Common use of PROFIT PLAN Clause in Contracts

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 three-year written profit plan, consistent with the Bank's Strategic Plan as required in Article IV, 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;; 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call (b) realistic and comprehensive budgets, including projected balance sheets and year-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 (1b) above for 2010-2012 (2000) 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 (1b) 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 monthly 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 ’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 2010-2010- 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 ninety (6090) 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, 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 2010-2012 2006 shall be submitted to the Assistant Deputy Comptroller ADC upon completioncompletion for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the ADC, the Bank shall implement and adhere to the program.. The Board shall submit to the Assistant Deputy Comptroller ADC 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 ADC 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 an updated written profit plan, consistent with the Bank's Strategic Plan as required in Article IV, plan to improve and sustain the earnings of the Bank at a level satisfactory to support operations, the allowance for loan and lease losses, and augment capital commensurate with the Bank’s risk profile. This updated 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-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 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 Formal Agreement remains in effect. The budget for each year shall be submitted on or before November 30December 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 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 an updated written profit plan, consistent with the Bank's Strategic Plan as required in Article IV, plan to improve and sustain the earnings of the Bank at a level satisfactory to support operations, the allowance for loan and lease losses, and augment capital commensurate with the Bank’s risk profile. This updated 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 ’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 ’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 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 Formal Agreement remains in effect. The budget for each year shall be submitted on or before November 30December 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 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, 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 statementsstatements for the next three fiscal years which incorporate the estimated impact to earnings from write-downs of OREO and implementation of workout plans described in Article IV of this Agreement; (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 at least thirty (30) days before November 30, the start of the preceding each fiscal 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.