2 unchanged sentences
Based upon that evaluation, as of the end of the period covered by this report, the Chief Executive Officer and the Chief Financial Officer concluded that BancShares’ disclosure controls and procedures were effective to provide reasonable assurance that it is able to record, process, summarize and report in a timely manner the information required to be disclosed in the reports it files under the Exchange Act.
−Removed: During the first quarter of 2020, BancShares adopted ASU-2016-13 which resulted in a material change to our methodology for estimating credit losses on the loan portfolio.
+Added: During the first quarter of 2020, BancShares adopted ASC 326 which resulted in a material change to our methodology for estimating credit losses on the loan portfolio.
As a result, the Company implemented changes to policies, processes, and controls over estimating the allowance for credit losses.
Many of these controls are similar to those previously used for estimating the allowance for loan and lease losses under legacy GAAP, however, there were changes implemented to account for the additional complexity of the credit loss models, review of economic forecasts and other assumptions used in the estimation process.
−Removed: Except as noted above, no changes in BancShares’ internal control over financial reporting occurred during the first quarter of 2020 that have materially affected, or are reasonably likely to materially affect, BancShares’ internal control over financial reporting.
+Added: During the second quarter of 2020, BancShares originated over $3.2 billion of loans as part of the SBA-PPP.
+Added: As a result, BancShares enhanced existing as well as implemented new controls over financial reporting related to the origination, disbursement, recording and reporting processes involving this portfolio.
+Added: Except as noted above, no changes in BancShares’ internal control over financial reporting occurred during the second quarter of 2020 that have materially affected, or are reasonably likely to materially affect, BancShares’ internal control over financial reporting.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.