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, 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, 1999 and as of June 30, 2000, and included in the Company Financial Statements, complies in all material respects with GAAP and, to the knowledge of the Company's management, OCC Bank Circular 201.
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. (1) Within thirty (30) days of the date of this Agreement, the Board shall submit to the Assistant Deputy Comptroller for review and prior written determination of no supervisory objection a revised, written program for maintaining and reporting an adequate 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”). The ACL Program shall be consistent with the safety and soundness principles articulated in the “Interagency Policy Statement on Allowances for Credit Losses” dated May 8, 2020 (OCC Bulletin 2020-49). The ACL Program shall, at a minimum, include criteria and procedures for:
(a) segmenting and documenting the financial assets that share similar risk characteristics and measuring the expected credit losses from each identified group consistent with GAAP, including Accounting Standards Codification (“ASC”) Subtopic 326-20, at least quarterly;
(b) identifying and documenting individual financial assets that do not share similar risk characteristics with other financial assets and measuring the amount of expected credit loss from each of these assets consistent with GAAP, including ASC Subtopic 326-20, at least quarterly;
(c) supporting the estimation of expected credit losses and adjustments with documentation and analysis of historical credit losses and all significant qualitative and environmental factors and reasonable and supportable forecasts that affect the collectability of the Bank’s financial assets;
(d) independently validating the Bank’s ACL methodology on a annual basis and reporting the conclusions to the Board, which shall address identified deficiencies through revision of the ACL Program in a manner consistent with this Article; and
(e) documenting the Board’s determination, at least quarterly, of the adequacy of the Bank’s ACL amount to be reported in the Bank’s Call Report, including the factors considered and rationale supporting the Board’s conclusion.
(2) Within thirty (30) days following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the ACL Program, or to any subsequent amendment to 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. The Board shall review the effectiveness of t...
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