Schedule RC-R: Risk Based Capital Call Report Preparation under BASEL III
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1 2014 CliftonLarsonAllen LLP Schedule RC-R: Risk Based Capital Call Report Preparation under BASEL III CLAconnect.com
2 Your Instructor: Amanda Garnett Amanda Garnett, CPA is a manager with the Financial Institution Group of CliftonLarsonAllen LLP from Peoria, Illinois. She has served in a variety of roles providing community banks with services in the areas of financial statement audits, internal audits, regulatory reporting, tax compliance, and consulting services. She has served clients ranging from $10 million to $5 billion in total assets in Illinois, Iowa, Indiana, Kentucky, Missouri, Arkansas, and Colorado. Amanda currently oversees tax compliance and consulting services for all banks served out of CLA s downstate Illinois and Missouri offices. In addition, Amanda performs consulting and training for banks across the country in the area of call report preparation. Visit us at 2
3 Course Objectives Assist community banks obtain an understanding of: The new BASEL III regulatory capital standards including the new Common Equity Tier 1 Capital (CET1) ratio The revised Prompt Corrective Action (PCA) thresholds The new capital conservation buffer and the related impact on bank dividends and bonus payments The changes to risk weights for various assets The changes to disallowed deferred tax assets under the new rules 3
4 Overview of Regulatory Capital Changes Effective date of changes for community banks: January 1, 2015 New call report schedules: March 31, 2015 call report Resources for community banks: FDIC regulatory capital estimation tool Access at the link above to estimate the impact of the changes on your bank s regulatory capital 4
5 Proposed Call Report Revisions New Tier 1 and Common Equity Tier 1 calculations can be found in Part 1B of the current call report instructions and forms The proposed new risk weighted assets table of Schedule RC-R can be found at: Draft instructions for the proposed new risk weighted assets table portion of Schedule RC-R can be found at: 5
6 Overview of the New Reg Cap Rules New rules revise regulatory capital definitions and minimum ratios Redefines Tier 1 capital as two components Common equity Tier 1 capital Additional Tier 1 capital Creates a new capital ratio: Common Equity Tier 1 risk-based capital ratio Creates a capital conservation buffer that can limit dividend payouts and bonuses Changes risk weightings for certain assets Changes the calculation of disallowed deferred taxes 6
7 Common Equity Tier 1 (CET1) Capital Ratio 7
8 Calculating Common Equity Tier 1 Capital Common Equity Tier 1 Capital = Common stock and related surplus (net of treasury stock and unearned ESOP shares) + Retained earnings +/- Accumulated other comprehensive income* + Qualifying minority interest +/- Deductions and adjustment * On your March 31, 2015 call report- choose Yes yo opt out of including other comprehensive income in CET1. This retains the same regulatory capital treatment for OCI as under the current rules. This is a one time election. 8
9 RC-R Regulatory Capital Page 1 9
10 Deductions to Common Equity Tier 1 Direct dollar for dollar reduction in capital Components Goodwill net of related deferred tax liabilities Other intangible assets (Except MSRs) net of related deferred tax liabilities Deferred tax assets associated with net operating loss carryforwards and tax credit carryforwards Federal NOLs State NOLs AMT credit carryforwards Business credit carryforwards Net of any valuation allowance recorded 10
11 RC-R Regulatory Capital Page 1 (cont.) 11
12 Adjustments to Common Equity Tier 1 Assuming opt out election was made Direct dollar for dollar adjustment in capital To eliminate the impact of these items to regulatory capital Components AOCI for net unrealized gains/losses on available for sale securities AOCI for net unrealized gains/losses on preferred stock net of related deferred tax components AOCI for pension and post-retirement benefits 12
13 RC-R Regulatory Capital Page 1 (cont.) 13
14 Threshold Deductions to CET1 Deduct amounts > 10% individually or >15% in aggregate of CET1 Capital Components Mortgage servicing rights net of related deferred tax liabilities Deferred tax assets associated with timing differences that can not be realized through net operating loss carrybacks Bad debts deduction Depreciation on fixed assets Deferred compensation Net of any valuation allowance recorded 14
15 RC-R Regulatory Capital Page 2 15
16 Additional Tier 1 Capital Line 20 Additional Tier 1 capital Iistruments plus related surplus Noncumulative perpetual preferred stock, including surplus Bank Call Report Includes bank level Tier 1 instruments issued under Small Business Lending Fund (SBLF) and Troubled Asset Relief Program (TARP) capital components Form FRY-9C- Includes: Tier 1 TARP, SBLF, and for most community banks TruPs Trust Preferred Securities (TruPS) Qualifications Holding companies with assets less than $15 billion in total consolidated assets as of December 31, 2009 or organized as a mutual as of May 19, 2010 are allowed to grandfather into tier 1 capital. TRuPS issued before May 19, 2010 are subject to a maximum of 25% of tier 1 capital. Line 21- Non-qualifying capital instruments subject to phase out from additional Tier 1 capital Generally applies to institutions over $15 billion that must phase out 16
17 RC-R Regulatory Capital Page 2 (cont.) 17
18 Tier 2 Capital Line 27: Tier 2 capital instruments plus related surplus Bank Call Report- Includes bank level Tier 2 instruments issued under Small Business Lending Fund (SBLF) and Troubled Asset Relief Program (TARP) capital components Form FRY-9C- Includes: Tier 2 TARP, SBLF, and for banks with less than $15 billion in total assets TruPs that exceed the Tier 1 limitation of 25% Also includes most subordinated debt Line 30a: Limited allowance for loan & lease losses Limited to 1.25% of risk weighted assets Same as current limits 18
19 RC-R Regulatory Capital Page
20 Calculation of Capital Ratios Common Equity Tier 1 RBC Ratio = Common Equity Tier 1 / Total risk weighted asset Tier 1 Capital Ratio = Total Tier 1 capital / Total risk weighted asset Total Capital Ratio = Total capital / Total risk weighted asset Tier 1 Leverage Ratio= Total Tier 1 capital / Total assets for leverage ratio (=avg total assets adjustments) 20
21 RC-R Regulatory Capital Page 3 (cont.) 21
22 Transition Period of Some CET1 Deductions Deductions and adjustments including items related to deferred taxes and mortgage servicing rights phase in through 2018 Calendar Year % of the Deductions from CET1 capital % % % 2018 and thereafter 100% 22
23 Common Equity Tier 1 (CET1) Capital Ratio Items to consider Opt-out election for Accumulated Other Comprehensive Income (AOCI) One-time election made on March 31, 2015 with the call report filing for community banks and the FR Y-9C (if applicable). Note: FR Y-9SP not applicable since consolidated capital ratios will not apply to the bank holding companies under $500M. Calculate and understand CET1 components and thresholds during 2014 before new rules take effect in
24 Prompt Corrective Action 24
25 Prompt Corrective Action (PCA) Total riskbased capital Tier 1 riskbased capital Common equity tier 1 risk-based capital Tier 1 leverage capital Adequately Capitalized Well Capitalized 2013 and 2014 Starting in and 2014 Starting in % 8.0% 10.0% 10.0% 4.0% 6.0% 6.0% 8.0% N/A 4.5% N/A 6.5% 4.0% 4.0% 5.0% 5.0% 25
26 Prompt Corrective Action Items to consider Higher capital requirements Banks will be required to hold higher quality of capital with greater emphasis on tangible common equity Must meet the FDIC s PCA capital ratios beginning January 1, 2015 No phase in of PCA requirements Most banks are expected to remain well capitalized under the new PCA requirements Download and run the FDIC capital estimation tool prior to year end to estimate the change in your capital ratios under the new rules 26
27 Capital Conservation Buffer 27
28 Capital Conservation Buffer Dividends and discretionary bonuses are limited if banks fails to maintain a buffer above the minimum required capital ratios (adequately capitalized level under PCA) Buffer limits the payout ratio for dividends and bonuses based on a percentage of eligible retained income Regulators have released statement indicating that S Corporation banks that don t meet the required capital conservation buffer will be reviewed on a case-by-case basis and will likely be able to continue to pay tax dividend distributions Buffer phases in over the next 5 years 28
29 Capital Conservation Buffer Phase-in Requirement N/A 0.625% 1.25% 1.875% 2.5% Total riskbased capital with buffer Tier 1 riskbased capital with buffer Common equity tier 1 risk-based with buffer N/A 8.625% 9.25% 9.875% 10.5% N/A 6.625% 7.25% 7.875% 8.5% 4.5% 5.125% 5.75% 6.375% 7.0% 29
30 Maximum Payout Ratio * Eligible Retained Income: The most recent 4 quarters of net income preceding the current quarter, net of any capital distributions, and certain discretionary bonus payments 30
31 Capital Conservation Buffer Items to Consider Banks will look for ways to avoid limitations on capital distributions and restrictions Potentially choosing to hold substantial excess capital over well capitalized levels Capital conservation buffer limit essentially becomes the new minimum capital ratios Payout ratio is based on a percentage of four rolling quarters of net income A bad quarter or year could further limit payouts if conservation buffer isn t met Negative net income for the four quarters could mean no eligible payouts Possible limitations on payments of discretionary bonuses Could impact compensation structures in banks 31
32 Risk Weighting 32
33 Risk Weighted Asset Components For community banks, the majority of the risk weighting rules did not change as a result of the new regulatory capital requirements The new Schedule RC-R will contain additional risk weighting columns: 150%, 250%, 300%, 400%, 600%, 625%, 937.5%, 1250% Other than the 150% and perhaps 250% categories the others will generally not be used by community banks Additional information may be needed to prepare certain sections of risk weighted assets for March 31st 33
34 Residential Mortgage Exposures What are residential mortgage exposures? New sub-category of loans on RWA table First or junior liens on 1-to-4 family residential real estate (not construction) First or junior lien multi-family residential real estate where the original and outstanding amount is $1 million or less Other homogenous pool multi-family residential loans 50% risk weighting category Prudently underwritten and not more than 90 days past due or on nonaccrual 100% risk weighting category Other residential mortgage exposures 34
35 High Volatility Commercial Real Estate HVCRE is an acquisition, development, or construction loan prior to permanent financing NOT: 1-to-4 family residential construction project NOT: Community development loan NOT: For the purchase of agricultural land NOT: Meeting certain exemption criteria Exemptions must meet all to not be a HVCRE LTV is at or below the maximum supervisory loan-to-value Borrower has contributed at least 15% of as completed appraised value in cash Borrower contributed capital is contractually required to remain throughout the life of the project 35
36 Risk Weighting for HVCREs New subcategory of loans on the risk weighted assets table All HVCREs will be risk weighted at 150% regardless of payment status Properly identifying HVCREs will be critical: Start with the pool of non-residential construction loans Review loan files to determine original LTVs Assess the initial capital contributions by borrowers Regulators will likely assume all non-residential construction loans are HVCRE unless proven/documented otherwise 36
37 Risk Weighting Past Due Loans Loans past due more than 90 days or on nonaccrual will generally have higher risk weightings under the new rules Past due residential mortgages 100% risk weighting Past due HVCREs Stay at 150% risk weighting like the loans that aren t past due All other past due loans 150% risk weighting 37
38 Other Risk Weighting Considerations Mortgage servicing rights Any amount not deducted on Line 14 is risk weighted at 250% Deferred taxes from timing differences Any amount that could be realized through a carryback is risk weighted at 100% All other amounts not deducted on Line 15 are risk weighted at 250% Unused commitments Additional subcategories of unused commitments must be reported Review the instructions for further details on unused commitments less than or greater than one year that may be subject to risk weighting 38
39 BASEL III and Deferred Taxes 39
40 Deferred Taxes and Regulatory Capital Under the new regulatory capital requirements, banks need a better understanding of the components of their deferred taxes. General ledger account balances for deferred taxes will need to be broken out into more detailed components and reported on appropriate lines on call report Tax preparer will likely need to assist with helping the bank understand and categorize the components of the bank s deferred tax assets/liabilities Old methodology for calculating disallowed deferred tax assets has been abandoned 40
41 Deferred Taxes on Schedule RC-R Line 6 Goodwill Report recorded book goodwill less any deferred tax liability associated with goodwill Line 7 Other intangible assets (except MSRs) Report core deposit and other intangibles less any deferred tax liabilities associated Line 14 Mortgage servicing rights For the threshold deduction, the amount used for the calculation should be mortgage servicing rights less their associated deferred tax liabilities Net amount is compared to the 10% and 15% thresholds to determine if a deduction to CET1 is necessary Deferred tax liabilities reduce overall MSRs and may help to keep them below the 10% or 15% thresholds 41
42 Deferred Taxes on Schedule RC-R Line 8 Deferred tax assets arising from net operating losses and tax credits Dollar for dollar reduction in capital These items are considered less likely to be utilized by the bank within a reasonable period Line 15 Deferred tax assets and liabilities arising from temporary differences Sum of the remaining deferred tax items that haven t been considered on the previous lines If these items result in a net deferred tax asset, compare to the 10% and 15% thresholds to determine if a deduction is necessary Net deferred tax asset can be reduced by any amount that could be realized from a net operating loss carryback 42
43 Carryback Potential and Risk Weighting Bank is allowed to look back and see if any of the deductions/losses associated with a hypothetical reversal of the timing differences would result in a tax refund for the bank Generally federal tax losses can be carried back two tax years. Often state losses can not be carried back If the bank would receive a tax refund on the carryback, then the carryback amount can be used to reduce net deferred tax assets in Line 15. The refund portion is also risk weighted 100% for RWA All remaining timing differences not deducted on line 15 are risk weighted 250% 43
44 Next Steps 44
45 Next Steps Become familiar with the revised call report schedules and instructions Visit regulatory websites for further information Run the FDIC s capital estimation tool Identify any high volatility commercial real estate Discuss your deferred tax components with your tax preparer Consider the impact of higher required capital ratios and the capital conservation buffer on your institution 45
46 Questions? 46
47 2014 CliftonLarsonAllen LLP Amanda C. Garnett, CPA Manager Financial Institutions CLAconnect.com twitter.com/ CLAconnect CLA_banks facebook.com/ cliftonlarsonallen linkedin.com/company/ cliftonlarsonallen 47
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