balances totaled USD 2 million at the end of March.
A loan meeting these criteria is referred to as a "nonaccrual loan
receivable" in the ruling.
Disclosures of Nonaccrual Loans
. The staff indicated that because of increases in nonaccrual loans
resulting from the current economic environment, it may be necessary for registrants to provide supplemental information to adequately disclose material aspects of the nonaccrual loan
Favorably impacting first quarter of 2019 results was the payoff of a USD 1.475 million nonaccrual loan
which resulted in the recovery of USD 135,000 of interest income.
The nonaccrual loan
total at First Federal declined from $33.9 million at year-end to $26 million as of March 31.
Fourth quarter 2015 pre-tax results were negatively impacted by a USD395,000 reversal of a receivable related to loan late charges, a USD500,000 provision for a single new nonaccrual loan
, and a USD953,000 write-down of existing OREO combined with losses on sale equating to USD1.2 million in net income, or USD0.12 per diluted share.
BancShares' nonperforming assets, including nonaccrual loans
and other real estate owned, were $151.2 million or 0.57% of total loans at June 30, 2019, compared to $133.9 million or 0.53% of total loans at March 31, 2019.
Finally, our asset quality improved as nonaccrual loans
declined by $2.1 million during the quarter."
Nonperforming assets, which includes nonaccrual loans
and other real estate owned, were $49.9 million at June 30, 2019, $51.9 million at December 31, 2018 and $50.8 million at June 30, 2018.
He added, "We are pleased with these positive trends and remain focused on enhancing the company's long-term financial prosperity." At September 30, 2018, nonaccrual loans
decreased substantially to $8,560,000 compared to $14,384,000 at September 30, 2017.
Behind the bank's eroding capital are $3.8 million in nonaccrual loans
and nearly S3 million in loans 30-89 days past due and still accruing interest.
Past due and nonaccrual loans
are low and continue to trend down, declining from 0.74 percent of total loans in 2016 to 0.69 percent in 2017.