1 unchanged sentence
Evaluation of Disclosure Controls and Procedures
−Removed: An evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), was carried out under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer as of September 30, 2020, the last day of the period covered by this Quarterly Report.
−Removed: The Company’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of September 30, 2020, in ensuring that the information required to be disclosed in the reports the Company files or submits under the Exchange Act is (i) accumulated and communicated to management (including the Company’s Chief Executive Officer and Chief Financial Officer) as appropriate to allow timely decisions regarding required disclosures, and (ii) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
+Added: An evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), was carried out under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer as of March 31, 2021, the last day of the period covered by this Quarterly Report.
+Added: The Company’s Chief Executive Officer and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of March 31, 2021, in ensuring that the information required to be disclosed in the reports the Company files or submits under the Exchange Act is (i) accumulated and communicated to management (including the Company’s Chief Executive Officer and Chief Financial Officer) as appropriate to allow timely decisions regarding required disclosures, and (ii) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
Changes in Internal Control Over Financial Reporting
−Removed: Beginning January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326):
−Removed: Measurement of Credit Losses on Financial Instruments.” The Company implemented changes to the policies, processes, and controls over the estimation of the allowance for credit losses to support the adoption of ASU 2016-13.
−Removed: While many controls in operation under this new standard mirror controls under prior GAAP, there were some new controls implemented.
−Removed: During the three months ended June 30, 2020, the Company implemented new processes and controls related to the origination of loans through the SBA’s Paycheck Protection Program.
−Removed: As a part of the Company’s PPP efforts in the second quarter, a new loan accounting system was implemented and utilized as the system of record for PPP loans.
−Removed: The Company will continue to monitor and evaluate internal controls over financial reporting as it relates to the PPP portfolio and this new loan system.
−Removed: During the three months ended September 30, 2020, the Company implemented new processes and controls related to a new core deposit operating system which began to house new customer accounts for savings accounts and certificates of deposits during the third quarter.
−Removed: The Company will continue to monitor and evaluate internal controls over financial reporting as it relates this new deposit system.
−Removed: Except as related to the adoption of ASU 2016‑13, the loan accounting system for PPP loans and the new core deposit operating system, there were no changes in the Company’s internal control over financial reporting during the three and nine month periods ended September 30, 2020, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
+Added: There were no changes in the Company’s internal control over financial reporting during the three months period ended March 31, 2021, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
OTHER INFORMATION
−Removed: Legal Proceedings
−Removed: In the ordinary course of operations, the Company is party to various legal proceedings.
−Removed: The Company is not involved in, nor has it terminated during the three months ended September 30, 2020, any pending legal proceedings other than nonmaterial proceedings occurring in the ordinary course of business.
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.