Common use of PROFIT PLAN Clause in Contracts

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. (1) Within ninety (90) days of the date of this Agreementdays, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bankplan. 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 's operating performance; (gb) realistic and comprehensive budgets, including projected balance sheets and year-end income statements; (hc) a budget review process to monitor both the Bank’s 's income and expenses, and to compare actual figures with budgetary projections; and (id) 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 above for fiscal year 2013 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) of this Article above for each year this Formal Agreement remains in effect. The budget for each year shall be submitted on or before November 30 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 quartersbasis. (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 ninety forty-five (9045) days of the date of this Agreementdays, 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 's operating performance; (gb) realistic and comprehensive annual budgets, including projected balance sheets and year-end income statements, including sufficient detail and drill-down to provide a meaningful tracking mechanism; (hc) a budget review process to monitor both the Bank’s 's income and expenses, and to compare actual figures with budgetary projections; (d) detailed action and contingency plans in the event a negative variance in budgetary projections occur, including an option to sell, merge or liquidate the bank with corresponding triggers, timeframes and a detailed process; and (ie) 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 above for fiscal year 2013 three (3) years 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) of this Article above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 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 quartersbasis. (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 ninety sixty (9060) days of the date of this Agreementdays, 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 's operating performance; (gb) a realistic and comprehensive annual budgets, including projected balance sheets and year-end income statements, including sufficient detail and drill-down to provide a meaningful tracking mechanism; (hc) a budget review process to monitor both the Bank’s 's income and expenses, and to compare actual figures with budgetary projections; (d) detailed action and contingency plans in the event a negative variance in budgetary projections occur, including an option to sell, merge or liquidate the bank with corresponding triggers, timeframes and a detailed process; and (ie) 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 above for fiscal year 2013 three (3) years 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) of this Article above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before November 30 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 quartersbasis. (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.