Financial Services Group Second Quarter 2020 Update - COVID-19 Information Included

As we shift to the new “normal”, we hope that you are safe and healthy. We continue to be available to you to serve you and your financial institution. Financial reporting continues to be particularly challenging for the second quarter based on continued unprecedented market and economic volatility. In this edition of our Quarterly Update, we address specific topics that may impact your upcoming quarterly reporting.

In the Coronaviruses Disease 2019 section, we have included the following resources and articles for your consideration:

• Loan Modifications and Working with Customers Affected by the Coronavirus

• Goodwill Impairment Analysis

• Anticipating, Identifying and Reacting to Potential Credit Issues

• Accounting for PPP Loan Fees

• Internal Control Considerations Related to PPP Lending

• PPP and COVID Impact on Disclosures

• Stock Compensation Considerations

• Loan Portfolio Stress Testing: Top-down vs. Bottom-up Approach

• Federal Tax Impact of 2020 Families First and CARES Acts on Financial Institutions

We have also compiled a list of items for your consideration in your financial reporting disclosures for the second quarter and a summary of recently issued accounting pronouncements (see Appendices for summary of recently issued accounting pronouncements and the related effective dates). Our goal is for you to have up-to-date information available to you prior to finalizing your financial reporting deliverables.

Please review and feel free to contact one of your Elliott Davis engagement team members with any questions. We look forward to working with you during the audit and throughout the financial reporting process.

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Join us on Tuesday, July 7th, for a 90 minute financial services webcast designed to provide insight on quarterly reporting considerations for June 30th. Find more information and register at: https://www.elliottdavis.com/events