Allowance for Possible Loan Losses; Loan and Investment Portfolios, etc. (a) Cornerstone’s allowance for possible loan, lease, securities, or credit losses (the “Allowance”) shown on the balance sheets of Cornerstone included in the most recent Cornerstone Financial Statements dated prior to the date of this Agreement was, and the Allowance shown on the balance sheets of Cornerstone included in the Cornerstone Financial Statements as of dates subsequent to the execution of this Agreement will be, as of the dates thereof, adequate (within the meaning of GAAP and applicable regulatory requirements or guidelines) to provide for all known or reasonably anticipated losses relating to or inherent in the loan, lease and securities portfolios (including accrued interest receivables, letters of credit, and commitments to make loans or extend credit), by the Cornerstone Entities as of the dates thereof. The Cornerstone Financial Statements fairly present the values of all loans, leases, securities, tangible and intangible assets and liabilities, and any impairments thereof on the bases set forth therein.
Appears in 2 contracts
Samples: Cfo Non Solicitation Agreement (First Community Corp /Sc/), Agreement and Plan of Merger (First Community Corp /Sc/)
Allowance for Possible Loan Losses; Loan and Investment Portfolios, etc. (a) CornerstoneBFTL’s allowance for possible loan, lease, securities, or credit losses (the “Allowance”) shown on the balance sheets of Cornerstone BFTL included in the most recent Cornerstone BFTL Financial Statements dated prior to the date of this Agreement was, and the Allowance shown on the balance sheets of Cornerstone BFTL included in the Cornerstone BFTL Financial Statements as of dates subsequent to the execution of this Agreement will be, as of the dates thereof, adequate (within the meaning of GAAP and applicable regulatory requirements or guidelines) to provide for all known or reasonably anticipated losses relating to or inherent in the loan, lease and securities portfolios (including accrued interest receivables, letters of credit, and commitments to make loans or extend credit), by the Cornerstone BFTL Entities as of the dates thereof. The Cornerstone BFTL Financial Statements fairly present the values of all loans, leases, securities, tangible and intangible assets and liabilities, and any impairments thereof on the bases set forth therein.
Appears in 2 contracts
Samples: Employment Agreement (First National Corp /Va/), Employment Agreement (First National Corp /Va/)