October 7, 2020

Financial Services Group Third Quarter 2020 Update

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We hope that each of you and your family are safe and healthy during these unusual times. With the current state of the economy and markets, as well as each state being in different phases of re-opening, we know that creates challenges for your financial institution. We continue to be here to serve you and provide advice and insight to help you and your management teams navigate this challenging environment.

In this edition of our quarterly communication, we have provided information about all of the financial reporting and accounting issues that we are currently aware of that will impact your quarterly reporting. These include discussion on critical topics, such as:

• The AICPA’s Technical Q&A on the Accounting for PPP Loans

• The SEC’s Updates to Guide 3 Disclosures

• The SEC’s Guidance on Non-GAAP Measures Related to COVID-19

• The FFIEC’s Joint Statement on Additional Loan Accommodations Related to COVID-19

• Accounting for Main Street Lending Program Loans

• FDICIA Readiness

• Accounting for PPP Loans Sales

• Goodwill Analysis in Today’s Environment

We have also compiled a list of items for your consideration in your financial reporting and disclosures for the third quarter, as well as 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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