Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses
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- Mervin Sutton
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1 Disclsures abut the Credit Quality f Financing Receivables and the Allwance fr Credit Lsses During July 2010 the FASB issued Accunting Standards Update Disclsures abut the Credit Quality f Financing Receivables and the Allwance fr Credit Lsses (ASU ). Fr nnpublic entities, this requirement is effective fr annual reprting perids ending n r after December 15, This update set frth requirements fr additinal disaggregated infrmatin regarding the credit quality and nature f credit risk inherent in the entity s prtfli, alng with hw the allwance fr credit lsses was derived frm this infrmatin, t be disclsed in annual financial statements. Nt nly will balances need t be additinally disaggregated, but the related allwance fr credit lsses will als need t be presented at these disaggregated levels. The update requires tw levels f disaggregatin. They are defined as fllws: Prtfli Segment - The level at which an entity develps and dcuments a systematic methdlgy t determine its allwance fr credit lsses. Examples include real estate, aut and cnsumer lans. The fllwing infrmatin shuld be presented by prtfli segment: Allwance fr lan lsses An entity must als disclse hw histrical lsses and existing ecnmic cnditins affected management's judgment and a discussin f the risk characteristics relevant t each prtfli segment. Significant purchases and sales f lans Class f Financing Receivable A grup f financing receivables determined n the initial measurement attribute (fr example, amrtized cst r purchased credit impaired), risk characteristic f the financing receivable and an entity s methd fr mnitring and assessing credit risk. The fllwing infrmatin shuld be presented by class f financing receivable: Impaired lans that are individually evaluated fr impairment An entity must als disclse the factrs cnsidered in determining impairment. Nn-accrual and past-due lans An entity must als disclse the plicy fr recgnizing interest incme and hw cash receipts are recrded. Credit Quality Infrmatin An entity must als disclse a descriptin f the credit quality indicatr(s) used by the institutin in assessing the credit quality f its lans (e.g. credit scres, lan t value, etc...) and the date r range f dates in which the infrmatin was updated. Mdificatins An entity must als disclse hw the financing receivables were mdified and the financial impact f the mdificatins, by Class. An entity must als disclse qualitative infrmatin abut hw such mdificatins are factred int the determinatin f the allwance fr credit lsses, by Segment. The fllwing example illustrates the update's reprting requirements:
2 As f December 31, 20X1 and 20X0 Cnsumer Credit Expsure Credit Risk Prfile by Internally Assigned Grade T assign a credit risk prfile, ABC Credit Unin utilized the wrk f a third party t perfrm a multidimensinal prtfli analysis as f December 31, 20X1 and 20X0. A scre was assigned n an individual lan basis using FICO scre, past due status, change in FICO scre frm the previus scring, whether r nt the lan was cllateralized and whether r nt there was a c-brrwer accunt. Based n the cmbinatin f these credit quality indicatrs, which were all evaluated as f the balance sheet dates, a Risk Grade f Lw, Medium r High was assigned. Assigned Risk Grade as f December 31, 20X1 and 20X0 1 were as fllws: R/E - Prime R/E - Subprime R/E - Cmmercial Aut - New Aut - Used 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 Risk Grade: Lw 194,744, ,239,673 76,310,186 81,560,471 27,188,970 31,102,993 16,921,666 24,832,155 15,847,461 22,727,883 Medium 48,184,294 51,763,133 14,041,470 13,316,275 7,844,471 8,235,421 5,342,480 7,891,879 6,553,148 9,761,045 High 45,980,794 36,737,263 5,658,459 4,948,446 4,929,166 5,983,033 1,921,439 3,148,136 2,150,189 3,809,836 Ttal 288,909, ,740,069 96,010,115 99,825,192 39,962,607 45,321,447 24,185,585 35,872,170 24,550,798 36,298,764 Cns - Credit Card Cns - LOC Cns - Rec Vehicle Cns - Unsecured Ttal 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 Risk Grade: Lw 43,673,991 36,525,933 3,639,794 3,274,311 1,665,225 1,492,991 1,175,674 1,130, ,167, ,887,310 Medium 32,734,016 35,646,825 3,793,849 4,315,090 1,082,084 1,563,064 1,339,970 1,499, ,915, ,992,295 High 10,043,051 10,952,815 1,882,465 2,396, , , , ,839 73,390,258 69,232,849 Ttal 86,451,058 83,125,573 9,316,108 9,985,804 2,982,625 3,531,133 3,105,023 3,412, ,473, ,112,454 It has been ur histrical experience that the likelihd f charge ffs is significantly greater in High Risk lans as cmpared t ther lans and Medium Risk lans as cmpared t Lw Risk Lans. Hwever, histrical perfrmance is nt necessarily indicative f future results. 1 In this example, balances are cmparative. Fr the first year f implementatin, it will be encuraged, but nt required t reprt cmparatively. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively.
3 As f December 31, 20X1 and 20X0 Cnsumer Credit Expsure - Cntinued Credit Risk Prfile Based n Payment Activity In assessing perfrmance f financing receivables, ABC Credit Unin utilized the Financial Accunting Standards Bard's definitin f "A perfrming financing receivable is a categry f financing receivables that are current in regards t payments made n the financing receivables." ABC Credit Unin cnsiders financing receivables less than 15 days past due t be current. Perfrming and nnperfrming financing receivables by prtfli segment as f December 31, 20X1 and 20X0 1 are as fllws: R/E - Prime R/E - Subprime R/E - Cmmercial Aut - New Aut - Used 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 Perfrming 252,380, ,515,839 88,364,585 94,904,311 36,195,471 39,348,873 23,090,552 33,594,984 22,825,663 33,359,409 Nnperfrming 36,529,093 32,224,230 7,645,530 4,920,881 3,767,136 5,972,574 1,095,033 2,277,186 1,725,135 2,939,355 Ttal 288,909, ,740,069 96,010,115 99,825,192 39,962,607 45,321,447 24,185,585 35,872,170 24,550,798 36,298,764 Cns - Credit Card Cns - LOC Cns - Rec Vehicle Cns - Unsecured Ttal 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 20X1 20X0 Perfrming 81,315,769 79,250,034 8,513,474 9,022,641 2,856,568 3,272,678 2,910,393 3,003, ,452, ,272,683 Nnperfrming 5,135,289 3,875, , , , , , ,388 57,020,537 53,839,771 Ttal 86,451,058 83,125,573 9,316,108 9,985,804 2,982,625 3,531,133 3,105,023 3,412, ,473, ,112,454 It has been ur histrical experience that the likelihd f charge ffs is significantly greater fr Nnperfrming lans than Perfrming lans. Hwever, histrical perfrmance is nt necessarily indicative f future results. 1 In this example, balances are cmparative. Fr the first year f implementatin, it will be encuraged, but nt required t reprt cmparatively. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively.
4 As f December 31, 20X1 Allwance fr Credit Lsses and Recrded Investment in Financing Receivables Management frmed its estimate f the allwance fr credit lsses based n histrical lsses as well as the risk characteristics relevant t each prtfli segment, which are as fllws: Nnperfrming real estate lans increased apprximately 11.1%, r $4.8 millin and High Risk Real Estate lans increased by apprximately 18.7%, r $8.8 millin frm December 31, 20X0 t December 31, 20X1. Nnperfrming aut lans have decreased apprximately 45.9%, r $2.4 millin and High Risk aut lans have decreased apprximately 41.5%, r $2.9 millin. Nnperfrming cnsumer lans have increased apprximately 19.0%, r $1 millin and High Risk cnsumer lans have decreased apprximately 12.0%, r $1.7 millin. Based n histrical lsses as well as the risk characteristics nted abve, management has develped the fllwing estimate f allwance fr credit lsses as f December 31, 20X1 2. Real Estate Aut Cnsumer Ttal Allwance fr credit lsses: Beginning balance 6,417, ,960 6,844,540 14,111,113 Charge-ffs 7,836, ,178 6,352,664 14,701,100 Recveries 135,033 7, , ,452 Prvisin 9,275, ,902 5,874,109 15,468,818 Ending balance 7,992, ,449 6,582,639 15,238,283 Ending balance: individually evaluated fr impairment 3 3,411, ,227 2,810,130 6,505,227 Ending balance: cllectively evaluated fr impairment 4,580, ,222 3,772,509 8,733,056 Financing Receivables: Ending balance 424,882,136 48,736, ,854, ,473,333 Ending balance: individually evaluated fr impairment 3 23,548,198 2,701,111 5,645,089 31,894,398 Ending balance: cllectively evaluated fr impairment 401,333,938 46,035,272 96,209, ,578,935 2 Fr simplicity f presentatin, this infrmatin is disclsed nly as f December 31, 20X1. This is adequate fr first year implementatin. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively. 3 Twenty Twenty Analytics has wrked with several credit unins t incrprate lans individually evaluated fr impairment by the credit unin int ur allwance validatin calculatin.
5 As f December 31, 20X1 Impaired Lans 3 Lans are identified as impaired when it is determined that payment f interest r principal is dubtful r when interest r principal is 90 days past due. The fllwing lans were impaired as f December 31, 20X1 2 : Recrded Investment Unpaid Principal Balance Related Allwance Average Recrded Investment Interest Incme Recgnized With n related allwance recrded: R/E - Prime 8,006,098 6,404, ,153 64,049 R/E - Subprime 2,660,579 2,128, ,888 21,285 R/E - Cmmercial 1,107, , ,546 8,859 Aut - New 589, , ,081 3,324 Aut - Used 598, , ,222 3,374 Cns - Credit Card 1,916,547 1,916, ,403 11,883 Cns - LOC 206, , ,654 1,280 Cns - Rec Vehicle 72,735 66, , Cns - Unsecured 75,719 68, , With an allwance recrded: R/E - Prime 12,009,147 9,607,318 2,319, ,265 96,073 R/E - Subprime 3,990,869 3,192, ,976 84,000 31,927 R/E - Cmmercial 1,661,133 1,328, ,906 91,658 13,289 Aut - New 884, , ,552 11,193 4,986 Aut - Used 898, , ,675 5,334 5,062 Cns - Credit Card 2,874,821 2,874,821 2,385, ,824 Cns - LOC 309, , ,027 1,766 1,921 Cns - Rec Vehicle 109,102 99,183 82,289 4, Cns - Unsecured 113, ,254 85,666 4, Ttal: Real Estate 29,435,248 23,548,198 3,411,870 98, ,482 Aut 2,971,221 2,701, ,227 8,708 16,747 Cnsumer 5,678,829 5,645,089 2,810,130 3,205 35,000 2 Fr simplicity f presentatin, this infrmatin is disclsed nly as f December 31, 20X1. This is adequate fr first year implementatin. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively. 3 Twenty Twenty Analytics has wrked with several credit unins t incrprate lans individually evaluated fr impairment by the credit unin int ur allwance validatin calculatin.
6 As f December 31, 20X1 Age Analysis f Past Due Financing Receivables 2 Management cnsiders a receivable t be current if it is less than 15 days past due. Recrded investments greater than 90 days and accruing represents lans that are well cllateralized and in the prcess f cllectin. The fllwing table analyzes the aging f ur financing receivables as f December 31, 20X1: Real Estate Aut Days Days Days 90 + Days Ttal Past Due Current Ttal Financing Receivables Recrded Investment > 90 Days and Accruing R/E - Prime 14,210,615 2,940,748 2,057,379 17,320,351 36,529, ,380, ,909,413 2,165,044 R/E - Subprime 4,436,845 1,130, ,570 1,584,913 7,645,530 88,364,585 96,010, ,114 R/E - Cmmercial 1,770, , , ,638 3,767,136 36,195,471 39,962, ,330 Aut - New 888, , ,095,033 23,090,553 24,185,585 0 Aut - Used 1,047, , ,743 28,279 1,725,135 22,825,663 24,550,798 3,535 Cnsumer Cns - Credit Card 2,711, , ,433 1,092,449 5,135,289 81,315,770 86,451, ,556 Cns - LOC 422, ,616 10, , ,634 8,513,474 9,316,108 21,618 Cns - Rec Vehicle 58,719 67, ,058 2,856,568 2,982,625 0 Cns - Unsecured 84,025 73,948 10,469 26, ,632 2,910,393 3,105,025 3,274 Ttal 25,629,297 6,990,330 3,261,145 21,139,766 57,020, ,452, ,473,333 2,642,471 2 Fr simplicity f presentatin, this infrmatin is disclsed nly as f December 31, 20X1. This is adequate fr first year implementatin. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively.
7 As f December 31, 20X1 and 20X0 Financing Receivables n Nnaccrual Status 1 Lans are placed n a cash (nn-accrual) basis when it is determined that payment f interest r principal is dubtful r when interest r principal is 90 days past due, except when the lan is well cllateralized and in the prcess f cllectin. Any interest accrued n these lans is reversed at 90 days and charged against current interest, and interest is thereafter included in earnings nly t the extent actually received in cash. The fllwing lans were n nn-accrual status as f December 31, 20X1 and 20X0: Real Estate Aut R/E - Prime 15,155,307 15,619,840 R/E - Subprime 1,386,798 1,429,306 R/E - Cmmercial 800, ,838 Aut - New 0 0 Aut - Used 24,744 25,502 Cnsumer Cns - Credit Card 955, ,192 Cns - LOC 151, ,966 Cns - Rec Vehicle 0 0 Cns - Unsecured 22,917 23,620 Ttal 18,497,295 19,064,264 20X1 20X0 1 In this example, balances are cmparative. Fr the first year f implementatin, it is encuraged, but nt required t reprt cmparatively. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively.
8 As f December 31, 20X1 Mdificatins 2,3 In sme instances, t prevent default f its financing receivables, ABC Credit Unin has mdified the terms f its Prime, Subprime and Cmmercial psitins. Mdificatins include extended payment terms, reductin f interest payments r reductin f principal amunts. Mdified financing receivables are reduced t fair market value, the amunt ABC Credit Unin expects t cllect n the cntract, at the time f mdificatin. Reductin in principal amunts are charged ff as lan and lease lss expense in the statement f incme and expenses fr the year ended December 31, 20X1. Other mdificatins are evaluated individually based n mdificatin type and class f financing receivable, including histrical defaults and additinal mdificatins and reserved fr in its allwance fr credit lsses in the accmpanying statement f financial cnditins as f December 31, 20X1. The fllwing tables illustrate current trubled debt restructurings as f December 31, 20X1 and defaulted debt restructurings fr the year ended December 31, 20X1: Pre-Mdificatin Outstanding Recrded Investment Pst-Mdificatin Outstanding Recrded Investment Number f Cntracts Trubled Debt Restructurings R/E - Prime 46 22,412,545 18,198,987 R/E - Subprime 8 510, ,392 R/E - Cmmercial 18 2,466,291 2,002,628 Ttal 72 25,389,171 20,616,007 Number f Cntracts Recrded Investment Trubled Debt Restructurings That Subsequently Defaulted R/E - Prime 8 1,948,917 R/E - Subprime 1 36,453 R/E - Cmmercial 3 360,921 Ttal 12 2,346,290 2 Fr simplicity f presentatin, this infrmatin is disclsed nly as f December 31, 20X1. This is adequate fr first year implementatin. In succeeding years (e.g. presenting as f December 31, 2012 and 2011) this infrmatin will need t be presented cmparatively. 3 Twenty Twenty Analytics has wrked with several credit unins t incrprate TDR Lans int ur allwance validatin calculatin.
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