PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor the Bank’s income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in Paragraph (1) above for year 2010 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in Paragraph (1) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before December 31st of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph one above shall be submitted to the Assistant Deputy Comptroller every year upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph 1(b) above for each year this Formal Agreement remains in effect. The budget for each year shall be submitted on or before November 30, of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year written profit plan, consistent with the Bank’s Strategic Plan as required in Article IV, to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1) above for 2010- 2012 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Formal Agreement remains in effect. The budget for each year shall be submitted on or before November 30, of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(d) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1) above for 2002 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30, of the preceding year.
(3) The Board shall forward comparisons of its balance sheet, and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
PROFIT PLAN. (1) Within sixty (60) days, the Board shall review, revise as needed, and thereafter ensure Bank adherence to its written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank’s income and expenses, and to compare actual figures with budgetary projections;
(d) a description of the operating assumptions that form the basis for major projected income and expense components;
(e) an action plan to ensure the ongoing adequacy of capital and the availability of sources of additional capital; and,
(f) plans to ensure the continued adequacy of the allowance for loan and lease losses, in accordance with the Allowance for Loan and Lease Losses of the Comptroller’s Handbook and OCC Bulletin 2006-47, “Interagency Policy Statement on the Allowance for Loan and Lease Losses.”
(2) The budgets and related documents required in paragraph (1) above for 2009 shall be submitted to the Assistant Deputy Comptroller. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Formal Agreement remains in effect. A preliminary budget for each year shall be submitted on or before November 30, of the preceding year. A final budget for each year shall be submitted on or before January 31 of the current year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
PROFIT PLAN. (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at a minimum, the following elements:
(a) identification of the major areas in and by means which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections;
(d) a description of the operating assumptions that form the basis for major projected income and expense components; and
(e) expansion of the bank's branch profitability analysis to include comparisons to initial and ongoing profit goals.
(2) The budgets and related documents require in paragraph (b) above for 2009 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (b) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before December 31 of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has satisfactory processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within ninety (90) days of the date of this Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) deposit pricing strategies;
(b) loan pricing strategies;
(c) investment portfolio management;
(d) mortgage banking strategies;
(e) action plans and scenario analysis, including scenarios that analyze the impact of strategies on the Bank’s capital ratios;
(f) identification of the major areas in and means by which the Board will seek to improve the Bank’s operating performance;
(g) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;
(h) a budget review process to monitor both the Bank’s income and expenses, and to compare actual figures with budgetary projections; and
(i) a description of the operating assumptions that form the basis for major projected income and expense components.
(2) The budgets and related documents required in paragraph (1) of this Article for fiscal year 2013 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) of this Article for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis within forty-five (45) days of the end of each of the Bank’s fiscal quarters.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN refers to the commission plan determined by the platform. It'll be hereinafter referred to as the “Commission Plan”. The commission plan allows independent merchant assistants to earn bonuses and other rewards for the sales of their sponsored group (sub-pools).
PROFIT PLAN. (1) Within ninety (90) days, the Board shall review and revise, as necessary, and thereafter ensure Bank adherence to its written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements; and
(c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections.
(2) The budgets and related documents required in paragraph (1) above for 2011 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (1) above for each year this Formal Agreement remains in effect. The budget for each year shall be submitted on or before December 20, of the preceding year.
(3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
PROFIT PLAN. (1) Within thirty (30) days, the Board shall develop a revised profit plan for calendar year 2005 to account for extraordinary and other expenses associated with this Agreement and any significant changes in the bank’s business strategy, and to reflect realistic loan growth assumptions and loan loss provisions.
(2) Within ninety (90) days, and in consideration of the Bank’s strategic plan developed in Article XI of the Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to, at minimum, a three-year written profit plan to improve and sustain the earnings of the Bank. The plan shall incorporate realistic and comprehensive budgets, including a projection of major balance sheet and income statement components, and shall provide for injections of equity capital, as necessary. This plan shall also include, at minimum, the following elements:
(a) identification of the major areas in and means by which the Board will seek to improve the Bank's operating performance;
(b) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; and
(c) a description of the operating assumptions that form the basis for major projected income and expense components.
(3) Upon completion of each plan under sections (1) and (2), the Board’s profit plans shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Board shall implement and ensure the Bank’s adherence to the profit plan.
(4) The Board shall submit to the Assistant Deputy Comptroller the budgets and related documents for 2005 required in subparagraph (1) upon completion.
(5) The Board shall submit to the Assistant Deputy Comptroller annual budgets and related documents as described in subparagraph (2) above for each year this Amendment and Agreement remains in effect. The budget and related documents for each year shall be submitted on or before November 30, of the preceding year.
(6) This article (III) hereby supersedes and nullifies Article XII of the original Agreement dated June 25, 2003.
