Common use of Nonperforming Assets Clause in Contracts

Nonperforming Assets. Except as would not reasonably be expected to have a Material Adverse Effect to the Company’s knowledge, the Company believes that the Bank will be able to fully and timely collect substantially all interest, principal or other payments when due under its loans, leases and other assets that are not classified as nonperforming and such belief is reasonable under all the facts and circumstances known to the Company and Bank, and the Company believes that the amount of reserves and allowances for loan and lease losses and other nonperforming assets established on the Company’s and Bank’s financial statements is adequate and such belief is reasonable under all the facts and circumstances known to the Company and Bank.

Appears in 1 contract

Samples: Securities Purchase Agreement (Grandsouth Bancorporation)

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Nonperforming Assets. Except as would not reasonably be expected to have a Material Adverse Effect to the Company’s knowledgeKnowledge, the Company believes that the Bank will be able to fully and timely collect substantially all interest, principal or other payments when due under its loans, leases and other assets that are not classified as nonperforming and such belief is reasonable under all the facts and circumstances known to the Company and Bank, and the Company believes that the amount of reserves and allowances for loan and lease losses and other nonperforming assets established on the Company’s and Bank’s financial statements is adequate and such belief is reasonable under all the facts and circumstances known to the Company and Bank.

Appears in 1 contract

Samples: Securities Purchase Agreement (Bay Banks of Virginia Inc)

Nonperforming Assets. Except as would not reasonably be expected to have a Material Adverse Effect to To the Company’s knowledgeKnowledge, since the date of the latest audited financial statements, the Company believes that the Bank will be able to fully and timely collect substantially all interest, principal principal, or other payments when due under its loans, leases leases, and other assets that are not classified as nonperforming and such belief is reasonable under all the facts and circumstances known to the Company and Bank, and the Company believes that the amount of reserves and allowances for loan and lease losses and other nonperforming assets established on the Company’s and Bank’s financial statements is adequate adequate, and such belief is reasonable under all the facts and circumstances known to the Company and Bank, except for such failures or deficiencies as have not had and would not be reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

Appears in 1 contract

Samples: Stock Purchase Agreement (Southern States Bancshares, Inc.)

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Nonperforming Assets. Except as would not reasonably be expected to have a Material Adverse Effect to To the knowledge of the Company’s knowledge, since the date of the latest audited financial statements included within the Company Reports, the Company believes that the Bank will be able to fully and timely collect substantially all interest, principal or other payments when due under its loans, leases and other assets that are not classified as nonperforming and such belief is reasonable under all the facts and circumstances known to the Company and Bank, and the Company believes that the amount of reserves and allowances for loan and lease losses and other nonperforming assets established on the Company’s and Bank’s financial statements is adequate and such belief is reasonable under all the facts and circumstances known to the Company and Bank.

Appears in 1 contract

Samples: Securities Purchase Agreement (Intermountain Community Bancorp)

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