Peoples Financial Statements definition

Peoples Financial Statements means (i) the consolidated balance sheets (including related notes and schedules) of Peoples as of March 31, 2007 (unaudited) and December 31, 2006 (audited), and the related statements of income, changes in shareholders’ equity, and cash flows (including related notes and schedules) for the three (3) months ended March 31, 2007 (unaudited) and the year ended December 31, 2006 (audited), as delivered by Peoples to BancTrust, and (ii) the consolidated balance sheets of Peoples (including related notes and schedules, if any) and related statements of income, changes in shareholders’ equity, and cash flows (including related notes and schedules, if any) delivered by Peoples to BancTrust with respect to periods ending subsequent to March 31, 2007.

Peoples Financial Statements means

Peoples Financial Statements means (i) the unaudited balance sheet and income statement of Peoples as of September 30, 1996 and the audited balance sheets as of December 31, 1995 and 1994 and the related statements of cash flows and changes in shareholders' equity (including related notes, if any) and the income statements for each of the three years ended December 31, 1995, 1994 and 1993 and (ii) the balance sheets of Peoples and related statements of income (including statements of cash flows and changes in shareholders' equity and related notes, if any) with respect to quarterly or annual periods ended subsequent to September 30, 1996; except that financial statements as of, or for the nine months ended, September 30, 1996 are contained in a revised Call Report to be filed in November or December, 1996, and have been prepared in accordance with generally accepted accounting principles in all material respects, except that such financial statements do not contain statements of cash flows or changes in shareholders' equity or footnotes and are subject to normal year-end adjustments.

Examples of Peoples Financial Statements in a sentence

• As of the date of this Agreement, there is no audit examination, deficiency, or refund Litigation with respect to any Taxes, except as reserved against in the Peoples Financial Statements delivered prior to the date of this Agreement or as Previously Disclosed.

• Based on its pro forma analysis of its financial condition following the Merger, assuming the Merger occurred as of the date of this Agreement and in reliance on the Peoples Financial Statements, BancTrust believes, and has received confirmation from reliable sources, that as of the date of this Agreement BancTrust qualifies for Suitable Financing.

• Peoples has delivered or made available to BancTrust prior to the execution of this Agreement copies of all Peoples Financial Statements for periods ended March 31, 2007 and December 31, 2006 and will deliver or make available to BancTrust copies of all Peoples Financial Statements prepared subsequent to the date hereof.

• The allowance for loan losses reflected on the Peoples Financial Statements, as of their respective dates, is adequate in all material respects under the requirements of generally accepted accounting principles to provide for reasonably anticipated losses on outstanding loans.

• Except as Previously Disclosed or as disclosed or reserved against in the Peoples Financial Statements, the Peoples Companies have good and indefeasible title, free and clear of all Liens, to all of their respective Assets that are Material to the business of the Peoples Companies.

• Peoples has no liability (contingent or otherwise) that is material to Peoples, or that, when combined with all similar liabilities, would be material to Peoples, except as disclosed in the Peoples Financial Statements as of the date of this Reorganization Agreement or as Previously Disclosed.

• All United States Treasury securities, obligations of other United States Government agencies and corporations, obligations of states of the United States and their political subdivisions, and other investment securities classified as “available for sale” held by Peoples and Peoples Bank, as reflected in the latest balance sheet in the Peoples Financial Statements, are carried in the aggregate at market value.

• All taxes due and owing by Peoples and the Peoples Subsidiaries (whether or not shown on any tax return) have been timely paid, other than taxes that are being contested in good faith and are adequately reserved against or provided for (in accordance with GAAP) on the Peoples Financial Statements.

• The Peoples Financial Statements, as well as the Peoples Financial Statements to be delivered pursuant to Section 5.8 hereof, fairly present or will fairly present, as the case may be, the financial condition of Peoples as of the respective dates set forth therein, and the income, changes in retained income and cash flows of Peoples for the respective periods or as of the respective dates set forth therein.

• The Peoples Financial Statements do not contain any items of extraordinary or nonrecurring income or any other income not earned in the ordinary course of business except as expressly specified therein.

More Definitions of Peoples Financial Statements

Peoples Financial Statements means (i) the consolidated statements of condition (including related notes and schedules, if any) of Peoples as of June 30, 1999, 1998 and 1997 and the consolidated statements of income, retained income and cash flows (including related notes and schedules, if any) of Peoples for each of the three years ended June 30, 1999, 1998 and 1997, and (ii) the consolidated statements of condition of Peoples (including related notes and schedules, if any) and the consolidated statements of income, retained income and cash flows (including related notes and schedules, if any) of Peoples with respect to the periods ended subsequent to June 30, 1999.