letters of credit and commitments to make loans or extend credit) by the Company.
Allowance for Credit Losses. Within 30 days from the receipt of any report of examination, the Bank shall charge off all assets classified as “loss” unless otherwise approved in writing by the Supervisors.
Allowance for Credit Losses. (a) The allowance for credit losses shown on the GBC Financial Statements has been established by application of General Bank's policies and methodologies for establishment of such allowances and the requirements of GAAP and applicable regulatory accounting practices, consistently applied, to provide for possible credit losses as of such date and, in management's judgment, is adequate to provide for reasonably foreseeable potential credit losses as of such date.
(b) Section 3.15 of the GBC Disclosure Schedule sets forth as of March 31, 2003, and will be updated as of the latest complete fiscal quarter prior to the Closing Date to include, all nonperforming assets and all troubled debt restructurings (as each term is defined under GAAP) on the books of GBC and its Subsidiaries as of such date. Section 3.15 of the GBC Disclosure Schedule sets forth as of March 31, 2003, and will be updated as of the latest complete fiscal quarter prior to the Closing Date to include, all loans (excluding the guaranteed portion of any loan that is guaranteed by the U.S. Small Business Administration) that were contractually past due 90 days or more in the payment of principal and/or interest.
Allowance for Credit Losses. At December 31, 1998 and thereafter the allowances for credit losses of Prime and its subsidiaries were and are adequate in all material respects to provide for all losses on loans and leases outstanding and, to the best of Prime's knowledge, the loan and lease portfolios of Prime in excess of such allowances are collectible in the ordinary course of business. Prime Schedule 2.10 constitutes a list of all loans and leases made by Prime or any of its subsidiaries that have been "classified" as to quality by any internal or external auditor, accountant or examiner, and such list is accurate and complete in all material respects.
Allowance for Credit Losses. Except as set forth in the IUB Letter, the Allowance shown on the consolidated statements of financial position of IUB and its Subsidiaries as of June 30, 1997 was, and the Allowance shown on each of the consolidated statements of condition of IUB and its Subsidiaries as of a date subsequent to the execution of this Agreement will be, in each case as of the dates thereof, determined in accordance with safe and sound banking practices and the guidelines and policies of the FDIC, and was (or will be) adequate, in the reasonable judgment of management, to provide for losses relating to or inherent in the loan and lease portfolios (including accrued interest receivables) of IUB and its Subsidiaries and other extensions of credit (including letters of credit and commitments to make loans or extend credit) by IUB and its Subsidiaries.
Allowance for Credit Losses. Except as set forth in the PTC Letter, the allowance for credit losses (the "Allowance") shown on the consolidated statements of financial position of PTC and its Subsidiaries as of June 30, 1997 was, and the Allowance shown on each of the consolidated statements of condition of PTC and its Subsidiaries as of a date subsequent to the execution of this Agreement will be, in each case as of the dates thereof, determined in accordance with safe and sound banking practices and the guidelines and policies of the Federal Deposit Insurance Corporation ("FDIC"), and was (or will be) adequate, in the reasonable judgment of management, to provide for losses relating to or inherent in the loan and lease portfolios (including accrued interest receivables) of PTC and its Subsidiaries and other extensions of credit (including letters of credit and commitments to make loans or extend credit) by PTC and its Subsidiaries. 8
