Senior Lending Officer Mike
McCard will report on last month’s loan losses and make a recommendation
on this month’s provision for loan and lease losses to maintain
an appropriate reserve.
Mike noted that the ALLL balance stood at $283,000 at the end of September. He
mentioned that, for the year, the board has provided $116,000 out of revenues
and that two loans, totaling $15,000, were charged-off during September. He
recommended adding another $15,000 to the provision for loan
loss to replace the amount charged off during the month.
Is Mike’s recommended increase in the ALLL ($15,000) enough? What
do you need to consider in deciding? Do you have any other questions