“We are proud of our team’s ability to move quickly during the pandemic so our bank could operate effectively,” stated Kevin McPhaill, President and CEO.
However, the Company elected under Section 4014 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to defer the implementation of CECL until the earlier of when the national emergency related to the outbreak of COVID-19 ends or December 31, 2020.
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More time is needed to assess the impact of this uncertainty and related actions on the Company's allowance for loan and lease losses under the CECL methodology.
Management adjusted its qualitative risk factors under our current incurred loss model for economic conditions, changes in the mix of the portfolio due to loans subject to a payment deferral, potential changes in collateral values due to reduced cash flows, and external factors such as government actions.
The increases in Commercial and Industrial loan balances were impacted by our participation in the SBA PPP product as authorized by the CARES Act, to assist our customers negatively affected by the COVID-19 pandemic.
Note: An "NM" designation indicates that the percentage change is "Not Meaningful", likely due to the fact that numbers for the comparative periods are of opposite signs or because the denominator is zero
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