S c i n 2. Regulator Update Robert Coleman FDIC
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1 S c i n 2 Regulator Update Robert Coleman FDIC
2 Accounting update Vavrinek, Trine, Day & Co. LLP, CEO/CFO Forum Robert Coleman, CPA
3 Topics Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) Revenue Recognition OREO Financed Sales Leases Implementation of the Current Expected Credit Losses (CECL) Model Call Report Changes 2
4 Economic Growth, Regulatory Relief, and Consumer Protection Act
5 EGRRCPA The Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) was signed into law on May 24, Interagency Statement was issued on July 6, 2018 Provides information on rules and associated reporting requirements impacted by EGRRCPA that the agencies jointly administer 4
6 EGRRCPA Creates a Community Bank Leverage Ratio Short Form Call Reports Changes in the small bank holding company definition Exempts Certain Reciprocal Deposits from the Brokered Definition Changes the Definition of High Volatility CRE Changes the Examination Cycle Eliminates Volker Rule for Banks with Assets of $10 Billion or less and less than 5% in Trading Assets. Company-Run Stress Testing Resolution Plans 5
7 EGRRCPA CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS COMMUNITY BANK LEVERAGE RATIO. The term Community Bank Leverage Ratio means the ratio of the tangible equity capital of a qualifying community bank, as reported on the qualifying community bank s applicable regulatory filing with the qualifying community bank s appropriate Federal banking agency, to the average total consolidated assets of the qualifying community bank, as reported on the qualifying community bank s applicable regulatory filing with the qualifying community bank s appropriate Federal banking agency. ASSET THRESHOLD. The term qualifying community bank means a depository institution or depository institution holding company with total consolidated assets of less than $10,000,000,000. COMMUNITY BANK LEVERAGE RATIO - Develop a Community Bank Leverage Ratio of not less than 8 percent and not more than 10 percent for qualifying community banks 6
8 EGRRCPA SHORT FORM CALL REPORTS (A) IN GENERAL. The appropriate Federal banking agencies shall issue regulations that allow for a reduced reporting requirement for a covered depository institution when the institution makes the first and third report of condition for a year, as required under paragraph (3). (B) DEFINITION. In this paragraph, the term covered depository institution means an insured depository institution that (i) has less than $5,000,000,000 in total consolidated assets; and (ii) satisfies such other criteria as the appropriate Federal banking agencies determine appropriate. 7
9 EGRRCPA Small Bank Holding Company Definition (b) CHANGES REQUIRED TO SMALL BANK HOLDING COMPANY POLICY STATEMENT ON ASSESSMENT OF FINANCIAL AND MANAGERIAL FACTORS. the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement - raises the consolidated asset threshold under that appendix from $1,000,000,000 to $3,000,000,000 for any bank holding company or savings and loan holding company that is (1) not engaged in significant nonbanking activities either directly or through a nonbank subsidiary; (2) does not conduct significant off-balance sheet activities (including securitization and asset management or administration) either directly or through a nonbank subsidiary; and (3) does not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission. 8
10 EGRRCPA LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS IN GENERAL. Reciprocal deposits of an agent institution shall not be considered to be funds obtained, directly or indirectly, by or through a deposit broker to the extent that the total amount of such reciprocal deposits does not exceed the lesser of (A) $5,000,000,000; or (B) an amount equal to 20 percent of the total liabilities of the agent institution. AGENT INSTITUTION. The term agent institution means an insured depository institution that places a covered deposit through a deposit placement network at other insured depository institutions in amounts that are less than or equal to the standard maximum deposit insurance amount, specifying the interest rate to be paid for such amounts, if the insured depository institution has a composite condition of outstanding or good; and is well capitalized; 9
11 EGRRCPA High Volatility Commercial Real Estate (HVCRE) EGRRCPA provides that regulatory agencies may only require a depository institution to assign a heightened risk weight to an HVCRE exposure that meets the definition of an HVCRE ADC Loan as defined in Section 214 Institutions are permitted to risk-weight at 150% those commercial real estate exposures it believes meets the statutory definition of HVCREA ADC loan Alternatively, an institution may also continue to report and riskweight HVCRE exposures in a manner consistent with the current instructions to the Call Report until agencies take further action 10
12 EGRRCPA Examination Cycle EGRRCPA increases the total asset threshold for well-capitalized insured depository institutions to be eligible for an 18-month examination cycle from $1 billion to $3 billion This change will make the 18-month examination cycle available to a larger number of 1-rated institutions, and authorizes the agencies to make corresponding changes for 2-rated institutions Regulatory agencies intend to engage in rulemaking to implement these examination cycle provisions 11
13 EGRRCPA Volcker Rule EGRRCPA amends section 13 of the BHC Act Narrows the definition of banking entity, and Revises the statutory provisions related to the naming of covered funds, effective on EGRRCPA s date of enactment Other Provisions A number of other changes made by EGRRCPA require agency implementation either through a rulemaking or other action. Regulatory agencies intend to engage in rulemaking to address these provisions at a later date. 12
14 EGRRCPA Company-Run Stress Testing Eighteen months after EGRRCPA s enactment, financial companies with total consolidates assets of less than $250 billion that are not bank holding companies will no longer be subject to Dodd-Frank stress test requirements Resolution Plans Agencies will not enforce final rules establishing resolution planning requirements in a manner inconsistent with the amendments made by EGRRCPA to Section 165 of the Dodd- Frank Act 13
15 Seller-Financed OREO Sales Accounting Standards Update
16 Seller-Financed OREO Sales ASU , Revenue from Contracts with Customers, was issued in May of 2014 Amends ASC Subtopic , Other Income Gains and Losses from the Derecognition of Nonfinancial Assets ASC will supersede ASC Subtopic for real estate sales not accompanied by a leaseback and will become the primary accounting guidance for sales of foreclosed real estate Effective date of ASU For public business entities, effective for fiscal years beginning after 12/15/2017, including interim periods within those fiscal years For private companies, effective for fiscal years beginning after 12/15/18 and interim periods within fiscal years beginning after 12/15/19 Early application is permitted for fiscal years beginning after 12/15/16, including interim periods within that period 15
17 Seller-Financed OREO Sales The Glossary entry for Foreclosed Assets in the Call Report instructions is updated to incorporate the effect of the revenue recognition standard Glossary entry will continue to provide guidance under both ASC and ASC during the implementation period. Amended ASC eliminates prescriptive criteria and methods for sale accounting and gain recognition for disposals of OREO in ASC Applying ASC Does selling institution have a controlling financial interest in the legal entity buying the OREO under ASC 810, Consolidation If yes, do not derecognize the OREO If no, does transaction meet ASC 606 contract requirements? 16
18 Seller-Financed OREO Sales Does selling institution s OREO sale or transfer transaction with the buyer meet the ASC 606 definition of a contract? Transaction must meet five criteria: a) Parties to contract have approved it and are committed to perform their respective obligations; b) Institution can identify each party s rights regarding the OREO; c) Institution can identify the payment terms for the OREO; d) Contract has commercial substance; and e) It is probable that the institution will collect substantially all of the consideration to which it will be entitled in exchange for the OREO, i.e. the transaction price 17
19 Seller-Financed OREO Sales Evaluating criteria (a) and (e) may require significant judgment Determination should be based on all facts and circumstances related to buyer s ability and intent to pay the transaction price Amount and character of buyer s equity (typically, down payment) and recourse provisions are important factors A transaction with an insignificant down payment and nonrecourse financing generally would not meet the definition of a contract unless there is considerable support from other factors 18
20 Seller-Financed OREO Sales If the five contract criteria in ASC 606 have not been met, an accounting sale has not occurred Generally, record any consideration received from buyer as a deposit liability If the transaction price is less than the OREO s carrying amount, determine if a decline in fair value (less estimated costs to sell) of the OREO should be recognized. If the five contract criteria have been met, determine whether the selling institution has satisfied its performance obligations by transferring control of the OREO to the buyer 19
21 Leases Accounting Standards Update No
22 Leases FASB issued Accounting Standards Update No , Leases (Topic 842), on Feb. 25, #2016 Project objective To increase transparency and comparability among entities by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information Most significant change A lessee should recognize assets and liabilities for all leases with a lease term of more than 12 months Operating leases would no longer be off-balance sheet items for lessees 21
23 Leases Effective date of ASU For public business entities, the ASU will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. For calendar year institutions, the ASU will be effective for the March 31, 2019 Call Report. For all other entities, the ASU will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, For calendar year institutions, the ASU will be effective for the December 31, 2020 Call Report. Early application will be permitted for all entities. 22
24 Leases Lessee Accounting Lease classification is determined using criteria substantially similar to those in existing lease accounting requirements (ASC Topic 840) Most existing capital leases would be finance leases Most existing operating leases would be operating leases On the balance sheet Both finance and operating leases result in the lessee recognizing a right-of-use (ROU) asset and a lease liability On the income statement For finance leases, amortization expense of the ROU asset and interest expense on the lease liability are recognized separately For operating leases, a single total lease expense is recognized 23
25 Leases Implications of the ASU for financial institutions Institutions that are lessees under operating leases Total assets and total liabilities will increase. Will the increase be material? What is the impact on regulatory capital ratios and other financial and performance metrics (e.g., ROA)? Borrowers that are lessees under operating leases With increases in total assets and total liabilities, what impact will the booking of lease liabilities have on debt covenants and debt-to-equity ratios? 24
26 Current Expected Credit Losses (CECL) Model Accounting Standards Update
27 Current Expected Credit Losses ASU No , Measurement of Credit Losses on Financial Instruments (Topic 326), issued 6/16/2016 Introduces CECL methodology and replaces existing incurred loss methodology. Federal financial institution regulatory agencies issued the Joint Statement on the New Accounting Standard on Financial Instruments - Credit Losses on 6/17/2016. Provides initial supervisory views regarding implementation of the new Standard (FDIC FIL ). Agencies issued Frequently Asked Questions (FAQs) which focus on application of the Standard and related supervisory expectations 12/19/2016 (FDIC FIL ) and 9/6/2017 (FIL ) 26
28 Current Expected Credit Losses 27
29 CECL Model Implementation During initial implementation activities, agencies encourage institutions to: Become familiar with the new standard Educate the Board and appropriate staff about the CECL methodology and how it differs from incurred loss methodology Determine the applicable effective date Identify functional areas within the institution that should participate in implementation Determine steps and timing needed to implement the Standard in a manner appropriate to the institution s size and the nature, scope, and risk of its lending and investment activities Review existing allowance and credit risk management practices to identify processes that can be leveraged when applying the new Standard 28
30 CECL Model Implementation Determine the allowance estimation method(s) to be used Identify currently available data that should be maintained and consider whether any additional data needs to be collected or maintained to implement CECL Consider sources for reasonable and supportable forecasts of factors relevant to determining expected collectability Identify necessary system changes to implement the new Standard, which are consistent with its requirements and the allowance estimation method(s) to be used Evaluate and plan for the potential impact of the new Standard on regulatory capital 29
31 CECL Model Implementation What should institutions expect from examiners during the implementation period? Examiners will begin discussing the status of implementation plans or efforts Examiner expectations will be tailored based on size and complexity of the institution and effective date Regulatory agencies expect a good faith effort to achieve a sound and reasonable implementation of the standard 30
32 Notice of Proposed Rulemaking Notice of Proposed Rulemaking (NPR) was posted in the Federal Register on May 14, 2018 and addresses CECL transition Would revise the regulatory capital rules to identify which credit loss allowances under CECL are eligible for inclusion in regulatory capital Would provide the option to phase-in the day one adverse effects on regulatory capital that may result from adoption of CECL 31
33 Notice of Proposed Rulemaking Allowance for Credit Losses (ACL) ACL is a newly defined term in the capital rules for banks upon adoption of CECL ACL would include credit loss allowances related to financial assets measured at amortized cost, except for allowances related to PCD assets ACL would be eligible for inclusion in Tier 2 capital subject to the current limit for ALLL inclusion 32
34 Notice of Proposed Rulemaking NPR proposes an option to phase-in the day one adverse capital impact of CECL adoption over a three year period Assuming a bank needs to recognize an increase to ACL of $200M: 33
35 Transition Resource Group FASB s Transition Resource Group (TRG) for Credit Losses is holding meetings to address implementation issues for the credit loss standard. Capitalized interest Accrued interest in relation to definition of amortized cost Transfers between classifications Recoveries Refinancing and loan prepayments TDRs Lifetime loss issues Etc. 34
36 CECL RESOURCES FDIC s Accounting and Auditing Resource Center June 17, 2016 Joint Statement Frequently Asked Questions FIL : Community Bank Webinar: Implementation Examples for CECL Methodology Dedicated CECL Mailbox for Questions cecl@fdic.gov 35
37 Current Expected Credit Losses (CECL) Model & Other Accounting Call Report changes Related to ASU Accounting Standards Update
38 Call Report Changes Related to ASU
39 Call Report Changes Related to ASU This section is replaced by insert A on the following slide 38
40 Call Report Changes Related to ASU Institutions that have adopted ASU
41 Call Report Changes Related to ASU
42 Call Report Changes Related to ASU Schedule RI E 41
43 Call Report Changes Related to ASU Schedule RC B (Securities) 42
44 RC-F & RC-G 43
45 RC-R Regulatory Retained Earnings Transition Amount 44
46 RC-R ACL Transitional amounts are subtracted from amounts included in Tier 2 Capital 45
47 RC-R 46
48 Questions and Contact Information Robert Coleman, CPA San Francisco Regional Accountant, FDIC Jennifer Smith, CPA Atlanta Regional Accountant, FDIC 47
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