Comments on the proposal are due by August 24, 2009.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Comments on the proposal are due by August 24, 2009."

Transcription

1 Defining Issues June 2009, No KPMG LLP Proposed Disclosures about the Credit Quality of Financing Receivables and Allowance for Credit Losses Companies would have to disclose additional information about the allowance for credit losses and the credit risks inherent in loan and lease portfolios, starting with the first interim or annual reporting period ending after December 15, 2009, if a proposed FASB Statement is adopted without change. 1 The disclosures would include information about accounting policies for estimating the allowance for credit losses, qualitative and quantitative information about the credit risk inherent in the financing receivable portfolio, the methods used in determining the components of the allowance for credit losses, and quantitative information about the changes in receivables and the related allowance for credit losses. Comparative disclosures would be required only for periods ending after the proposed effective date. Comments on the proposal are due by August 24, Scope 1 Proposed Disclosures 2 Effective Date and Transition KPMG LLP, a U.S. limited liability partnership and a member firm of the network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative NSS Photo: GettyImages/Photographer s Choice/Peter Dazeley sb i-005 Scope The proposed Statement would apply to all financing receivables held by creditors, including public and nonpublic companies that prepare GAAP financial statements. The disclosures would be required for both interim and annual periods. This scope depends on the proposal s definition of financing receivables. For purposes of the proposal, financing receivables include originated or acquired loans. A loan is defined as a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the company s balance sheet. Other examples of financing receivables include accounts receivable with terms exceeding one year, notes receivable, and receivables relating to lessors rights to payments from leveraged, direct financing, or sales-type leases. The proposed Statement s definition of financing receivables, and therefore the proposal s scope, explicitly excludes: Account receivables with contractual maturities of one year or less that arose from the sale of goods or services, except for credit card receivables, 1 Proposed FASB Statement, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, available at

2 Defining Issues June 2009, No Debt securities as defined in Statement 115, 2 Unconditional promises to give that are assets of not-for-profit entities and that are due in one year or less, as discussed in Statement 116, 3 and Acquired beneficial interests or the transferor s beneficial interests in transferred financial assets within the scope of EITF Proposed Disclosures The objective of the proposed Statement is for a company to disclose information that allows financial-statement users to understand the nature of credit risk inherent in the company s portfolio of financing receivables, how the risk is analyzed and assessed in arriving at the allowance for credit losses, and the changes and reasons for the changes in both the receivables and the allowance for credit losses. The proposed disclosures are broken down into these major categories: allowance for credit losses, fair value, credit quality information, impaired financing receivables, and nonaccrual status. Each category would have to be presented separately either by portfolio segment or by class of financing receivable, terms that are defined in the proposal. The disclosures for allowance for credit losses and fair value are presented by portfolio segment. The disclosures for credit quality information, impaired financing receivables, and nonaccrual status are presented by class of financing receivable. A portfolio segment is defined as the level at which a creditor develops and documents a systematic methodology for determining its allowance for credit losses. A portfolio segment is a higher level of aggregation and generally will have more than one class of financing receivables. Financing receivables within a portfolio segment must be further disaggregated to separately disclose those that are evaluated collectively for impairment under Statement 5 and those that are evaluated individually for impairment under Statement Classes of financing receivables would be based on the level of information that enables financial-statement users to evaluate the nature and extent of exposure to credit risk from financing receivables. Classes of financing receivables are generally a disaggregation of a portfolio segment. According to the proposal, classes must segregate financial instruments based on the initial measurement attribute (i.e., amortized cost, fair value, lower of cost or fair value, and present value of amounts to be received) and then further disaggregate the information so that it is presented at the level that management uses when assessing and monitoring the portfolio s risk and performance. In determining the appropriate level of internal reporting to use as a basis for disclosure, a company would have to consider the level of detail a financial-statement user needs to understand the risks inherent in the portfolio, evaluating at least the following factors: Categorization of borrowers (for example, commercial loans, consumer loans, and related parties), Type of financing receivable (for example, mortgage loans, credit card loans, and finance leases), Industry sector (for example, real estate and mining), 2 FASB Statement No. 115, Accounting for Certain Investments in Debt and Equity Securities, available at 3 FASB Statement No. 116, Accounting for Contributions Received and Contributions Made, available at 4 EITF Issue No , Recognition of Interest Income and Impairment on Purchased Beneficial Interests and Beneficial Interests That Continue to Be Held by a Transferor in Securitized Financial Assets, available at 5 FASB Statements No. 5, Accounting for Contingencies, and No. 114, Accounting by Creditors for Impairment of a Loan, both available at

3 Defining Issues June 2009, No Type of collateral (for example, residential property, commercial property, government guaranteed, and unsecured), Geographic distribution, including domestic and international, and The requirements of the FASB Staff Position on concentration of credit risk, which include factors related to certain loan product terms related to credit risk. 6 Allowance for Credit Losses. Companies would be required to disclose information that enables financial-statement users to understand the risk characteristics of the portfolio segments used in estimating the allowance for credit losses, the factors and methodologies used in estimating the allowance for each portfolio segment, and the activity in both the receivables and the allowance for each portfolio segment. They would be specifically required to disclose the following for each portfolio segment: A description of the accounting policies and methodology used to estimate the allowance for credit losses that includes a description of the factors that influenced management s judgment (for example, historical losses and existing economic conditions) and a discussion of risk elements relevant to each portfolio segment. Any changes from prior periods and management s rationale for the change would have to be disclosed. A description of management s policy for charging off uncollectible financing receivables. The activity in the total allowance for credit losses, including the balance in the allowance at the beginning and end of each period, additions charged to operations, direct write-downs charged against the allowance, changes in methods and estimates, if any, and recoveries of amounts previously charged off. This information would be presented both separately by portfolio segment and in the aggregate for impaired financing receivables that are evaluated individually as well as for those evaluated collectively. The activity in the financing receivables related to the allowance for credit losses, including the carrying amount at the beginning and end of each period, and the significant changes in the activity that may include originations, portfolio purchases, repayments, direct write-downs charged against financing receivables, and transfers to or from either the collectively or the individually impaired balance. All activities that are not considered significant should be aggregated and disclosed as other. This information would be presented both separately by portfolio segment and in the aggregate for impaired financing receivables that are evaluated individually as well as for those evaluated collectively. Fair Value. The proposed Statement would require companies to disclose the fair value of loans and the methods and significant assumptions used to estimate the fair value by portfolio segment. Credit Quality Information. Companies would have to disclose information that enables financial-statement users to assess the quantitative and qualitative risks arising from the credit quality of its financing receivables. The following information would have to be disclosed separately by class of financing receivable: 1. Management s policy for determining past due or delinquency status (i.e., whether past due status is based on how recently payments have been received or by contractual terms). 2. For financing receivables carried at amortized cost that are neither past due as determined by management s policy nor impaired as defined by Statement 114, quantitative and qualitative information about the credit quality of financing receivables at the end of a reporting 6 FASB Staff Position SOP , Terms of Loan Products That May Give Rise to a Concentration of Credit Risk, available at

4 Defining Issues June 2009, No period, including a description of the credit quality indicator and the carrying amount of the financing receivables by credit quality indicator. If a company uses internal risk ratings or consumer credit risk scores as a credit quality indicator, additional disclosures would be required: A regulated company that discloses a class of financing receivables based internal risk ratings would be required to explain how the company s internal risk ratings compare with the federal regulatory ratings of pass, special mention, substandard, doubtful, and loss. 7 A company that discloses a class of financing receivables on the basis of consumer credit risk scores would be required to update the consumer credit risk scores annually and disclose the date or range of dates that the scores were last updated. 3. For financing receivables carried at a measurement other than amortized cost that are neither past due as determined by management s policy nor impaired, quantitative information about the credit quality at the end of the reporting period, separately by measurement attribute. 4. For financing receivables that are past due as determined by management s policy, but not impaired, an analysis of the age of the carrying amount of financing receivables at the end of the reporting period. 5. The carrying amount at the end of the reporting period of financing receivables past due 90 days or more, but not impaired, for which interest is still accruing. 6. The carrying amount of financing receivables at the end of the reporting period that are now considered current but have been modified in the current year subsequent to being past due. A modification of terms of a financing receivable includes, but is not limited to: Absolute or contingent reduction of the stated interest rate for the remaining original life of the debt, Extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, Absolute or contingent reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, and Absolute or contingent reduction of accrued interest. 7. The total of financing receivables disclosed above in (2) through (4) reconciled to the allowance for credit losses for collectively impaired financing receivables by portfolio segment. Impaired Financing Receivables. Companies would be required to disclose information separately by class of financing receivable that enables financial-statement users to understand the accounting for, and amount of, financing receivables that meet the definition of an impaired loan in Statement 114. These disclosures would include the following: Management s policy for determining which loans the creditor individually assesses for impairment. Management s policy for recognizing interest income on impaired financing receivables, including how cash receipts are recorded. At each balance sheet date, the total carrying amount and the total unpaid principal balance of the impaired financing receivables for financing receivables with no related allowance for 7 These ratings are defined in the Uniform Agreement on the Classification of Assets and Appraisal of Securities Held by Banks and Thrifts issued by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision.

5 credit losses and for financing receivables for which there is a related allowance for credit loss, including in the latter case disclosure of the related allowance for credit losses. The factors that the company considered in determining that the financing receivable is impaired. For each period: the average carrying amount of the impaired financing receivables during the period, the related amount of interest income recognized during the time within that period the financing receivables were impaired, and, unless not practicable, the amount of interest income recognized using a cash-basis method of accounting during the time within that period that the financing receivables were impaired. If an impaired financing receivable has been restructured in a troubled debt restructuring involving a modification of terms, in years after the restructuring a company would not be required to disclose information about the financing receivable if the restructuring meets the following conditions: The restructuring agreement specifies an interest rate equal to or greater than the rate that the creditor was willing to accept at the time of the restructuring for a new financing receivable with comparable risk, and The financing receivable is not impaired based on the terms specified by the restructuring agreement. This is a publication of KPMG's Department of Professional Practice Contributing authors: Thomas W. Canfarotta David J. Reavy Enrique M. Tejerina Hillary H. Larson Earlier editions are available at: Defining Issues is a registered trademark of KPMG LLP KPMG LLP, a U.S. limited liability partnership and a member firm of the network of independent member firms affiliated with KPMG International, a Swiss cooperative. All rights reserved. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss cooperative NSS This exception would have to be applied consistently to all loans restructured in a troubled debt restructuring that meet the above criteria. Nonaccrual Status. Companies would have to disclose the following information separately by class of financing receivable to enable financial-statement users to understand the accounting for, and amount of, financing receivables that are on nonaccrual status: The policy for placing financing receivables on nonaccrual status or discontinuing the accrual of interest and for recording payments received on nonaccrual financing receivables, and the policy for resuming accrual of interest, and The carrying amount of financing receivables on nonaccrual status as of each balancesheet date. Effective Date and Transition The proposed Statement would be effective beginning with the first interim or annual reporting period ending after December 15, Early application would be encouraged. The proposal would encourage, but not require, comparative disclosures for earlier periods that ended before initial adoption and would require companies to provide comparative disclosures for periods that end after the proposed effective date. The descriptive and summary statements in this newsletter are not intended to be a substitute for the requirements of the proposed Statement or any other applicable or potential accounting literature or SEC regulations. Companies applying GAAP or filing with the SEC should apply the texts of the relevant laws, regulations, and accounting requirements, consider their particular circumstances, and consult their accounting and legal advisors.

New Developments Summary

New Developments Summary September 13, 2010 NDS 2010-20 New Developments Summary ASU enhances credit quality disclosures Financing receivables and allowance for credit losses Summary The FASB recently issued Accounting Standards

More information

Financial Issue 2010-7 Instruments, Structured

Financial Issue 2010-7 Instruments, Structured Financial Issue 2010-7 Instruments, Structured October 8, 2010 Products and Real Estate (FSR) Capital Markets Accounting Developments Advisory Issue 2010-8 December 13, 2010 Analysis of ASU 2010-20 Disclosures

More information

New Expanded Disclosures

New Expanded Disclosures September 2010 Expanded Disclosures About Credit Quality of Financing Receivables and Allowance for Credit Losses Required as Early as 2010 Accounting Insights is a publication of McGladrey & Pullen, LLP

More information

Receivables (Topic 310)

Receivables (Topic 310) No. 2010-20 July 2010 Receivables (Topic 310) Disclosures about the Credit Quality of Receivables and the Allowance for Credit Losses The FASB Accounting Standards Codification is the source of authoritative

More information

Understanding the NEW DISCLOSURES FOR THE ALLOWANCE FOR CREDIT LOSSES

Understanding the NEW DISCLOSURES FOR THE ALLOWANCE FOR CREDIT LOSSES Understanding the NEW DISCLOSURES FOR THE ALLOWANCE FOR CREDIT LOSSES Executive Summary & Recommendations This document refers to the recent changes in disclosure requirements for financing receivables

More information

Questions and Answers on Accounting for Loan and Lease Losses

Questions and Answers on Accounting for Loan and Lease Losses Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of Thrift Supervision Questions

More information

Nonaccrual Loans and Restructured Debt (Accounting, Reporting, and Disclosure Issues) Section 2065.1

Nonaccrual Loans and Restructured Debt (Accounting, Reporting, and Disclosure Issues) Section 2065.1 Nonaccrual Loans and Restructured Debt (Accounting, Reporting, and Disclosure Issues) Section 2065.1 Working with borrowers who are experiencing financial difficulties may involve formally restructuring

More information

Considerations for Troubled Debt Restructuring Identification of Loans August 2011

Considerations for Troubled Debt Restructuring Identification of Loans August 2011 Considerations for Troubled Debt Restructuring Identification of Loans August 2011 Introduction This document is intended to provide examiners with a general overview of the judgments required by an institution

More information

Accounting for Certain Loans or Debt Securities 21,131 NOTE

Accounting for Certain Loans or Debt Securities 21,131 NOTE Accounting for Certain Loans or Debt Securities 21,131 Section 10,880 Statement of Position 03-3 Accounting for Certain Loans or Debt Securities Acquired in a Transfer December 12, 2003 NOTE Statements

More information

Allowance for Credit Losses Disclosure Changes A Publication of Nearman, Maynard, Vallez, CPAs

Allowance for Credit Losses Disclosure Changes A Publication of Nearman, Maynard, Vallez, CPAs TECHNICAL GUIDE Allowance for Credit Losses Disclosure Changes A Publication of Nearman, Maynard, Vallez, CPAs Financial Accounting Standards Board (FASB) Update 201020 Disclosures about the Credit Quality

More information

Yosemite Farm Credit. Quarterly Financial Report

Yosemite Farm Credit. Quarterly Financial Report Yosemite Farm Credit Quarterly Financial Report June 2015 TABLE OF CONTENTS Message to Members 1 Statements of Condition 2 Statements of Comprehensive Income 3 Statements of Changes in Shareholders Equity

More information

Interagency Policy Statement on the 1. Allowance for Loan and Lease Losses [Footnote

Interagency Policy Statement on the 1. Allowance for Loan and Lease Losses [Footnote Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of Thrift Supervision Interagency

More information

TEXTRON FINANCIAL CORPORATION

TEXTRON FINANCIAL CORPORATION TEXTRON FINANCIAL CORPORATION Quarterly Financial Statements (Unaudited) For the fiscal quarter ended Textron Financial Corporation is a wholly-owned subsidiary of Textron Inc. Beginning with the quarter

More information

IASB/FASB Meeting Week beginning 11 April 2011. Financial Instruments: Impairment

IASB/FASB Meeting Week beginning 11 April 2011. Financial Instruments: Impairment IASB/FASB Meeting Week beginning 11 April 2011 IASB Agenda reference 4C Staff Paper FASB Agenda reference 85 Project Topic Financial Instruments: Impairment Non-accrual principle Introduction and Purpose

More information

POLISH & SLAVIC FEDERAL CREDIT UNION Brooklyn, New York. FINANCIAL STATEMENTS September 30, 2014 and 2013

POLISH & SLAVIC FEDERAL CREDIT UNION Brooklyn, New York. FINANCIAL STATEMENTS September 30, 2014 and 2013 POLISH & SLAVIC FEDERAL CREDIT UNION Brooklyn, New York FINANCIAL STATEMENTS September 30, 2014 and 2013 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT...1 FINANCIAL STATEMENTS...3 Statements of Financial

More information

December 2008 Revised for Disclaimer: October 2009

December 2008 Revised for Disclaimer: October 2009 This white paper is not authoritative and users are urged to refer directly to applicable authoritative pronouncements for the text of the technical literature. This document does not purport to be applicable

More information

Defining Issues. FASB Redeliberates Impairment of Debt Securities and Measurement of Credit Losses. August 2014, No. 14-37.

Defining Issues. FASB Redeliberates Impairment of Debt Securities and Measurement of Credit Losses. August 2014, No. 14-37. Defining Issues August 2014, No. 14-37 FASB Redeliberates Impairment of Debt Securities and Measurement of Credit Losses At its August 13 meeting, the FASB continued redeliberations on its proposed standard

More information

Allowance Guidance. Purpose

Allowance Guidance. Purpose Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of Thrift Supervision Subject: Credit Card Lending Description: Account

More information

FSP SOP 94-6-a PROPOSED FASB STAFF POSITION. No. SOP 94-6-a. Title: Nontraditional Loan Products. Comment Deadline: November 11, 2005.

FSP SOP 94-6-a PROPOSED FASB STAFF POSITION. No. SOP 94-6-a. Title: Nontraditional Loan Products. Comment Deadline: November 11, 2005. PROPOSED FASB STAFF POSITION No. SOP 94-6-a Title: Nontraditional Loan Products Comment Deadline: November 11, 2005 Introduction 1. This FASB Staff Position (FSP) is in response to inquiries from constituents

More information

POLICY. Enclosed Joint Interagency Policy Statement and FAQ document.

POLICY. Enclosed Joint Interagency Policy Statement and FAQ document. NO. 06-01 DATE: December 2006 PURPOSE. To distribute an interagency advisory (the Advisory) addressing the allowance for loan and lease losses (ALLL) that reiterates key concepts and requirements included

More information

United Federal Credit Union. Consolidated Financial Report with Additional Information December 31, 2014

United Federal Credit Union. Consolidated Financial Report with Additional Information December 31, 2014 Consolidated Financial Report with Additional Information December 31, 2014 Contents Report Letter 1-2 Consolidated Financial Statements Statement of Financial Condition 3 Statement of Income 4 Statement

More information

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q

FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10 Q [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June

More information

DRAFT 7/22/2002. Allowance Guidance. Purpose

DRAFT 7/22/2002. Allowance Guidance. Purpose Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of Thrift Supervision Subject: Credit Card Lending Description: Account

More information

CHAPTER 18 ASC TOPIC 320: INVESTMENTS DEBT AND EQUITY SECURITIES

CHAPTER 18 ASC TOPIC 320: INVESTMENTS DEBT AND EQUITY SECURITIES CCH brings you... CHAPTER 18 ASC TOPIC 320: INVESTMENTS DEBT AND EQUITY SECURITIES from the Special Edition GAAP Financial Statement Disclosures Manual Visit CCHGroup.com/AASolutions for an overview of

More information

Applying VIE Guidance to Common Control Leasing Arrangements

Applying VIE Guidance to Common Control Leasing Arrangements Applying VIE Guidance to Common Control Leasing Arrangements HIGHLIGHTS OF THE UPDATE... 1 APPENDIX A FREQUENTLY ASKED QUESTIONS... 4 APPENDIX B DEFINITION OF A PUBLIC BUSINESS ENTITY... 9 APPENDIX C ILLUSTRATIVE

More information

Summary of Significant Differences between Japanese GAAP and U.S. GAAP

Summary of Significant Differences between Japanese GAAP and U.S. GAAP Summary of Significant Differences between Japanese GAAP and U.S. GAAP The consolidated financial statements of SMFG and its subsidiaries presented in this annual report conform with generally accepted

More information

August 24, 2004. Dear Mr. Golden:

August 24, 2004. Dear Mr. Golden: August 24, 2004 Russell Golden, CPA Director of Technical Activities Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk Connecticut 06856-5116 File Reference No. 1700-100 Dear Mr. Golden:

More information

2013 NAIC ANNUAL STATEMENT INSTRUCTIONS HEALTH DEC 2013 REVISIONS

2013 NAIC ANNUAL STATEMENT INSTRUCTIONS HEALTH DEC 2013 REVISIONS 2013 NAIC ANNUAL STATEMENT INSTRUCTIONS HEALTH DEC 2013 REVISIONS PAGE 45: LIABILITIES, CAPITAL AND SURPLUS Revision: Modify instruction for Details of Write-ins Aggregated at Line 23 for Liablities Reason:

More information

Chief Executive Officers of National Banks, Department and Division Heads, and All Examining Personnel

Chief Executive Officers of National Banks, Department and Division Heads, and All Examining Personnel OCC 2003-1 OCC BULLETIN Comptroller of the Currency Administrator of National Banks Subject: Credit Card Lending Description: Account Management and Loss Allowance Guidance TO: Chief Executive Officers

More information

Digital Federal Credit Union and Subsidiaries

Digital Federal Credit Union and Subsidiaries Digital Federal Credit Union and Subsidiaries Consolidated Financial Statements CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Page Independent Auditor s Report... 1 Consolidated Financial Statements:

More information

Logix Federal Credit Union and Subsidiaries. Consolidated Financial Report December 31, 2014 and 2013

Logix Federal Credit Union and Subsidiaries. Consolidated Financial Report December 31, 2014 and 2013 Logix Federal Credit Union and Subsidiaries Consolidated Financial Report December 31, 2014 and 2013 Contents Independent Auditor s Report 1 Consolidated Financial Statements Consolidated statements of

More information

COMMUNICATING ARTS CREDIT UNION, INC. FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2014 AND 2013 WITH INDEPENDENT AUDITORS REPORT

COMMUNICATING ARTS CREDIT UNION, INC. FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2014 AND 2013 WITH INDEPENDENT AUDITORS REPORT FINANCIAL STATEMENTS YEARS ENDED WITH INDEPENDENT AUDITORS REPORT TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS Statements of Financial Condition 3 Statements of Income 4 Statements

More information

Defining Issues. FASB Issues Guidance to Exclude Certain Investments from Fair Value Hierarchy. May 2015, No Key Facts.

Defining Issues. FASB Issues Guidance to Exclude Certain Investments from Fair Value Hierarchy. May 2015, No Key Facts. Defining Issues May 2015, No. 15-20 FASB Issues Guidance to Exclude Certain Investments from Fair Value Hierarchy The FASB recently issued an Accounting Standards Update (ASU) that will eliminate the requirement

More information

SUPERVISION GUIDELINE

SUPERVISION GUIDELINE SUPERVISION GUIDELINE G6: GUIDELINES FOR LOAN CLASSIFICATION AND PROVISIONING FOR IMPAIRED ASSETS Issued To All Licensed Financial Institutions AUTHORITY Section 316 (4) of the International Business Corporations

More information

Financial Statements Together with Report of Independent Certified Public Accountants FJC. March 31, 2015 and 2014

Financial Statements Together with Report of Independent Certified Public Accountants FJC. March 31, 2015 and 2014 Financial Statements Together with Report of Independent Certified Public Accountants FJC TABLE OF CONTENTS Page Report of Independent Certified Public Accountants 1-2 Financial Statements Statements of

More information

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings

Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Tabletop Exercises: Allowance for Loan and Lease Losses and Troubled Debt Restructurings Index Measuring Impairment Example 1: Present Value of Expected Future Cash Flows Method (Unsecured Loan)... - 1

More information

Defining Issues March 2013, No

Defining Issues March 2013, No Issues & Trends Defining Issues March 2013, No. 13-14 The Revenue Recognition Project: Tax Considerations The FASB and IASB (the Boards) project to achieve a converged revenue recognition standard could

More information

AERO NASHVILLE, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon)

AERO NASHVILLE, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Page(s) Independent Auditors Report 1 Financial Statements: Balance Sheet 3 Statements of Operations

More information

Policy Statement on Prudent Commercial Real Estate Loan Workouts (October 30, 2009)

Policy Statement on Prudent Commercial Real Estate Loan Workouts (October 30, 2009) Policy Statement on Prudent Commercial Real Estate Loan Workouts (October 30, 2009) The financial regulators 1 recognize that financial institutions face significant challenges when working with commercial

More information

Policy Statement on Prudent Commercial Real Estate Loan Workouts

Policy Statement on Prudent Commercial Real Estate Loan Workouts Policy Statement on Prudent Commercial Real Estate Loan Workouts The financial regulators 1 recognize that financial institutions face significant challenges when working with commercial real estate (CRE)

More information

FPB FINANCIAL CORP. AND SUBSIDIARIES

FPB FINANCIAL CORP. AND SUBSIDIARIES FPB FINANCIAL CORP. AND SUBSIDIARIES Audits of Consolidated Financial Statements December 31, 2013 and 2012 Contents Independent Auditor s Report 1-2 Basic Consolidated Financial Statements Consolidated

More information

Policy Statement on Prudent Commercial Real Estate Loan Workouts I. Purpose

Policy Statement on Prudent Commercial Real Estate Loan Workouts I. Purpose Policy Statement on Prudent Commercial Real Estate Loan Workouts (October 30, 2009) The financial regulators 1 [Footnote 1. The financial regulators consist of the Board of Governors of the Federal Reserve

More information

FEDERAL DEPOSIT INSURANCE CORPORATION FORM 10-Q

FEDERAL DEPOSIT INSURANCE CORPORATION FORM 10-Q FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2016

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period

More information

Allowance for Loan and Lease Losses

Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses As you are aware, NCUA issued a Policy Statement addressing the methods credit unions are to employ in determining the appropriate level of the Allowance for Loan and

More information

Chapter 11 ALLOWANCE FOR LOAN AND LEASE LOSSES TABLE OF CONTENTS

Chapter 11 ALLOWANCE FOR LOAN AND LEASE LOSSES TABLE OF CONTENTS Chapter 11 ALLOWANCE FOR LOAN AND LEASE LOSSES TABLE OF CONTENTS ALLOWANCE FOR LOAN AND LEASE LOSSES... 11-1 Examination Objectives... 11-1 Associated Risks... 11. 1 Overview... 11. 1.. Definitions...

More information

Indiana Community Business Credit Corporation

Indiana Community Business Credit Corporation Indiana Community Business Credit Corporation Financial Statements Years Ended December 31, 2004 and 2003 Strength in numbers. Contents Independent Auditors Report 1 Financial Statements Balance Sheets

More information

Defining Issues. EITF Continues Discussions on Prepaid Stored-Value Cards and Cash Flow Statement Issues. September 2015, No

Defining Issues. EITF Continues Discussions on Prepaid Stored-Value Cards and Cash Flow Statement Issues. September 2015, No Defining Issues September 2015, No. 15-41 EITF Continues Discussions on Prepaid Stored-Value Cards and Cash Flow Statement Issues The FASB s Emerging Issues Task Force (EITF) discussed two issues at its

More information

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014

NONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014 FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS

More information

AERO MIAMI FX, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon)

AERO MIAMI FX, LLC. Financial Statements. December 31, (With Independent Auditors Report Thereon) Financial Statements (With Independent Auditors Report Thereon) Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements: Balance Sheet 2 Statements of Operations

More information

Joint Statement on the New Accounting Standard on Financial Instruments - Credit Losses

Joint Statement on the New Accounting Standard on Financial Instruments - Credit Losses Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Joint Statement on the New Accounting

More information

Ford Motor Credit Company LLC

Ford Motor Credit Company LLC (Mark One) [X] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly

More information

CAPITAL ONE INVESTING, LLC (An Indirect Wholly Owned Subsidiary of Capital One Financial Corporation) Period Ended June 30, 2015.

CAPITAL ONE INVESTING, LLC (An Indirect Wholly Owned Subsidiary of Capital One Financial Corporation) Period Ended June 30, 2015. S T A T E M E N T O F F I N A N C I A L C O N D I T I O N Period Ended June 30, 2015 (Unaudited) Contents Statement of Financial Condition (Unaudited)...1 Notes to Statement of Financial Condition...2

More information

VERSAILLES FINANCIAL CORPORATION Versailles, Ohio. CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 and 2014

VERSAILLES FINANCIAL CORPORATION Versailles, Ohio. CONSOLIDATED FINANCIAL STATEMENTS June 30, 2015 and 2014 Versailles, Ohio CONSOLIDATED FINANCIAL STATEMENTS Versailles, Ohio CONSOLIDATED FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS... 2 CONSOLIDATED

More information

CDFI Portfolio Reporting Definitions, Accounting Treatment, and Reporting Guidance

CDFI Portfolio Reporting Definitions, Accounting Treatment, and Reporting Guidance Definitions, Accounting Treatment, and Reporting Guidance TABLE OF CONTENTS I. INTRODUCTION 1 II. LENDING PORTFOLIO TERMS & DEFINITIONS 3 III. ALLOWANCE AND PROVISION FOR LOAN LOSSES 10 IV. LOAN CHARGE-OFFS

More information

St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance No. 3

St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance No. 3 St. Vincent and the Grenadines International Financial Services Authority Statement of Guidance No. 3 Loan Classification Criteria Provisioning Guidelines Treatment of Interest on Loans Write off Procedures

More information

LINCOLN INVESTMENT PLANNING, INC. AND SUBSIDIARIES. Consolidated Statement of Financial Condition Period Ended June 30, 2015

LINCOLN INVESTMENT PLANNING, INC. AND SUBSIDIARIES. Consolidated Statement of Financial Condition Period Ended June 30, 2015 Consolidated Statement of Financial Condition Period Ended Consolidated Statement of Financial Condition Year Ended TABLE OF CONTENTS Page(s) Consolidated Statement of Financial Condition 1 2-10 Consolidated

More information

INTERAGENCY SUPERVISORY GUIDANCE ON BARGAIN PURCHASES AND FDIC- AND NCUA-ASSISTED ACQUISITIONS. June 7, 2010

INTERAGENCY SUPERVISORY GUIDANCE ON BARGAIN PURCHASES AND FDIC- AND NCUA-ASSISTED ACQUISITIONS. June 7, 2010 Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Office of Thrift Supervision INTERAGENCY

More information

Partners for the Common Good Financial Statements December 31, 2014 and 2013

Partners for the Common Good Financial Statements December 31, 2014 and 2013 Partners for the Common Good Financial Statements December 31, 2014 and 2013 TABLE OF CONTENTS Page Independent Auditors' Report 1-2 Financial Statements: Statements of Financial Position 3 Statements

More information

310-10-00 Status. General

310-10-00 Status. General Checkpoint Contents Accounting, Audit & Corporate Finance Library Standards and Regulations FASB Codification Codification Assets 310 Receivables 310-10 Overall 310-10-00 Status Copyright 2014 by Financial

More information

Going concern. FASB defines management s going concern assessment and disclosure responsibilities. At a glance. Background

Going concern. FASB defines management s going concern assessment and disclosure responsibilities. At a glance. Background No. US2014-07 September 23, 2014 What s inside: Background... 1 Key provisions... 2 Disclosure threshold: Substantial doubt... 2 Consideration of management s plans... 4 Required disclosures... 6 What

More information

AUDITED FINANCIAL STATEMENTS AND NOTES

AUDITED FINANCIAL STATEMENTS AND NOTES AUDITED FINANCIAL STATEMENTS AND NOTES Statement of Earnings 128 Consolidated Statement of Comprehensive Income 130 Consolidated Statement of Changes in Shareowners Equity 131 Statement of Financial Position

More information

January 2015. Illustrative Financial Statements for 2014 Financial Institutions. Crowe Horwath LLP

January 2015. Illustrative Financial Statements for 2014 Financial Institutions. Crowe Horwath LLP January 2015 Illustrative Financial Statements for 2014 Financial Institutions Crowe Horwath LLP Crowe Horwath LLP Financial Institutions Illustrative Financial Statements for 2014 January 2015 Table of

More information

Guideline for the Measurement, Monitoring and Control of Impaired Assets

Guideline for the Measurement, Monitoring and Control of Impaired Assets Guideline for the Measurement, Monitoring and Control of Impaired Assets FINAL TABLE OF CONTENTS 1 INTRODUCTION... 1 2 PURPOSE... 1 3 INTERPRETATION... 2 4 IMPAIRMENT RECOGNITION AND MEASUREMENT POLICY...

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q È QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended

More information

PLAINS LAND BANK, FLCA. 2016 Quarterly Report First Quarter

PLAINS LAND BANK, FLCA. 2016 Quarterly Report First Quarter PLAINS LAND BANK, FLCA 2016 Quarterly Report First Quarter For the Quarter Ended March 31, 2016 REPORT OF MANAGEMENT The undersigned certify that we have reviewed this report, that it has been prepared

More information

The Depository Trust Company

The Depository Trust Company The Depository Trust Company Unaudited Condensed Consolidated Financial Statements as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 THE DEPOSITORY TRUST

More information

Orange County s United Way

Orange County s United Way Financial Statements Years Ended June 30, 2015 and 2014 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO

More information

LANGLEY FEDERAL CREDIT UNION AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2015 AND 2014

LANGLEY FEDERAL CREDIT UNION AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2015 AND 2014 LANGLEY FEDERAL CREDIT UNION AND SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL

More information

FEDERAL HOUSING FINANCE AGENCY

FEDERAL HOUSING FINANCE AGENCY FEDERAL HOUSING FINANCE AGENCY ADVISORY BULLETIN AB 2012-02 FRAMEWORK FOR ADVERSELY CLASSIFYING LOANS, OTHER REAL ESTATE OWNED, AND OTHER ASSETS AND LISTING ASSETS FOR SPECIAL MENTION Introduction This

More information

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2

INDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2 INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements

More information

GE Capital. Second quarter 2012 supplement

GE Capital. Second quarter 2012 supplement GE Capital Second quarter supplement Results are unaudited. This document contains forward-looking statements that is, statements related to future, not past, events. In this context, forward-looking statements

More information

Trouble Debt Restructuring & OREO Accounting

Trouble Debt Restructuring & OREO Accounting Session Objectives Trouble Debt Restructuring & OREO Accounting Chris Vallez, CPA, CICA, MBA, Partner Ellen Vargo, CPA, CFE, FCPA, NCCO Partner Nearman, Maynard, Vallez, CPA s Identify accounting guidance

More information

State Bank of India (California) FINANCIAL STATEMENTS Including Independent Auditors Report As of and for the Years Ended March 31, 2016 and 2015

State Bank of India (California) FINANCIAL STATEMENTS Including Independent Auditors Report As of and for the Years Ended March 31, 2016 and 2015 State Bank of India (California) FINANCIAL STATEMENTS Including Independent Auditors Report TABLE OF CONTENTS Independent Auditors Report on the Financial Statements... 2 Financial Statements Balance Sheets...

More information

Private company variable interest entity relief

Private company variable interest entity relief No. US2014-03 July 17, 2014 What s inside: Background... 1 Key provisions... 2 Common control... 3 Lease arrangement... 4 Leasing activities... 4 Sufficient collateral... 5 Examples... 6 Transition from

More information

Financial Statements. Year Ended December 31, 2014 and for the Period Ended December 31, 2013

Financial Statements. Year Ended December 31, 2014 and for the Period Ended December 31, 2013 Financial Statements Year Ended December 31, 2014 and for the Period Ended December 31, 2013 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability

More information

Financial Accounting Series

Financial Accounting Series Financial Accounting Series NO. 310 JUNE 2009 Statement of Financial Accounting Standards No. 166 Accounting for Transfers of Financial Assets an amendment of FASB Statement No. 140 Financial Accounting

More information

Consolidation (Topic 810)

Consolidation (Topic 810) No. 2014-07 March 2014 Consolidation (Topic 810) Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements a consensus of the Private Company Council An Amendment of the FASB

More information

A Guide to for Financial Instruments in the Public Sector

A Guide to for Financial Instruments in the Public Sector November 2011 www.bdo.ca Assurance and accounting A Guide to Accounting for Financial Instruments in the Public Sector In June 2011, the Public Sector Accounting Standards Board released Section PS3450,

More information

STATUTORY INSTRUMENTS 2005 No. 43.

STATUTORY INSTRUMENTS 2005 No. 43. STATUTORY INSTRUMENTS SUPPLEMENT No. 18 27th May, 2005 STATUTORY INSTRUMENTS SUPPLEMENT to The Uganda Gazette No. 28 Volume XCVIII dated 27th May, 2005 Printed by UPPC, Entebbe, by Order of the Government.

More information

Short term leases, defined as a lease term of one year or less, are to be accounted for under the same operating lease method that currently exists.

Short term leases, defined as a lease term of one year or less, are to be accounted for under the same operating lease method that currently exists. Lease Accounting Updated January 2014 Page 1 Lease Accounting The pending changes in lease accounting have been a hot topic item since 2009, when the Financial Accounting Standards Board (FASB) and International

More information

Supervisor of Banks: Proper Conduct of Banking Business [9] (4/13) Sound Credit Risk Assessment and Valuation for Loans Page 314-1

Supervisor of Banks: Proper Conduct of Banking Business [9] (4/13) Sound Credit Risk Assessment and Valuation for Loans Page 314-1 Sound Credit Risk Assessment and Valuation for Loans Page 314-1 SOUND CREDIT RISK ASSESSMENT AND VALUATION FOR LOANS Principles for sound credit risk assessment and valuation for loans: 1. A banking corporation

More information

Financial Instruments Credit Losses (Topic 326)

Financial Instruments Credit Losses (Topic 326) No. 2016-13 June 2016 Financial Instruments Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments An Amendment of the FASB Accounting Standards Codification The FASB Accounting

More information

VERSAILLES FINANCIAL CORPORATION Versailles, Ohio. FINANCIAL STATEMENTS June 30, 2013 and 2012

VERSAILLES FINANCIAL CORPORATION Versailles, Ohio. FINANCIAL STATEMENTS June 30, 2013 and 2012 Versailles, Ohio FINANCIAL STATEMENTS Versailles, Ohio FINANCIAL STATEMENTS CONTENTS INDEPENDENT AUDITOR S REPORT... 1 FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS... 2 CONSOLIDATED STATEMENTS OF INCOME...

More information

Allowance for Loan and Lease Losses: Building the Right Model

Allowance for Loan and Lease Losses: Building the Right Model Allowance for Loan and Lease Losses: Building the Right Model By Amit Govil, Partner, P&G Associates Recent regulatory emphasis, the changes in the economic climate, the uncertainty in the real estate

More information

F INANCIAL S TATEMENTS. BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report

F INANCIAL S TATEMENTS. BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report F INANCIAL S TATEMENTS BSFC-Private Student Loan Trust Year Ended June 30, 2014 With Independent Auditors Report BSFC-PRIVATE STUDENT LOAN TRUST Financial Statements Year Ended June 30, 2014 Contents Independent

More information

Indiana Community Business Credit Corporation

Indiana Community Business Credit Corporation Indiana Community Business Credit Corporation Financial Statements Years Ended December 31, 2006 and 2005 Strength in numbers. Contents Independent Auditors Report 1 Financial Statements Balance Sheets

More information

A Assets. Allowance for Loan and Lease Losses. Comptroller s Handbook. Narrative - June 1996, Procedures - May 1998 A-ALLL

A Assets. Allowance for Loan and Lease Losses. Comptroller s Handbook. Narrative - June 1996, Procedures - May 1998 A-ALLL A-ALLL Comptroller of the Currency Administrator of National Banks Allowance for Loan and Lease Losses Comptroller s Handbook Narrative - June 1996, Procedures - May 1998 A Assets Allowance for Loan and

More information

January 20, 2012. Ladies and Gentlemen:

January 20, 2012. Ladies and Gentlemen: Kathleen P. McTighe Senior Counsel Office of Regulatory Policy 202-663-5331 kmctighe@aba.com January 20, 2012 Communications Division Office of the Comptroller of the Currency Mail Stop 2-3 Attention:

More information

1. The purpose of this paper is to discuss disclosure requirements for a lessor in the final leases standard.

1. The purpose of this paper is to discuss disclosure requirements for a lessor in the final leases standard. IASB Agenda ref 3B STAFF PAPER July 2014 REG FASB IASB Meeting Project Paper topic Leases Lessor disclosure requirements CONTACT(S) Roberta Ravelli rravelli@ifrs.org +44 (0) 20 7246 6935 Scott A. Muir

More information

Accounting for Loans Held- For-Investment (HFI) September 15, 2008

Accounting for Loans Held- For-Investment (HFI) September 15, 2008 Accounting for Loans Held- For-Investment (HFI) September 15, 2008 Purpose and Content Purpose To provide an overview of the accounting pronouncements related to loans Held-for-Investment with an emphasis

More information

Chesapeake Church. Financial Report (Reviewed) December 31, 2013

Chesapeake Church. Financial Report (Reviewed) December 31, 2013 Financial Report (Reviewed) December 31, 2013 Contents Independent Accountant s Review Report 1 Financial Statements Balance sheet 2 Statement of activities 3 Statement of functional expenses 4 Statement

More information

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY INDEX TO FINANCIAL STATEMENTS Statements of Financial Position - December 31, 2010 and 2009 B-1 Statements of Operations and Comprehensive Income Years ended

More information

2014 ANNUAL REPORT. Consolidated Financial Statements Interaudi Bank and Subsidiaries INTERPERSONAL INTERNATIONAL INTERACTIVE

2014 ANNUAL REPORT. Consolidated Financial Statements Interaudi Bank and Subsidiaries INTERPERSONAL INTERNATIONAL INTERACTIVE 2014 ANNUAL REPORT Consolidated Financial Statements Interaudi Bank and Subsidiaries INTERPERSONAL INTERNATIONAL INTERACTIVE CONSOLIDATED FINANCIAL STATEMENTS New York, New York TABLE OF CONTENTS 2014

More information

Financial Instruments Where are we? Recognition and Measurement Impairment Derivatives

Financial Instruments Where are we? Recognition and Measurement Impairment Derivatives Financial Instruments Where are we? Recognition and Measurement Impairment Derivatives Susan Cosper Kirk Silva Mark LaMonte Robert Uhl Financial Instruments Needs Fixing? FASB issued a new standard on

More information

Controls and accounting policies

Controls and accounting policies Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and

More information

Interim Consolidated Financial Statements (Unaudited)

Interim Consolidated Financial Statements (Unaudited) Interim Consolidated Financial Statements (Unaudited) For the Six Months Ended, NTT FINANCE CORPORATION This document has been translated and reclassified from a part of the Japanese

More information

Ford Motor Credit Company LLC (Exact name of registrant as specified in its charter)

Ford Motor Credit Company LLC (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period

More information

UNITED COMMUNITY BANKS, INC. (Exact name of registrant as specified in its charter)

UNITED COMMUNITY BANKS, INC. (Exact name of registrant as specified in its charter) [X] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended

More information

Allowance for loan and lease losses (ALLL) adjustment factors

Allowance for loan and lease losses (ALLL) adjustment factors Allowance for loan and lease losses (ALLL) adjustment factors Introduction The allowance for loan and lease losses (the allowance ) for a bank has several components. The primary components consist of

More information