Loans Receivable. The Borrower will not and will not permit any Subsidiary to knowingly make or have outstanding at any time to any third party, any advance or loan of any kind other than:
Loans Receivable. Except as set forth in Schedule 2.3(j), all evidences of indebtedness reflected as assets in the Financial Statements were as of such dates in all material respects the binding obligations of the respective obligors named therein in accordance with their respective terms, and were not subject to any defenses, setoffs, or counterclaims, except as may be provided by bankruptcy, insolvency or similar laws or by general principles of equity.
Loans Receivable. All Loans Receivable of the Seller are reflected properly on their books and records, are valid receivables subject to no setoffs or counterclaims, are presently current and collectible, and will be collected in accordance with their terms at their recorded amounts, subject only to the reserve for bad debt set forth in the Most Recent Financial Statements, as adjusted for the passage of time through the Closing Date in accordance with past customs and practices of the Seller.
Loans Receivable. Seller shall promptly remit in cash to Buyer the proceeds of all checks and other payments for Loans Receivable purchased by Buyer under this Agreement and coming into the possession of Seller.
Loans Receivable. Loans receivable consist of the following, net of unamortized loan fees (in thousands): Residential real estate: 2015 2014 Construction $ 3,264 2,603 Owner occupied 77,495 74,784 Non-owner occupied 24,528 22,773 Commercial real estate: Construction 2,287 2,767 Farmland 15,737 13,513 Nonfarm 61,945 58,775 Commercial and industrial 14,911 14,822 Consumer 23,954 19,491 Other 248 319 224,369 209,847 Loans held for sale 112 478 Less allowance for loan losses (3,918) (4,008) $ 220,563 206,317 The risk characteristics applicable to each segment of the loan portfolio are described as follows: Residential real estate loans are secured by 1-4 family residences and are generally owner-occupied. The Bank generally establishes a maximum loan-to-value ratio and requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market area, such as unemployment levels. Repayment can also be impacted by changes in property values of residential properties. Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Commercial real estate loans, including farmland and nonfarm loans, are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves larger loan principal amounts and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The characteristics of properties securing the Bank’s commercial real estate portfolio are diverse, but by geographic location are almost entirely in the Bank’s market area. Management monitors and evaluates commercial real estate loans based on cash flow, collateral, geography and risk grade criteria. Construction loans related to both residential and commercial loans are underwritten utilizing feasibility studies, independent reviews and financial analysis of the developers and property owners. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substa...
Loans Receivable. For variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. The fair values for other loans receivable were estimated using discounted cash flow analyses, using interest rates currently offered for loans with similar terms to borrowers of similar credit quality. Loans with significant collectibility concerns were fair valued on a loan-by-loan basis utilizing a discounted cash flow method or the fair market value of the underlying collateral. Restricted Investments in Bank Stock The carrying amounts reported approximate those assets' fair value. Accrued Interest Receivable and Payable The carrying amount of accrued interest receivable and payable approximate their fair value. Deposit Liabilities The fair values disclosed for demand deposits (e.g., interest bearing and noninterest bearing checking, passbook savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates of deposit to a schedule of aggregated expected monthly maturities on time deposits. (Note Continued) 34 | FIDELITY BANCORP, INC. AND SUBSIDIARY | ANNUAL REPORT 2005 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) -------------------------------------------------------------------------------- Short-Term Borrowings and Securities Sold Under Agreements to Repurchase The carrying amounts for short-term borrowings and securities sold under agreements to repurchase approximate the estimated fair value of such liabilities. Subordinated Debt Fair values for subordinated debt are estimated using a discounted cash flow calculation similar to that used in valuing fixed rate certificate of deposit liabilities. The fair values for long-term debt were estimated using the interest rate currently available from the third party that holds the existing debt. Off-Balance Sheet Instruments Fair values for the Company's off-balance sheet instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' cr...
Loans Receivable. 7 Real Estate Acquired in Settlement of Loans.................... 18
Loans Receivable. 33 SECTION 8.07. GUARANTEES...............................................................................33 SECTION 8.08. AMENDMENT OF ARTICLES OF INCORPORATION AND/OR REGULATIONS................................34 SECTION 8.09. FISCAL YEAR..............................................................................34 SECTION 8.10. REGULATION U.............................................................................34 (ii)
Loans Receivable. Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are stated at their outstanding unpaid principal balances, net of an allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees and costs are deferred and recognized as an adjustment of the yield (interest income) of the related loans. The Bank is generally amortizing these amounts over the contractual life of the loan. The accrual of interest is generally discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectibility of principal or interest, even though the loan is currently performing. A loan may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. When a loan is placed on nonaccrual status, unpaid interest credited to income in the current year is reversed. Interest received on nonaccrual loans generally is either applied against principal or reported as interest income, according to management's judgment as to the collectibility of principal. Interest accrual resumes when the loan is no longer 90 or more days past due and the borrower, in management's opinion, is able to meet payments as they become due. Allowance for Loan Losses The allowance for loan losses is established through provisions for loan losses charged against income. Loans deemed to be uncollectible are charged against the allowance for loan losses, and subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is maintained at a level considered adequate to provide for losses that can be reasonably anticipated. Management's periodic evaluation of the adequacy of the allowance is based on the Bank's past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the estimated value of any underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. This evaluation is inherently subjective as it requires material estimates that may be susceptible to significant change, including the amounts and timing of future cash flows expected to be received on impaired loans. The allowance consists of specific and general components. The specific component relates to loans that are classified as eit...
Loans Receivable. Loans receivable, net are summarized as follows: June 30, -------------------------- 1998 1997 ---- ---- Mortgage Loans: (In thousands) One- to four-family........................ $ 492,804 $ 552,577 Multi-family............................... 243,070 190,293 Commercial Real Estate..................... 43,624 23,445 Co-op...................................... 7,516 8,647 Construction............................... 4,879 1,440 ------ ------ 791,893 776,402 Less: Unearned Discount, Premiums and Deferred Loan Origination Fees, Net........ (942) (790) ------- ------- Total Mortgage Loans.................. 790,951 775,612 ------- -------
