Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than:
Loans Receivable. All Loans Receivable of the Seller are reflected properly on their books and records, are valid receivables subject to no setoffs or counterclaims, are presently current and collectible, and will be collected in accordance with their terms at their recorded amounts, subject only to the reserve for bad debt set forth in the Most Recent Financial Statements, as adjusted for the passage of time through the Closing Date in accordance with past customs and practices of the Seller.
Loans Receivable. Seller shall promptly remit in cash to Buyer the proceeds of all checks and other payments for Loans Receivable purchased by Buyer under this Agreement and coming into the possession of Seller.
Loans Receivable. Except as set forth in Schedule 2.3(j), all evidences of indebtedness reflected as assets in the Financial Statements were as of such dates in all material respects the binding obligations of the respective obligors named therein in accordance with their respective terms, and were not subject to any defenses, setoffs, or counterclaims, except as may be provided by bankruptcy, insolvency or similar laws or by general principles of equity.
Loans Receivable. Loans receivable consist of the following, net of unamortized loan fees (in thousands): Residential real estate: 2014 2013 Construction $ 2,603 3,293 Owner occupied 75,262 64,092 Non-owner occupied 22,773 13,797 Commercial real estate: Construction 2,767 1,574 Farmland 13,513 10,308 Nonfarm 58,775 59,008 Commercial and industrial 14,822 8,240 Consumer 19,491 14,165 Other 319 437 210,325 174,914 Less allowance for loan losses (4,008) (3,631) $ 206,317 171,283 The risk characteristics applicable to each segment of the loan portfolio are described as follows: Residential real estate loans are secured by 1-4 family residences and are generally owner-occupied. The Bank generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market area, such as unemployment levels. Repayment can also be impacted by changes in property values of residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial real estate loans, including farmland and nonfarm loans, are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Bank’s commercial real estate portfolio are diverse, but with geographic location almost entirely in the Bank’s market area. Management monitors and evaluates commercial real estate loans based on cash flow, collateral, geography and risk grade criteria. Construction loans related to both residential and commercial loans are underwritten utilizing feasibility studies, independent reviews and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the succes...
Loans Receivable. 9 Real Estate Acquired in Settlement of Loans.................... 21
Loans Receivable. For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans receivable were estimated using discounted cash flow analyses, using interest rates currently offered for loans with similar terms to borrowers of similar credit quality. Loans with significant collectibility concerns were fair valued on a loan-by-loan basis utilizing a discounted cash flow method or the fair market value of the underlying collateral. Restricted Investments in Bank Stock The carrying amounts reported approximate those assets' fair value. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and payable approximate their fair value. Deposit Liabilities The fair values disclosed for demand deposits (e.g., interest bearing and noninterest bearing checking, passbook savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated expected monthly maturities on time deposits. Short-Term Borrowings The carrying amounts for short-term borrowings approximate the estimated fair value of such liabilities. Securities Sold Under Agreements to Repurchase The fair values for securities sold under agreement to repurchase were estimated using the interest rate currently available from the party that holds the existing debt. Subordinated Debt Fair values for subordinated debt are estimated using a discounted cash flow calculation similar to that used in valuing fixed rate certificate of deposit liabilities. The fair values for long-term debt were estimated using the interest rate currently available from the party that holds the existing debt. Off-Balance Sheet Instruments Fair values for the Company's off-balance sheet instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. (Note Continued) -------------------------------------------------------------------------------- 40 Annual Report 2006 o Fidelity Bancorp, Inc. and Subsidiary NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The carrying amounts and fair values of ...
Loans Receivable. Loans Receivable are listed on Exhibit B of this Agreement. Seller warrants that this is a true and complete list of all the Company’s loans receivable at Exhibit B.
Loans Receivable. Loans receivable, net at September 30, 2002 and 2001, consists of the following: 2002 2001 ------------ ------------ Loans secured by first lien mortgages on real estate: One-to-four residential property $ 75,990,363 $ 80,152,688 Multi-family residential property 2,418,612 2,540,563 Commercial properties 14,216,970 8,783,410 Construction 5,433,353 7,286,230 Agricultural 7,283,115 3,864,562 Continued HARRODSBURG FIRST FINANCIAL BANCORP, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Loans Receivable. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectibility of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectibility of principal. Interest accrual resumes when the loan is no longer 90 or more days past due and the borrower, in management's opinion, is able to meet payments as they become due. Allowance for Loan Losses The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management's periodic evaluation of the adequacy of the allowance is based on the Bank's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. The allowance consists of specific and general components. The specific component relates to loans that are classified as eit...