Common use of Allowance for Loan and Lease Losses Clause in Contracts

Allowance for Loan and Lease Losses. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology; (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports.

Allowance for Loan and Lease Losses. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The Bank’s ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum include: (a) procedures for determining whether a loan or credit is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a LoanU.S. generally accepted accounting principles (“GAAP”); (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans or credits that are consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for ContingenciesGAAP, and address the nine qualitative factors set forth in the Interagency Statement; (c) reasonable procedures for validating the ALLL methodology; (d) a process for summarizing analyzing and documenting, for the Board’s review and approval, the amount to be reported for the ALLL in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL). Any deficiency between the ALLL balance balance, as determined by the analysis required by this Article Article, and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in during the calendar quarter it is discovered, prior to the filing of the applicable Call ReportsReport.

Allowance for Loan and Lease Losses. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, 2006 (OCC Bulletin 2006-47) (“Interagency Statement”) ), and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology; (d) ; a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between in the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports, through additional provision expense. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies and procedures developed pursuant to this Article.

Allowance for Loan and Lease Losses. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” (OCC Bulletin 2006-47), dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum shall include: (a) consideration of the Bank’s loan loss experience, concentrations of credit in the Bank, and present and prospective economic conditions; (b) procedures detailing the selection process for determining whether a loan is loans considered impaired and measuring procedures detailing how the amount of impairmentimpairment for those loans will be measured, consistent with FASB Statement of Financial Accounting Standards No. Number 114, Accounting by Creditors for Impairment of a Loan; (bc) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. Number 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement;; and (cd) procedures for validating the ALLL methodology;. (d2) The revised policies and procedures shall address specific actions needed to improve the methodology outlined in the XXX and in any subsequent Report of Examination. (3) The revised policies and procedures shall provide for a process for summarizing and documenting, for the Board’s review and approval, approval of the amount to be reported in Allowance by the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLLBoard at least once each calendar quarter. Any deficiency between in the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, Allowance shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call ReportsConsolidated Reports of Condition and Income, by additional provisions from earnings. Written documentation shall be maintained indicating the factors considered and conclusions reached by the Board in determining the adequacy of the Allowance.

Allowance for Loan and Lease Losses. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology; (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports.

Allowance for Loan and Lease Losses. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology; (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies and procedures developed pursuant to this Article.

Allowance for Loan and Lease Losses. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) ), and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology; (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies and procedures developed pursuant to this Article.

Allowance for Loan and Lease Losses. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) ), and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology; (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between in the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports, through additional provision expense. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies and procedures developed pursuant to this Article.

Allowance for Loan and Lease Losses. (1) Within sixty (60) days, the The Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate review the adequacy of the Bank's Allowance for Loan and Lease Losses (“ALLLAllowance”) in accordance with generally accepted accounting principlesand shall establish a program for the maintenance of an adequate Allowance. The ALLL policies This review and procedures program shall be consistent with designed in light of the guidance set forth on maintaining a proper Allowance found in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” in OCC Bulletin 2006-47 dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum shall include: (a) procedures detailing the selection process for determining whether a loan is loans considered impaired and measuring procedures detailing how the amount of impairmentimpairment for those loans will be measured, consistent with FASB Statement of Financial Accounting Standards No. Number 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. Number 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement;; and (c) procedures for validating the ALLL methodology;. (d2) The program shall provide for a process for summarizing and documenting, for review of the Board’s review and approval, Allowance by the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLLBoard at least once each calendar quarter. Any deficiency between in the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, Allowance shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call ReportsConsolidated Reports of Condition and Income, by additional provisions from earnings. Written documentation shall be maintained indicating the factors considered and conclusions reached by the Board in determining the adequacy of the Allowance. (3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.

Allowance for Loan and Lease Losses. (1) Within sixty forty-five (6045) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, 2006 (OCC Bulletin 2006-47) (“Interagency Statement”) ), and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology;; and (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between in the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports, through additional provision expense. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies and procedures developed pursuant to this Article.

Allowance for Loan and Lease Losses. (1) Within sixty (60) daysdays of the date of this Agreement, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, 2006 (OCC Bulletin 2006-47) (“Interagency Statement”) ), and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are loans, consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine . The procedures should include methods to determine proper qualitative factors set forth in the Interagency Statementadjustments to historical loan loss rates to incorporate current conditions impacting current estimates of loan losses; (c) procedures for validating the ALLL methodology; (d) ; a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. (d) The program shall provide for a review of the ALLL by the Board at least once each calendar quarter. Any deficiency between in the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call ReportsReport, by additional provisions from earnings. Written documentation shall be maintained indicating the factors considered and conclusions reached by the Board in determining the adequacy of the ALLL. (2) The Board shall submit a copy of the ALLL policy and procedures required by this Article to the Assistant Deputy Comptroller.

Allowance for Loan and Lease Losses. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. ASC 310-10, Receivables - Overall - Subsequent Measurement – Impairment (formerly FAS 114, Accounting by Creditors for Impairment of a Loan); (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are consistent with FASB Statement of Financial Accounting Standards No. ASC 450-20, Loss Contingencies (formerly FAS 5, Accounting for Contingencies), and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology;; and (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports.

Allowance for Loan and Lease Losses. (1) Within sixty ninety (6090) days, the Board shall adopt, implement, and thereafter ensure adherence to written policies and procedures for maintaining an adequate Allowance for Loan and Lease Losses (“ALLL”) in accordance with generally accepted accounting principles. The ALLL policies and procedures shall be consistent with the guidance set forth in the Federal Financial Institutions Examination Council’s “Interagency Policy Statement on the Allowance for Loan and Lease Losses” dated December 13, 2006, (OCC Bulletin 2006-47) (“Interagency Statement”) and shall at a minimum include: (a) procedures for determining whether a loan is impaired and measuring the amount of impairment, consistent with FASB Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan; (b) procedures for segmenting the loan portfolio and estimating loss on groups of loans that are consistent with FASB Statement of Financial Accounting Standards No. 5, Accounting for Contingencies, and address the nine qualitative factors set forth in the Interagency Statement; (c) procedures for validating the ALLL methodology;; and (d) a process for summarizing and documenting, for the Board’s review and approval, the amount to be reported in the Consolidated Reports of Condition and Income (“Call Reports”) for the ALLL. Any deficiency between the ALLL balance as determined by the analysis required by this Article and the Bank’s actual ALLL balance, regardless of the amount of such deficiency, shall be remedied through additional provision expense in the quarter it is discovered, prior to the filing of the Call Reports. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the policies and procedures developed pursuant to this Article.