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Results from the latest survey on preparations for CECL, or the current expected credit loss standard, show that financial institutions across the board are making progress as the Q1 2020 compliance date nears for SEC-filers.
Abrigo, the technology provider behind Sageworks ALLL and MST’s Loan Loss Analyzer, recently released results from its third annual CECL Survey, which found that nearly half of survey participants (and a majority of SEC filers) have already collected and validated data. This is important, because collecting and validating data for the loan loss calculation is typically one of the more significant bottlenecks and challenges in CECL implementation.
In addition, more than a third (and at least half of SEC filers) are testing potential CECL-compliant methodologies for calculating their allowance for credit losses. Identifying which methodology or methodologies to use is another important step in the CECL implementation process.
However, other financial institutions are not moving fast enough to implement an accounting change that could affect not only earnings but also capital available for dividends, lending, and other growth initiatives, according to CECL experts who reviewed the Abrigo CECL survey results.
One area of concern is how infrequently lenders from SEC-filing institutions reported that they are now producing parallel calculations – i.e., calculating the allowance for credit losses both under current GAAP and under the CECL standard.
“The glaring concern in these SEC-filers’ responses is the seemingly limited number of institutions that have actually produced meaningful results and are already running parallel in preparation for a 2020 adoption,” Camp said.
Institutions have been broadly encouraged to plan for at least four quarters of parallel execution in order to offer enough time to observe a series of results and appropriately calibrate their models. However, only 14 percent of SEC registrants surveyed are running parallel allowances. Even more concerning: 3 percent of SEC filers acknowledged having yet to begin CECL preparations at all.
“Allowing enough time to do a walk-through of your models will point to areas that may need to be adjusted and give the institution the opportunity to make those adjustments prior to their CECL compliance date,” said Abrigo Senior Advisor Paula King, a former bank CFO and co-founder. Financial institutions may need to adjust their loan segments and methodologies for determining CECL estimates based on the testing results. In addition, the walk-through provides time to prepare for loan loss reserve levels and to create supporting documentation, she noted.
Overall, 6 percent of survey respondents reported their financial institutions are already running parallel allowances, and the same percentage reported their institutions have yet to begin CECL preparations.
While SEC registrants face a 2020 deadline to begin reporting the allowance for credit losses under the CECL accounting standard, all other financial institutions have until 2021 or later.
Financial institutions across the U.S. are grappling with the many changes required to implement the current expected credit loss, or CECL, model. The extensive time, resources, and staff involved in a successful transition from the incurred loss model can make even the process of getting started feel daunting. Data, methodology, and pooling decisions may seem overwhelming if institutions are not properly prepared.
However, having an effective plan in place can make it easier to implement a compliant CECL model in an efficient manner. Financial institutions can build out their models faster by learning the key decisions peer institutions have made ahead of the transition to help create that framework.
In a recent webinar, representatives from Great Southern Bank and the bank’s Advisory team at Abrigo shared their experiences with CECL so far, the decisions they have made, and their expectations for the future. Great Southern operates out of Springfield, Mo., and has total assets of approximately $4 billion. Great Southern is an SEC filer and has a Q1 2020 compliance deadline.
The Great Southern CECL team works closely in regulatory, SEC, and board reporting. At their institution, they have strong support for the process by their CEO and board group. Their CECL team has involved other departments in the bank in training and responsibility to ensure compliance. Other key players include the bank’s Chief Credit Officer, Chief Production Officer, IT, internal audit, compliance, and loan operation teams.
Great Southern first consulted with Abrigo in mid-2018 to assist with their CECL planning. To begin their transition process, they started evaluating the methodology options available to them under the new accounting standard. After analyzing their unique data situation, Great Southern decided on a cohort approach.
The Cohort methodology, also referred to as “snapshot” or “open-pool analysis,” relies on the creation of cohorts to capture loans that qualify for a particular segment at a specific point in time. Cohort methodologies then track those loans over their remaining lives to determine their loss experience.
“You really can’t stress the importance of data enough when building out a CECL model. Methodologies and pooling alike, they need to be approached based on what data fields are available and the time frame that they are available,” said Zach Langley, Advisory Analyst at Abrigo.
Depth is reflective of how far back the data goes. When meeting with Great Southern, Langley considered options for the life of loan of each segment and took note on whether that analysis should come from the segment’s contractual life, or from a weighted average remaining maturity, etc. Ways to calculate the “life of the loan” can vary among institutions – it is dependent on what the institution is comfortable defending.
To analyze the integrity of data, a financial institution can look back to see if they have consistent and correct coding historically, as well as consistent and correct application. For example, if a loan has a collateral code of one and that means unsecured, is that loan unsecured in practice? Is the financial institution applying their coding consistently?
During the webinar, the consultants highlighted that the first step for creating an effective segmentation strategy should be to find similar risk characteristics of appropriate pools. These segments should be meaningful and not too granular to produce relevant results. Pools should calibrate to whatever methodology that a financial institution chooses. It is important to understand what is being analyzed so that the segments can reflect that.
Great Southern has lending activity spread throughout multiple locations across the U.S. Because of this, geographical considerations were important when defining their segments. “It is important for us to be able to pinpoint areas of greater risk by market areas as that information becomes available,” said Flowers.
Segmentation can be challenging for institutions approaching the CECL transition. Indeed, Great Southern found this to be an obstacle as they were building out their model.
This is a second in a series of blog posts about the proposed ASU for codification improvements to ASU 2106-13, better known as the CECL standard. Click here to see the initial post in the series and to read some background on the proposed ASU.
The issue of the treatment of recoveries of previously charged off amounts has been an ongoing topic of discussion. It was discussed at the June 11 TRG meeting, discussed again at a subsequent August FASB board meeting, then discussed again in the November 1 TRG meeting.
Some preparers did not feel that the standard was clear on if recoveries should be included in the estimate of expected credit losses. Many financial institutions use net charge-off rates today, that is, loss rates that include both the charge-offs as well as any subsequent recoveries, which theoretically produces an allowance that is net of those amounts today. There were also some questions about which types of recoveries should be included in the estimate, and if recoveries were required to be considered, or if that was optional. Some of these questions were based on the difficulty in obtaining data related to recoveries.
326.20.30.1 The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net amount expected to be collected on the financial asset. At the reporting date, an entity shall record an allowance for credit losses on financial assets within the scope of this Subtopic. An entity shall report in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses for management’s current estimate of expected credit losses on financial asset(s).
In the definition, the allowance is defined as a valuation account that is deducted from the amortized cost basis of the asset. It wasn’t clear if that could include negative amounts that would be essentially added to the amortized cost basis rather than deducted.
326-20-30-7 When developing an estimate of expected credit losses on financial asset(s), an entity shall consider available information relevant to assessing the collectability of cash flows. This information may include internal information, external information, or a combination of both relating to past events, current conditions, and reasonable and supportable forecasts. An entity shall consider relevant qualitative and quantitative factors that relate to the environment in which the entity operates and are specific to the borrower(s). When financial assets are evaluated on a collective or individual basis, an entity is not required to search all possible information that is not reasonably available without undue cost and effort. Furthermore, an entity is not required to develop a hypothetical pool of financial assets. An entity may find that using its internal information is sufficient in determining collectability.
Recoverable amounts included in the valuation account shall not exceed the aggregate of amounts previously written off and expected to be written off by the entity.
There is also similar language added to the collateral dependent practical expedient, that those individual loans may also carry negative allowances as long as they do not exceed amounts previously written off.
For the most part, the clarifications addressed in this portion of the proposed ASU related to recoveries should require minimal change to ongoing implementation efforts at community financial institutions. Most institutions were already planning to include recoveries in their allowance estimate and likewise include them in their modeling for developing this estimate. As for the possibility of negative allowances, we feel these situations are likely to be extremely rare at the pool level, but may become more common for some individual loans, particularly for institutions who are very conservative with their initial charge-offs. However, institutions who may wish to carry negative allowances on individual collateral dependent loans should make sure that they have all their documentation and justification prepared, as the regulatory scrutiny that will be applied to these loans will likely be quite high.
On January 28, 2019, the FASB hosted a public roundtable on CECL intended to cover one main topic as well as a secondary topic. A large group was in attendance, with representatives from banks of various sizes, regulators, representatives from audit firms, as well as bank stock analysts and other readers of financial statements.
The entire proposal can be read here. If this splitting of the total expected losses sounds familiar, it may be because this proposal has a lot in common with the “three bucket approach” that was proposed back when FASB and IASB were attempting to converge on expected loss standards, and in fact has some elements in common with IFRS-9, IASB’s expected loss standard that went into effect in 2018. The BPI points to both the negative capital and earnings impacts of the current CECL standard as well as claiming that CECL, as written, would be significantly more procyclical than the current incurred loss standard, and that procyclicality could lead to an unintended tightening in lending during an economic downturn. The letter and proposal were signed by around 20 banks within the BPI’s membership, although notably absent were the signatures of some of the very largest banks in the country: JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and TD Bank, who are all members of the BPI.
Discussion during the roundtable consisted primarily of the various signatories of the BPI proposal explaining and answering questions from FASB board members and staff, as well as other stakeholders around the table. It was clear that the position of the signatories was that the proposal, while substantial, was simply meant to lay out a framework, and not intended to be a fully mature accounting standard on its own. They also expressed praise for FASB’s deliberate standard-setting process and felt that some of the issues being address regarding the proposal would be able to be more fully addressed in that process. Discussion for this topic extended for nearly three hours, with FASB board members and staff in particular appearing to be eager to get into the details of the proposal and better understand it. Support among banks for the proposal was far from universal, with several of the banks in attendance expressing views in opposition to the proposal. FASB staff is committed to doing more research on the proposal and bring more information to the board later in Q1.
It seems hard to imagine that the FASB would take up the proposal without changing adoption timelines for CECL. The change, including the associated costs, for banks who are already well down the road on their CECL implementation would be significant, to the point of potentially having to go completely back to the drawing board in the most extreme cases. FASB was giving the proposal a fair hearing, but they are also holding their cards pretty close to their chest, as CECL has become something of a political football at this point. Hopefully this becomes clearer when FASB staff presents to the board later in Q1.
The secondary topic of discussion at the roundtable was an interesting disclosure issue related to the new credit quality vintage disclosure that exists in the new CECL standard. The background of this issue is that the illustrative example of this disclosure in the guidance contains lines for “current period gross write-offs and recoveries”, but this requirement was not outlined in the text of the ASU itself, leading to some confusion among banks and analysts as to if it was part of the disclosure of not.
This issue was discussed at the 11/7 board meeting and then again at the 12/18 board meeting. Conclusions reached were essentially that the gross write-offs and recoveries were intended to be part of the disclosure requirement; however, FASB was sympathetic to the operational challenges to adding the requirement so late in the implementation process and, therefore, asked the staff to do more research and outreach on the issue. The inclusion of the topic at this roundtable was part of that outreach.
Early in the discussion, one of the issues brought up by analysts was that they desired this information to be the cumulative gross write-offs and recoveries against a particular vintage of loans, which was even more than the illustrative example in the ASU outlined. Banks expressed that is would be extremely difficult to go back to get the cumulative losses and recoveries against vintages of loans for the last five years, as would be the requirement based on this desire. A few bankers also expressed that they do not use this information in this way today for managing credit risk and questioned the value of disclosing information that is not even used by management.
It seems likely that this will end in a compromise with both analysts and banks having to move from their current positions: banks not wanting to provide the information at all, and analysts wanting to have cumulative write-offs and recoveries against the last five vintage years. The logical compromise, which FASB board members seemed to propose, was requiring only the current period write-offs and recoveries, and then leaving it to the analysts to build the cumulative amounts over the next few years of disclosures. What is less clear is if any update to this disclosure will have the same rapidly approaching adoption date as the rest of the ASU, or if it will be split into a separate update with a different adoption date.
To learn more about Abrigo and our ABA Endorsed CECL Solutions, click here.
The number of jobs created in January as revealed in the February 1 Bureau of Labor Statistics’ Employment Situation report could only be characterized as strong. The national economy added 304,000 jobs, approaching double the expectation of about 170,000. Strength in hiring was widespread. Construction, manufacturing, and leisure and hospitality stood out as job gaining sectors, but most other sectors also saw increases. Only wholesale trade, financial activities, and information technology were essentially flat.
The report comes on the heels of a similarly strong report for December, although it did include a downward revision of December’s numbers of 90,000, leaving that month’s job creation number at 220,000, still well beyond what had been expected.
The headline unemployment rate, U3, ticked up 0.1 percentage point to 4 percent. The broader labor underutilization measure, U6, which counts individuals not formally included in the narrow definition of “unemployed” but available for full-time work, jumped from 7.6 to 8.1 percent.
The two sets of numbers – job creation and unemployment rates – are generated in different surveys; the partial government shutdown, for technical reasons, was expected to have an impact on the “household survey,” which produces the unemployment rates. This seems to be the case. Expectations were that headline unemployment would be unchanged, but might tick up a bit due to the shutdown, which, indeed, is what happened.
January’s job creation report, even given the revision to December’s numbers, indicates, at least as measured by the labor markets, that the U.S. economy remains strong and on firm footing.
Tom Cunningham holds a Ph.D. in economics from Columbia University and was senior economist with the Federal Reserve Bank of Atlanta from 1985 to 2015. Mr. Cunningham serves as a consultant to MST in the creation and ongoing development of the MST Virtual Economist and is the MST Advisory economics specialist.
Why should lenders consider the monthly jobs report?
As employment is a key factor in projecting loan portfolio performance, current employment statistics and longer term trends are likely to be primary considerations for most banks and credit unions as they incorporate forward-looking economic factors in their ALLL estimations under the CECL accounting standard.
How can lenders consider economic factors in estimating their reserves?
Under the new accounting standard, CECL, financial institutions will be required to consider economic factors in estimating their reserves. The MST Virtual Economist is an efficient, automated way to evaluate qualitative economic factors and project their impact on the institution’s loss rate, find new variables that impact the loss rate and determine the relevance of the economic factors you are already using to make qualitative adjustments. Click here for more information or to schedule a demonstration.
When FASB released the CECL ASU in June 2016, the defining theme through the ASU was the flexibility given to preparers with regard to the new expected losses standard. Since this time, there have been many discussions and buckets of ink spilled on the interpretation of the guidance released, but no new ASUs released that actually changed the guidance. While ASU 2018-19 was issued in late 2018, all this really did was make some clarifications and changes around the effective date of the standard for private companies, essentially extending the adoption date for those companies to Q1 2022.
However, the first proposed ASU with substantial changes to the codification has now been proposed as of November 19th, 2018 with a comment period ending on January 18th, 2019. This ASU addressed many of the issues that have been brought up and discussed in the Transition Resource Group (TRG) formed by FASB to look at the implementation of the standard, as well as other issues brought up by stakeholders to FASB. We’re going to spend the next series of blog posts looking at a few of these issues and how they will affect the implementation of the standards for financial institutions. For reference, the proposed ASU can be found on FASB’s website here under the title 11/19/18: Proposed Accounting Standards Update—Codification Improvements—Financial Instruments. The issues are numbered in the update, and we will use the same number scheme to be consistent.
The amortized cost basis is the amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, writeoffs, foreign exchange, and fair value hedge accounting adjustments.
Preparers pointed out the operational difficultly involved with reporting accrued interest as part of the amortized cost basis of the asset, as it is typically common practice to report that amount as an accrued interest receivable separate and apart from the loan balance itself.
Currently, the allowance recorded by most institutions does not include any allowance related to accrued interest amounts, as they are generally reversed directly on the income statement and not against the allowance when a loan moves into nonaccrual status, this is done when a loan reaches 90 days past due with very few exceptions.
Allow an entity to make an accounting policy election to not measure an allowance on the accrued interest receivable if the entity writes off the accrued interest in a timely manner. This should be consistent with the practice of most regulated financial institutions today and will likely not require any major changes in systems or processes if they make this election.
Allow an entity to make an accounting policy election (separate from above) to write off accrued interest either by reversing interest income expense or by recognizing credit loss expense. Again, if most regulated financial institutions elect to follow current practice and write accrued interest amounts off on the income statement, this will likely require very little change.
Allow an entity to elect to disclose the amount of accrued interest receivable separately from the amortized cost balance of the financial assets. As with the other two changes, this will result in very little change to current practice for institutions that make this election.
These should be welcome changes for most community financial institutions, especially for an issue that has largely gone under the radar for many. These updates were targeted to reduce operational costs and burden at those regulated institutions by allowing them to maintain practices very similar to the ones they have today with regard to accrued interest. Our expectation would be that most community financial institutions will avail themselves of all three policy elections outlined here to streamline the adoption process and not make significant changes to systems and processes.
This is the third installment in a series of blog posts about the proposed ASU for codification improvements to ASU 2106-13, better known as the CECL standard. Click here to see the initial post in the series and to read some background on the proposed ASU.
An issue that was discussed at the November 1st meeting of the CECL Transition Resource Group was how loans should be treated in the vintage disclosure that had previously fallen into the revolving category but at some point since have converted to term loans. A variety of scenarios were raised, including revolving loans where an eventual conversion to term was written into the original agreement, or loans where the lender performs a new underwriting and converts the existing revolving loan to a term loan. This also might include loans that are restructured as part of a Troubled Debt Restructure (TDR) agreement. Opinions seemed to differ on what the correct treatment of these loans would be for disclosure purposes: whether they should be included in the column based on their origination date, included in the column the based on the date they converted to term loans, left in the revolving column even after the conversion to term, or allow an entity to make a policy election for which of these approaches to take.
Any loans that converted to term loans based on a subsequent credit decision would be included in the column that corresponded to the year of that credit decision.
Any loans that converted from revolving to term without a subsequent credit decision, i.e. those that were written into the original contract of the loan, would be included in a new column on the disclosure specifically for that purpose.
Abrigo’s Take: In this case, it seems like FASB found a pretty elegant solution to this tricky issue. By basing the inclusion in the term loans column on a subsequent credit decision, this should allow institutions to utilize data fields they are already tracking for other purposes (Last Renewal Date, for example) to also track which vintage year column the loan should appear in for this disclosure. However, institutions may have to look closely at what types of products they have that would fall into the new category outlined here, and make sure that those products are able to be identified for proper placement in this disclosure. Once those product types are identified, it should be simply a matter of combining those product types with whatever revolving indicator is already being used to determine what term loans should fall into this category.

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results from the latest survey on preparations for cecl, or the current expected credit loss standard, show that financial institutions across the board are making progress as the q1 2020 compliance date nears for sec-filers.
abrigo, the technology provider behind sageworks alll and mst’s loan loss analyzer, recently released results from its third annual cecl survey, which found that nearly half of survey participants (and a majority of sec filers) have already collected and validated data. this is important, because collecting and validating data for the loan loss calculation is typically one of the more significant bottlenecks and challenges in cecl implementation.
in addition, more than a third (and at least half of sec filers) are testing potential cecl-compliant methodologies for calculating their allowance for credit losses. identifying which methodology or methodologies to use is another important step in the cecl implementation process.
however, other financial institutions are not moving fast enough to implement an accounting change that could affect not only earnings but also capital available for dividends, lending, and other growth initiatives, according to cecl experts who reviewed the abrigo cecl survey results.
one area of concern is how infrequently lenders from sec-filing institutions reported that they are now producing parallel calculations – i.e., calculating the allowance for credit losses both under current gaap and under the cecl standard.
“the glaring concern in these sec-filers’ responses is the seemingly limited number of institutions that have actually produced meaningful results and are already running parallel in preparation for a 2020 adoption,” camp said.
institutions have been broadly encouraged to plan for at least four quarters of parallel execution in order to offer enough time to observe a series of results and appropriately calibrate their models. however, only 14 percent of sec registrants surveyed are running parallel allowances. even more concerning: 3 percent of sec filers acknowledged having yet to begin cecl preparations at all.
“allowing enough time to do a walk-through of your models will point to areas that may need to be adjusted and give the institution the opportunity to make those adjustments prior to their cecl compliance date,” said abrigo senior advisor paula king, a former bank cfo and co-founder. financial institutions may need to adjust their loan segments and methodologies for determining cecl estimates based on the testing results. in addition, the walk-through provides time to prepare for loan loss reserve levels and to create supporting documentation, she noted.
overall, 6 percent of survey respondents reported their financial institutions are already running parallel allowances, and the same percentage reported their institutions have yet to begin cecl preparations.
while sec registrants face a 2020 deadline to begin reporting the allowance for credit losses under the cecl accounting standard, all other financial institutions have until 2021 or later.
financial institutions across the u.s. are grappling with the many changes required to implement the current expected credit loss, or cecl, model. the extensive time, resources, and staff involved in a successful transition from the incurred loss model can make even the process of getting started feel daunting. data, methodology, and pooling decisions may seem overwhelming if institutions are not properly prepared.
however, having an effective plan in place can make it easier to implement a compliant cecl model in an efficient manner. financial institutions can build out their models faster by learning the key decisions peer institutions have made ahead of the transition to help create that framework.
in a recent webinar, representatives from great southern bank and the bank’s advisory team at abrigo shared their experiences with cecl so far, the decisions they have made, and their expectations for the future. great southern operates out of springfield, mo., and has total assets of approximately $4 billion. great southern is an sec filer and has a q1 2020 compliance deadline.
the great southern cecl team works closely in regulatory, sec, and board reporting. at their institution, they have strong support for the process by their ceo and board group. their cecl team has involved other departments in the bank in training and responsibility to ensure compliance. other key players include the bank’s chief credit officer, chief production officer, it, internal audit, compliance, and loan operation teams.
great southern first consulted with abrigo in mid-2018 to assist with their cecl planning. to begin their transition process, they started evaluating the methodology options available to them under the new accounting standard. after analyzing their unique data situation, great southern decided on a cohort approach.
the cohort methodology, also referred to as “snapshot” or “open-pool analysis,” relies on the creation of cohorts to capture loans that qualify for a particular segment at a specific point in time. cohort methodologies then track those loans over their remaining lives to determine their loss experience.
“you really can’t stress the importance of data enough when building out a cecl model. methodologies and pooling alike, they need to be approached based on what data fields are available and the time frame that they are available,” said zach langley, advisory analyst at abrigo.
depth is reflective of how far back the data goes. when meeting with great southern, langley considered options for the life of loan of each segment and took note on whether that analysis should come from the segment’s contractual life, or from a weighted average remaining maturity, etc. ways to calculate the “life of the loan” can vary among institutions – it is dependent on what the institution is comfortable defending.
to analyze the integrity of data, a financial institution can look back to see if they have consistent and correct coding historically, as well as consistent and correct application. for example, if a loan has a collateral code of one and that means unsecured, is that loan unsecured in practice? is the financial institution applying their coding consistently?
during the webinar, the consultants highlighted that the first step for creating an effective segmentation strategy should be to find similar risk characteristics of appropriate pools. these segments should be meaningful and not too granular to produce relevant results. pools should calibrate to whatever methodology that a financial institution chooses. it is important to understand what is being analyzed so that the segments can reflect that.
great southern has lending activity spread throughout multiple locations across the u.s. because of this, geographical considerations were important when defining their segments. “it is important for us to be able to pinpoint areas of greater risk by market areas as that information becomes available,” said flowers.
segmentation can be challenging for institutions approaching the cecl transition. indeed, great southern found this to be an obstacle as they were building out their model.
this is a second in a series of blog posts about the proposed asu for codification improvements to asu 2106-13, better known as the cecl standard. click here to see the initial post in the series and to read some background on the proposed asu.
the issue of the treatment of recoveries of previously charged off amounts has been an ongoing topic of discussion. it was discussed at the june 11 trg meeting, discussed again at a subsequent august fasb board meeting, then discussed again in the november 1 trg meeting.
some preparers did not feel that the standard was clear on if recoveries should be included in the estimate of expected credit losses. many financial institutions use net charge-off rates today, that is, loss rates that include both the charge-offs as well as any subsequent recoveries, which theoretically produces an allowance that is net of those amounts today. there were also some questions about which types of recoveries should be included in the estimate, and if recoveries were required to be considered, or if that was optional. some of these questions were based on the difficulty in obtaining data related to recoveries.
326.20.30.1 the allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net amount expected to be collected on the financial asset. at the reporting date, an entity shall record an allowance for credit losses on financial assets within the scope of this subtopic. an entity shall report in net income (as a credit loss expense) the amount necessary to adjust the allowance for credit losses for management’s current estimate of expected credit losses on financial asset(s).
in the definition, the allowance is defined as a valuation account that is deducted from the amortized cost basis of the asset. it wasn’t clear if that could include negative amounts that would be essentially added to the amortized cost basis rather than deducted.
326-20-30-7 when developing an estimate of expected credit losses on financial asset(s), an entity shall consider available information relevant to assessing the collectability of cash flows. this information may include internal information, external information, or a combination of both relating to past events, current conditions, and reasonable and supportable forecasts. an entity shall consider relevant qualitative and quantitative factors that relate to the environment in which the entity operates and are specific to the borrower(s). when financial assets are evaluated on a collective or individual basis, an entity is not required to search all possible information that is not reasonably available without undue cost and effort. furthermore, an entity is not required to develop a hypothetical pool of financial assets. an entity may find that using its internal information is sufficient in determining collectability.
recoverable amounts included in the valuation account shall not exceed the aggregate of amounts previously written off and expected to be written off by the entity.
there is also similar language added to the collateral dependent practical expedient, that those individual loans may also carry negative allowances as long as they do not exceed amounts previously written off.
for the most part, the clarifications addressed in this portion of the proposed asu related to recoveries should require minimal change to ongoing implementation efforts at community financial institutions. most institutions were already planning to include recoveries in their allowance estimate and likewise include them in their modeling for developing this estimate. as for the possibility of negative allowances, we feel these situations are likely to be extremely rare at the pool level, but may become more common for some individual loans, particularly for institutions who are very conservative with their initial charge-offs. however, institutions who may wish to carry negative allowances on individual collateral dependent loans should make sure that they have all their documentation and justification prepared, as the regulatory scrutiny that will be applied to these loans will likely be quite high.
on january 28, 2019, the fasb hosted a public roundtable on cecl intended to cover one main topic as well as a secondary topic. a large group was in attendance, with representatives from banks of various sizes, regulators, representatives from audit firms, as well as bank stock analysts and other readers of financial statements.
the entire proposal can be read here. if this splitting of the total expected losses sounds familiar, it may be because this proposal has a lot in common with the “three bucket approach” that was proposed back when fasb and iasb were attempting to converge on expected loss standards, and in fact has some elements in common with ifrs-9, iasb’s expected loss standard that went into effect in 2018. the bpi points to both the negative capital and earnings impacts of the current cecl standard as well as claiming that cecl, as written, would be significantly more procyclical than the current incurred loss standard, and that procyclicality could lead to an unintended tightening in lending during an economic downturn. the letter and proposal were signed by around 20 banks within the bpi’s membership, although notably absent were the signatures of some of the very largest banks in the country: jpmorgan chase, bank of america, wells fargo, citigroup, and td bank, who are all members of the bpi.
discussion during the roundtable consisted primarily of the various signatories of the bpi proposal explaining and answering questions from fasb board members and staff, as well as other stakeholders around the table. it was clear that the position of the signatories was that the proposal, while substantial, was simply meant to lay out a framework, and not intended to be a fully mature accounting standard on its own. they also expressed praise for fasb’s deliberate standard-setting process and felt that some of the issues being address regarding the proposal would be able to be more fully addressed in that process. discussion for this topic extended for nearly three hours, with fasb board members and staff in particular appearing to be eager to get into the details of the proposal and better understand it. support among banks for the proposal was far from universal, with several of the banks in attendance expressing views in opposition to the proposal. fasb staff is committed to doing more research on the proposal and bring more information to the board later in q1.
it seems hard to imagine that the fasb would take up the proposal without changing adoption timelines for cecl. the change, including the associated costs, for banks who are already well down the road on their cecl implementation would be significant, to the point of potentially having to go completely back to the drawing board in the most extreme cases. fasb was giving the proposal a fair hearing, but they are also holding their cards pretty close to their chest, as cecl has become something of a political football at this point. hopefully this becomes clearer when fasb staff presents to the board later in q1.
the secondary topic of discussion at the roundtable was an interesting disclosure issue related to the new credit quality vintage disclosure that exists in the new cecl standard. the background of this issue is that the illustrative example of this disclosure in the guidance contains lines for “current period gross write-offs and recoveries”, but this requirement was not outlined in the text of the asu itself, leading to some confusion among banks and analysts as to if it was part of the disclosure of not.
this issue was discussed at the 11/7 board meeting and then again at the 12/18 board meeting. conclusions reached were essentially that the gross write-offs and recoveries were intended to be part of the disclosure requirement; however, fasb was sympathetic to the operational challenges to adding the requirement so late in the implementation process and, therefore, asked the staff to do more research and outreach on the issue. the inclusion of the topic at this roundtable was part of that outreach.
early in the discussion, one of the issues brought up by analysts was that they desired this information to be the cumulative gross write-offs and recoveries against a particular vintage of loans, which was even more than the illustrative example in the asu outlined. banks expressed that is would be extremely difficult to go back to get the cumulative losses and recoveries against vintages of loans for the last five years, as would be the requirement based on this desire. a few bankers also expressed that they do not use this information in this way today for managing credit risk and questioned the value of disclosing information that is not even used by management.
it seems likely that this will end in a compromise with both analysts and banks having to move from their current positions: banks not wanting to provide the information at all, and analysts wanting to have cumulative write-offs and recoveries against the last five vintage years. the logical compromise, which fasb board members seemed to propose, was requiring only the current period write-offs and recoveries, and then leaving it to the analysts to build the cumulative amounts over the next few years of disclosures. what is less clear is if any update to this disclosure will have the same rapidly approaching adoption date as the rest of the asu, or if it will be split into a separate update with a different adoption date.
to learn more about abrigo and our aba endorsed cecl solutions, click here.
the number of jobs created in january as revealed in the february 1 bureau of labor statistics’ employment situation report could only be characterized as strong. the national economy added 304,000 jobs, approaching double the expectation of about 170,000. strength in hiring was widespread. construction, manufacturing, and leisure and hospitality stood out as job gaining sectors, but most other sectors also saw increases. only wholesale trade, financial activities, and information technology were essentially flat.
the report comes on the heels of a similarly strong report for december, although it did include a downward revision of december’s numbers of 90,000, leaving that month’s job creation number at 220,000, still well beyond what had been expected.
the headline unemployment rate, u3, ticked up 0.1 percentage point to 4 percent. the broader labor underutilization measure, u6, which counts individuals not formally included in the narrow definition of “unemployed” but available for full-time work, jumped from 7.6 to 8.1 percent.
the two sets of numbers – job creation and unemployment rates – are generated in different surveys; the partial government shutdown, for technical reasons, was expected to have an impact on the “household survey,” which produces the unemployment rates. this seems to be the case. expectations were that headline unemployment would be unchanged, but might tick up a bit due to the shutdown, which, indeed, is what happened.
january’s job creation report, even given the revision to december’s numbers, indicates, at least as measured by the labor markets, that the u.s. economy remains strong and on firm footing.
tom cunningham holds a ph.d. in economics from columbia university and was senior economist with the federal reserve bank of atlanta from 1985 to 2015. mr. cunningham serves as a consultant to mst in the creation and ongoing development of the mst virtual economist and is the mst advisory economics specialist.
why should lenders consider the monthly jobs report?
as employment is a key factor in projecting loan portfolio performance, current employment statistics and longer term trends are likely to be primary considerations for most banks and credit unions as they incorporate forward-looking economic factors in their alll estimations under the cecl accounting standard.
how can lenders consider economic factors in estimating their reserves?
under the new accounting standard, cecl, financial institutions will be required to consider economic factors in estimating their reserves. the mst virtual economist is an efficient, automated way to evaluate qualitative economic factors and project their impact on the institution’s loss rate, find new variables that impact the loss rate and determine the relevance of the economic factors you are already using to make qualitative adjustments. click here for more information or to schedule a demonstration.
when fasb released the cecl asu in june 2016, the defining theme through the asu was the flexibility given to preparers with regard to the new expected losses standard. since this time, there have been many discussions and buckets of ink spilled on the interpretation of the guidance released, but no new asus released that actually changed the guidance. while asu 2018-19 was issued in late 2018, all this really did was make some clarifications and changes around the effective date of the standard for private companies, essentially extending the adoption date for those companies to q1 2022.
however, the first proposed asu with substantial changes to the codification has now been proposed as of november 19th, 2018 with a comment period ending on january 18th, 2019. this asu addressed many of the issues that have been brought up and discussed in the transition resource group (trg) formed by fasb to look at the implementation of the standard, as well as other issues brought up by stakeholders to fasb. we’re going to spend the next series of blog posts looking at a few of these issues and how they will affect the implementation of the standards for financial institutions. for reference, the proposed asu can be found on fasb’s website here under the title 11/19/18: proposed accounting standards update—codification improvements—financial instruments. the issues are numbered in the update, and we will use the same number scheme to be consistent.
the amortized cost basis is the amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, writeoffs, foreign exchange, and fair value hedge accounting adjustments.
preparers pointed out the operational difficultly involved with reporting accrued interest as part of the amortized cost basis of the asset, as it is typically common practice to report that amount as an accrued interest receivable separate and apart from the loan balance itself.
currently, the allowance recorded by most institutions does not include any allowance related to accrued interest amounts, as they are generally reversed directly on the income statement and not against the allowance when a loan moves into nonaccrual status, this is done when a loan reaches 90 days past due with very few exceptions.
allow an entity to make an accounting policy election to not measure an allowance on the accrued interest receivable if the entity writes off the accrued interest in a timely manner. this should be consistent with the practice of most regulated financial institutions today and will likely not require any major changes in systems or processes if they make this election.
allow an entity to make an accounting policy election (separate from above) to write off accrued interest either by reversing interest income expense or by recognizing credit loss expense. again, if most regulated financial institutions elect to follow current practice and write accrued interest amounts off on the income statement, this will likely require very little change.
allow an entity to elect to disclose the amount of accrued interest receivable separately from the amortized cost balance of the financial assets. as with the other two changes, this will result in very little change to current practice for institutions that make this election.
these should be welcome changes for most community financial institutions, especially for an issue that has largely gone under the radar for many. these updates were targeted to reduce operational costs and burden at those regulated institutions by allowing them to maintain practices very similar to the ones they have today with regard to accrued interest. our expectation would be that most community financial institutions will avail themselves of all three policy elections outlined here to streamline the adoption process and not make significant changes to systems and processes.
this is the third installment in a series of blog posts about the proposed asu for codification improvements to asu 2106-13, better known as the cecl standard. click here to see the initial post in the series and to read some background on the proposed asu.
an issue that was discussed at the november 1st meeting of the cecl transition resource group was how loans should be treated in the vintage disclosure that had previously fallen into the revolving category but at some point since have converted to term loans. a variety of scenarios were raised, including revolving loans where an eventual conversion to term was written into the original agreement, or loans where the lender performs a new underwriting and converts the existing revolving loan to a term loan. this also might include loans that are restructured as part of a troubled debt restructure (tdr) agreement. opinions seemed to differ on what the correct treatment of these loans would be for disclosure purposes: whether they should be included in the column based on their origination date, included in the column the based on the date they converted to term loans, left in the revolving column even after the conversion to term, or allow an entity to make a policy election for which of these approaches to take.
any loans that converted to term loans based on a subsequent credit decision would be included in the column that corresponded to the year of that credit decision.
any loans that converted from revolving to term without a subsequent credit decision, i.e. those that were written into the original contract of the loan, would be included in a new column on the disclosure specifically for that purpose.
abrigo’s take: in this case, it seems like fasb found a pretty elegant solution to this tricky issue. by basing the inclusion in the term loans column on a subsequent credit decision, this should allow institutions to utilize data fields they are already tracking for other purposes (last renewal date, for example) to also track which vintage year column the loan should appear in for this disclosure. however, institutions may have to look closely at what types of products they have that would fall into the new category outlined here, and make sure that those products are able to be identified for proper placement in this disclosure. once those product types are identified, it should be simply a matter of combining those product types with whatever revolving indicator is already being used to determine what term loans should fall into this category.


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The truth is, running a manufacturing business in Australia is tough given the high labour costs not to mention the need to manage inventory and costs, track customer orders, manage pending builds and assemblies plus identify which orders have shipped. If you import components or export your finished goods you also face the volatility of the Australian dollar.
We have helped a number of manufacturers through the various stages of their business life cycle and can provide you with a range of accounting, tax and business coaching services to support and grow your business. If you need help with job costing, pricing, break even analysis or management accounting services we can assist you. We also use industry benchmarks to compare your business performance against your peers to help you assess what is working in your business and what needs working on.
No job is too big or small for our team and we will help you understand the key profit drivers in your manufacturing business. You need to know your business numbers including your pricing and margins so your financials are more meaningful. All business owners need to budget, plan, and monitor their business' performance and we know the pitfalls of manufacturing in this country.
We look forward to working with you to build your manufacturing business and grow your wealth and for more information about our services contact us today.
If you're an ambitious business owner looking to start or grow your manufacturing business we invite you to book a FREE, one hour introductory consultation to discuss your business needs. At this meeting you can expect practical business, tax, marketing and financial advice designed to help you accelerate your business success. To make a booking call us today on (03) 9761 0035 or complete your details in the box at the top of this page and let’s get to work ON your business so it's more profitable, valuable and saleable.

lowercased:
the truth is, running a manufacturing business in australia is tough given the high labour costs not to mention the need to manage inventory and costs, track customer orders, manage pending builds and assemblies plus identify which orders have shipped. if you import components or export your finished goods you also face the volatility of the australian dollar.
we have helped a number of manufacturers through the various stages of their business life cycle and can provide you with a range of accounting, tax and business coaching services to support and grow your business. if you need help with job costing, pricing, break even analysis or management accounting services we can assist you. we also use industry benchmarks to compare your business performance against your peers to help you assess what is working in your business and what needs working on.
no job is too big or small for our team and we will help you understand the key profit drivers in your manufacturing business. you need to know your business numbers including your pricing and margins so your financials are more meaningful. all business owners need to budget, plan, and monitor their business' performance and we know the pitfalls of manufacturing in this country.
we look forward to working with you to build your manufacturing business and grow your wealth and for more information about our services contact us today.
if you're an ambitious business owner looking to start or grow your manufacturing business we invite you to book a free, one hour introductory consultation to discuss your business needs. at this meeting you can expect practical business, tax, marketing and financial advice designed to help you accelerate your business success. to make a booking call us today on (03) 9761 0035 or complete your details in the box at the top of this page and let’s get to work on your business so it's more profitable, valuable and saleable.


text:
If images of Canada conjure up thoughts of icy wilderness and miles of forest, you’re in for a surprise with this book. The Suspect by LR Wright is set in the small town of Sechelt on Canada’s ‘Sunshine Coast’, an area to the north of Vancouver famed for its mild climate and stunning coastline. It’s a place that Staff Sergeant Karl Alberg, of the Royal Canadian Mounted Police, has chosen for an easy posting. However, when Carlyle Burke, an elderly man with few friends is found dead, Karl has to use his knowledge of human foibles and methodical policing to find the killer.
The Suspect is a short and unusual book that draws the reader into the story. The setting provides the backdrop to the murder investigation, with descriptions of fertile gardens and small coastal inlets, and there is an air of the retirement village about the whole plot, a gentle paced hunt for a murderer. For the reader there is never any doubt about the culprit as the opening chapter is written from the murderer’s point of view. The book charts Karl’s growing suspicions about the identity of the killer and his attempts to prove the man’s guilt and to ascertain the motive.
The police investigation part of the book works very well and Karl is clearly a talented policeman. Also central to the plot is a date that he goes on with Cassandra, the town’s librarian. Their budding romance is tainted by her friendship with the main suspect and the characterisation of the interweaving relationship between Karl, Cassandra and the suspect George is the principal strength of this book. This is a book with no major shocks but a gradual revealing of supposed wrongs done to a person. I’m not sure I believed that the motive was enough to make a man kill but it didn’t spoil my enjoyment of the book.
This unusual little book was a delight to read, all the more so as it was something I probably wouldn’t have picked up. I will certainly read more of this series if I can find them.
Thanks to Maxine at Petrona for my copy. Her review is here. The book, first published in 1985, has also been reviewed by Mysteries in Paradise and Mysteries and More from Saskatchewan.
The writer (who died in 1991) has an official website.
Sarah – An excellent review, for which thanks. I do think Wright’s choice to let readers know who the killer is from the start works well here (‘though I’ve read a lot of novels where it doesn’t). The pace works too, as you point out, for the setting, and I think that’s one of the book’s real strengths.
Thanks Maxine and Margot. I did enjoy this book and it was a nice surprise to read something a bit different.
I liked this book so much I posted about it around the mystery reading blogosphere, and happily, many readers got it and read it.
I found it at Partners and Crime in my city, a wonderful independent crime fiction bookstore. One of the “Partners” is the publisher of Felony and Mayhem Press, which has republished three of Lorelai Rose Wright’s books. “The Suspect” was their first venture.
The sense of place was wonderful. I can picture the Western seacoast of British Columbia now with Karl and Cassandra having tea.
I liked the characters and found the motive believable, in fact, a quite sympathetic one, given the relationships, love and protectiveness.
Thanks Kathy, you were spot on with this book. I believe that the other site I review for crimesquad.com is going to feature LR Wright as its classic crime author later this year. Something to look forward to.
An unfamiliar author– thanks! I love Canadian settings.
Thanks Jen for dropping by.
I am glad you enjoyed the book. In addition to an interesting plot I thought Wright did an excellent job of working the geography and weather into the story.
Thanks Bill. I agree that the geography/climate were well integrated into the story.

lowercased:
if images of canada conjure up thoughts of icy wilderness and miles of forest, you’re in for a surprise with this book. the suspect by lr wright is set in the small town of sechelt on canada’s ‘sunshine coast’, an area to the north of vancouver famed for its mild climate and stunning coastline. it’s a place that staff sergeant karl alberg, of the royal canadian mounted police, has chosen for an easy posting. however, when carlyle burke, an elderly man with few friends is found dead, karl has to use his knowledge of human foibles and methodical policing to find the killer.
the suspect is a short and unusual book that draws the reader into the story. the setting provides the backdrop to the murder investigation, with descriptions of fertile gardens and small coastal inlets, and there is an air of the retirement village about the whole plot, a gentle paced hunt for a murderer. for the reader there is never any doubt about the culprit as the opening chapter is written from the murderer’s point of view. the book charts karl’s growing suspicions about the identity of the killer and his attempts to prove the man’s guilt and to ascertain the motive.
the police investigation part of the book works very well and karl is clearly a talented policeman. also central to the plot is a date that he goes on with cassandra, the town’s librarian. their budding romance is tainted by her friendship with the main suspect and the characterisation of the interweaving relationship between karl, cassandra and the suspect george is the principal strength of this book. this is a book with no major shocks but a gradual revealing of supposed wrongs done to a person. i’m not sure i believed that the motive was enough to make a man kill but it didn’t spoil my enjoyment of the book.
this unusual little book was a delight to read, all the more so as it was something i probably wouldn’t have picked up. i will certainly read more of this series if i can find them.
thanks to maxine at petrona for my copy. her review is here. the book, first published in 1985, has also been reviewed by mysteries in paradise and mysteries and more from saskatchewan.
the writer (who died in 1991) has an official website.
sarah – an excellent review, for which thanks. i do think wright’s choice to let readers know who the killer is from the start works well here (‘though i’ve read a lot of novels where it doesn’t). the pace works too, as you point out, for the setting, and i think that’s one of the book’s real strengths.
thanks maxine and margot. i did enjoy this book and it was a nice surprise to read something a bit different.
i liked this book so much i posted about it around the mystery reading blogosphere, and happily, many readers got it and read it.
i found it at partners and crime in my city, a wonderful independent crime fiction bookstore. one of the “partners” is the publisher of felony and mayhem press, which has republished three of lorelai rose wright’s books. “the suspect” was their first venture.
the sense of place was wonderful. i can picture the western seacoast of british columbia now with karl and cassandra having tea.
i liked the characters and found the motive believable, in fact, a quite sympathetic one, given the relationships, love and protectiveness.
thanks kathy, you were spot on with this book. i believe that the other site i review for crimesquad.com is going to feature lr wright as its classic crime author later this year. something to look forward to.
an unfamiliar author– thanks! i love canadian settings.
thanks jen for dropping by.
i am glad you enjoyed the book. in addition to an interesting plot i thought wright did an excellent job of working the geography and weather into the story.
thanks bill. i agree that the geography/climate were well integrated into the story.


text:
Sorry, my weblog has been down for the past few days as my hosting service changed the location of my site and deked out the configuration settings. It's all right as rain now and I hope to be bringing you some good to great news in the next little while.
In the meantime if you are Canadian or interested in the great white north please consider reading and (hopefully) opposing Bill C61.
Here's a funny and illuminating video describing one of the flaws of such a bill.

lowercased:
sorry, my weblog has been down for the past few days as my hosting service changed the location of my site and deked out the configuration settings. it's all right as rain now and i hope to be bringing you some good to great news in the next little while.
in the meantime if you are canadian or interested in the great white north please consider reading and (hopefully) opposing bill c61.
here's a funny and illuminating video describing one of the flaws of such a bill.


text: Icon Heroes, makers of Star Trek stationary and office products, have revealed their latest creation, the Captain Kirk bookend, which features the TV-era Kirk in his command chair. Figures.com captured these images of the new bookend, as displayed at the San Diego Comic Con, it should reach the rest of us in the real world at some point in the first quarter of 2016. You can see a few more images in Figures.com's gallery.

lowercased: icon heroes, makers of star trek stationary and office products, have revealed their latest creation, the captain kirk bookend, which features the tv-era kirk in his command chair. figures.com captured these images of the new bookend, as displayed at the san diego comic con, it should reach the rest of us in the real world at some point in the first quarter of 2016. you can see a few more images in figures.com's gallery.


text:
What to expect from the new Blackburn manager after anti-Venky remarks?
Chelsea’s complaints about Clattenburg – what does his past tell us?
In memory of football’s first pioneers, Nathaniel Creswick and William Prest,who founded the World’s First Football Club on October 24th, 1857: Sheffield FC.
I am not really one to wish ill on anybody, certainly not to the point where anyone is robbed of their livelihood and/or their job….
PICTURE: Another Chelsea defender giving up on England career?
TRANSFER RUMOURS – Falcao to Chelsea? Zaha to Liverpool?

lowercased:
what to expect from the new blackburn manager after anti-venky remarks?
chelsea’s complaints about clattenburg – what does his past tell us?
in memory of football’s first pioneers, nathaniel creswick and william prest,who founded the world’s first football club on october 24th, 1857: sheffield fc.
i am not really one to wish ill on anybody, certainly not to the point where anyone is robbed of their livelihood and/or their job….
picture: another chelsea defender giving up on england career?
transfer rumours – falcao to chelsea? zaha to liverpool?


text:
300mm x 450mm x 20mm Water Cooled Solid Aluminum Optical Breadboard, Black Anodized. Each aluminum breadboard has M6 tapped holes on 2.5 cm centers, as well as 5 counter bores for rigid mounting. Base Lab Tools' liquid cooling optical breadboard is designed for use with heat creating components; such as lasers, CPUs, and LEDs. Lab Tools has designed versatility into this product by placing counter bores into both sides of this 20mm thick optical cooling plate. This allows for it to be used with the copper tubing exposed for more direct cooling, or the breadboard can be turned over and be used as a solid aluminum heatsink. This optical plate uses 3/8 OD copper tubing. Flexible tubing can be push-fit into place, or compression fitting can be used when higher volumes of cooling (or heating) liquids are being used. Then connect to your chiller unit.
Base Lab Tools offers hundreds of optical breadboards from stock and custom. Often in applications like CPU cooling, laser diode and laser bar cooling excessive amounts of heat is produced. This optical breadboard / cooling plate allows the user to connect their own chiller and cool their components.
This 300mm x 450mm water cooled optical breadboard has the added advantage of having the cooling area being split into two segments which can be used independently or chained together with a short piece of tubing.
External looping of the cooling tube compensates for expansion and minimizes disruption to the hole pattern.
Components can be mounted directly against copper tubing for maximum cooling.
Standard size 3/8" OD copper tubing.
Unique double counterbore mounting holes allow the breadboard to be flipped to using the aluminum as large heatsink cooled underneath.
Uses standard copper fittings which can easily be purchased at your local hardware store or from Base Lab Tools separately.

lowercased:
300mm x 450mm x 20mm water cooled solid aluminum optical breadboard, black anodized. each aluminum breadboard has m6 tapped holes on 2.5 cm centers, as well as 5 counter bores for rigid mounting. base lab tools' liquid cooling optical breadboard is designed for use with heat creating components; such as lasers, cpus, and leds. lab tools has designed versatility into this product by placing counter bores into both sides of this 20mm thick optical cooling plate. this allows for it to be used with the copper tubing exposed for more direct cooling, or the breadboard can be turned over and be used as a solid aluminum heatsink. this optical plate uses 3/8 od copper tubing. flexible tubing can be push-fit into place, or compression fitting can be used when higher volumes of cooling (or heating) liquids are being used. then connect to your chiller unit.
base lab tools offers hundreds of optical breadboards from stock and custom. often in applications like cpu cooling, laser diode and laser bar cooling excessive amounts of heat is produced. this optical breadboard / cooling plate allows the user to connect their own chiller and cool their components.
this 300mm x 450mm water cooled optical breadboard has the added advantage of having the cooling area being split into two segments which can be used independently or chained together with a short piece of tubing.
external looping of the cooling tube compensates for expansion and minimizes disruption to the hole pattern.
components can be mounted directly against copper tubing for maximum cooling.
standard size 3/8" od copper tubing.
unique double counterbore mounting holes allow the breadboard to be flipped to using the aluminum as large heatsink cooled underneath.
uses standard copper fittings which can easily be purchased at your local hardware store or from base lab tools separately.


text:
Hi! I’m David, a WordPress Web Designer from Barcelona to the whole world.
Website Designer for StartUps, Autonomous, SMEs, Personal Blogs, and for you.
I am a close, communicative and empathetic person. The experience in projects in which I have been able to participate are key to offer you the website you are looking for.
I offer you a professional, direct and close relationship with total exclusivity for your project.
I put at your disposal all my experience as a WordPress Web Designer.
For years I have been helping dynamic people like you.
Entrepreneurs that require my experience in design and development of web pages, online stores and App’s.
They, like you, want to launch and often also relaunch their business through Internet.
The best way to create web pages is to listen and understand what the client wants to achieve with its website.
I take care of creating / improving the web that is better suited to the businesses that want to grow in the Online world.
I want, and I can, help you give a good boost to your business with a web page with a good conversion of its visits.
So if you are decided to undertake the adventure of selling your products or services with your website on Internet I invite you to take a look at my services.
I Design & Develop Websites with the CMS WordPress. It’s a self-management tool that let’s you update all the content in a easy way.
I assure that your Website complies with all the guidelines of the world’s largest search engine: Google. Thanks to this we can have a good positioning in the searches.
Your products and services will be available in a global market 24/7. It is a simple sales system to manage. That’s why WooCommerce is your best partner.
Design your web application for all mobile devices so you can better retain your Clients. Available for Android and iPhone devices.
Decide your professional future is at your fingertips, with your website.
One thing is clear, if you have finished here it is because you are an entrepreneur and you need a website for your business or personal purpose.
Well, you’re in the right place, because I’m dedicated to this: to let you know on Internet with a attractive and optimized website to attract customers through Internet.
The internet of things is here, and it’s here to stay.
I do not explain anything that you do not already know: everyone has Internet in their pocket.
The usual channels of purchase / sales are changing towards the digital sector, and any business activity that does not take it into account can go wrong.
All business activity, whether large or small, must have its showcase on Internet, with an efficient website .
En éste artículo te explico qué es un certificado SSL y cómo debes implementarlo. Es muy sencillo a la vez que muy importante.
En éste artículo te explico las principales diferencias entre los protocolos HTTP y HTTPS.
En éste artículo te explico qué es una Cookie. De una forma sencilla podrás gestionarlas y cumplir con la Ley de Cookies.
En éste artículo explico las diferencias entre elegir un hosting económico para WordPress y otro de más calidad con sus ventajas e inconvenientes.
En éste artículo te explico las principales características y diferencias entre las dos modalidades.
En éste artículo te explico las principales diferencias entre crear una página web con plantilla HTML o WordPress para que puedas escoger sin temor a equivocarte.
I am a Professional WordPress Web Designer & Web Developer who can brings you a Professional Website in a very short time. Let's Talk and make it real!

lowercased:
hi! i’m david, a wordpress web designer from barcelona to the whole world.
website designer for startups, autonomous, smes, personal blogs, and for you.
i am a close, communicative and empathetic person. the experience in projects in which i have been able to participate are key to offer you the website you are looking for.
i offer you a professional, direct and close relationship with total exclusivity for your project.
i put at your disposal all my experience as a wordpress web designer.
for years i have been helping dynamic people like you.
entrepreneurs that require my experience in design and development of web pages, online stores and app’s.
they, like you, want to launch and often also relaunch their business through internet.
the best way to create web pages is to listen and understand what the client wants to achieve with its website.
i take care of creating / improving the web that is better suited to the businesses that want to grow in the online world.
i want, and i can, help you give a good boost to your business with a web page with a good conversion of its visits.
so if you are decided to undertake the adventure of selling your products or services with your website on internet i invite you to take a look at my services.
i design & develop websites with the cms wordpress. it’s a self-management tool that let’s you update all the content in a easy way.
i assure that your website complies with all the guidelines of the world’s largest search engine: google. thanks to this we can have a good positioning in the searches.
your products and services will be available in a global market 24/7. it is a simple sales system to manage. that’s why woocommerce is your best partner.
design your web application for all mobile devices so you can better retain your clients. available for android and iphone devices.
decide your professional future is at your fingertips, with your website.
one thing is clear, if you have finished here it is because you are an entrepreneur and you need a website for your business or personal purpose.
well, you’re in the right place, because i’m dedicated to this: to let you know on internet with a attractive and optimized website to attract customers through internet.
the internet of things is here, and it’s here to stay.
i do not explain anything that you do not already know: everyone has internet in their pocket.
the usual channels of purchase / sales are changing towards the digital sector, and any business activity that does not take it into account can go wrong.
all business activity, whether large or small, must have its showcase on internet, with an efficient website .
en éste artículo te explico qué es un certificado ssl y cómo debes implementarlo. es muy sencillo a la vez que muy importante.
en éste artículo te explico las principales diferencias entre los protocolos http y https.
en éste artículo te explico qué es una cookie. de una forma sencilla podrás gestionarlas y cumplir con la ley de cookies.
en éste artículo explico las diferencias entre elegir un hosting económico para wordpress y otro de más calidad con sus ventajas e inconvenientes.
en éste artículo te explico las principales características y diferencias entre las dos modalidades.
en éste artículo te explico las principales diferencias entre crear una página web con plantilla html o wordpress para que puedas escoger sin temor a equivocarte.
i am a professional wordpress web designer & web developer who can brings you a professional website in a very short time. let's talk and make it real!


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1weblab is a full-service web design company in Jafrabad (East Delhi) East Delhi Delhi is a sophisticated and Hi-Fi computerized advertising organization that is a skill in the field of innovative Website Designing with Website Development, Ecommerce Website Design and Development, advance and classic Website Designing and Brand building furthermore, Applications advancement. We are youthful and vigorous specialized savvies and in hungry of most recent advancement innovations on the web. We will apply all the innovation development procedures in our undertakings. We work for the customer's fulfilment and will remain with you to develop your business naturally. Maintaining a business not just requires diligent work yet additionally requires successful savvy work. We will do both the works for a mind-boggling cost!
Our services are far more solid and efficent than any other Web Design company in Jafrabad (East Delhi) East Delhi Delhi , as proven time over time with our current clients. Try not to trust it? We would be happy to explain how over a brief call!

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1weblab is a full-service web design company in jafrabad (east delhi) east delhi delhi is a sophisticated and hi-fi computerized advertising organization that is a skill in the field of innovative website designing with website development, ecommerce website design and development, advance and classic website designing and brand building furthermore, applications advancement. we are youthful and vigorous specialized savvies and in hungry of most recent advancement innovations on the web. we will apply all the innovation development procedures in our undertakings. we work for the customer's fulfilment and will remain with you to develop your business naturally. maintaining a business not just requires diligent work yet additionally requires successful savvy work. we will do both the works for a mind-boggling cost!
our services are far more solid and efficent than any other web design company in jafrabad (east delhi) east delhi delhi , as proven time over time with our current clients. try not to trust it? we would be happy to explain how over a brief call!


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As part of their personal development project, a group of VCAL students set out to learn about the issue of homelessness and share that knowledge with members of the community.
The busy and committed VCALs learned about the causes of homelessness including a confronting visit to the Salvation Army in Melbourne’s CBD.
The project research included interviews with many people working behind the scenes supporting homeless people.
Once it was time to share the knowledge, they created an age appropriate class lesson for students from the Pakenham Consolidated School. Our College students were pleased to see that at the end of their lesson presentation, the young students were able to demonstrate – through pictures (see below) – their understanding of what homelessness looks like and what it is exactly.

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as part of their personal development project, a group of vcal students set out to learn about the issue of homelessness and share that knowledge with members of the community.
the busy and committed vcals learned about the causes of homelessness including a confronting visit to the salvation army in melbourne’s cbd.
the project research included interviews with many people working behind the scenes supporting homeless people.
once it was time to share the knowledge, they created an age appropriate class lesson for students from the pakenham consolidated school. our college students were pleased to see that at the end of their lesson presentation, the young students were able to demonstrate – through pictures (see below) – their understanding of what homelessness looks like and what it is exactly.


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So far Anica Padgett has created 14 blog entries.
My Father’s Arrows is expanding its services! We want to support more families including those who have already adopted and friends and relatives who have come forward to keep children out of foster care.
If you are an adoptive parent or relative/non relative caregiver and show court orders, you will receive 25% off every item you purchase for those children.
As always, licensed foster parents with care and custody letters will continue to get items for free for children in foster care.
We are excited about the new year, so we want to thank you for making 2018 amazing!
We hosted 20 community education and recruitment events to help raise awareness of the needs of orphans in Northwest Florida and Southeast Alabama.
We submitted 14 grants and won 7 to help continue our mission of serving the children.
We gave foster families 424 tickets for shows, sporting events, and special experiences.
Register now for the Sasquatch 5K Trail Run and use coupon code ARROWS for $5 off an adult ticket! The coupon code will only work now through Sunday, October 21, 2018.
Join the fun and support a great cause October 27, 2018 at Adventures Unlimited .
The Sasquatch 5K Trail Run is back!
We anticipate an incredible 2018! Countless hours, faithful prayers, and hard work have been poured into My Father’s Arrows to be a real home for the orphan. A vital part of this journey is to fully equip our staff and volunteers. If you are interested in volunteering with foster families and children living at Mama’s House, you will need to be present at a very important meeting. The meeting will take place March 10, 2018, 5pm at Mama’s House located at 4025 Hwy 178, Jay, FL 32565.
Did you know that our area is in a foster care crisis? Does your church have a plan to help local orphans this year? There are many ways that you can help beyond fostering and adoption. One of us would love to sit down with your church leaders and discuss how your church can be part of the solution. Email sustain@myfathersarrows.org or call 850-675-4403 to schedule a meeting.
Do you like to shop? Would you like to help someone else have a great shopping experience? We could use your help at our Milton thrift store and our Jay warehouse.

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so far anica padgett has created 14 blog entries.
my father’s arrows is expanding its services! we want to support more families including those who have already adopted and friends and relatives who have come forward to keep children out of foster care.
if you are an adoptive parent or relative/non relative caregiver and show court orders, you will receive 25% off every item you purchase for those children.
as always, licensed foster parents with care and custody letters will continue to get items for free for children in foster care.
we are excited about the new year, so we want to thank you for making 2018 amazing!
we hosted 20 community education and recruitment events to help raise awareness of the needs of orphans in northwest florida and southeast alabama.
we submitted 14 grants and won 7 to help continue our mission of serving the children.
we gave foster families 424 tickets for shows, sporting events, and special experiences.
register now for the sasquatch 5k trail run and use coupon code arrows for $5 off an adult ticket! the coupon code will only work now through sunday, october 21, 2018.
join the fun and support a great cause october 27, 2018 at adventures unlimited .
the sasquatch 5k trail run is back!
we anticipate an incredible 2018! countless hours, faithful prayers, and hard work have been poured into my father’s arrows to be a real home for the orphan. a vital part of this journey is to fully equip our staff and volunteers. if you are interested in volunteering with foster families and children living at mama’s house, you will need to be present at a very important meeting. the meeting will take place march 10, 2018, 5pm at mama’s house located at 4025 hwy 178, jay, fl 32565.
did you know that our area is in a foster care crisis? does your church have a plan to help local orphans this year? there are many ways that you can help beyond fostering and adoption. one of us would love to sit down with your church leaders and discuss how your church can be part of the solution. email sustain@myfathersarrows.org or call 850-675-4403 to schedule a meeting.
do you like to shop? would you like to help someone else have a great shopping experience? we could use your help at our milton thrift store and our jay warehouse.


text: eCOG Media’s stock image collection that you can use on your site or other marketing material. These are royalty-free stock images that can be used for personal or commercial use. All images and artwork are high resolution images for just a small fee compared to other monthly paid services or by piece images. We will be adding more content as time goes on so please check back often to see what new and what you can use.

lowercased: ecog media’s stock image collection that you can use on your site or other marketing material. these are royalty-free stock images that can be used for personal or commercial use. all images and artwork are high resolution images for just a small fee compared to other monthly paid services or by piece images. we will be adding more content as time goes on so please check back often to see what new and what you can use.


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For over 20 years, we've consistently hired reliable, customer service-focused employees who are both knowledgeable and skilled. They are experienced in many areas of home improvement and they know the value of building relationships with our clients. Our team of qualified experts live our code of values of Respect, Integrity, and Customer Focus while having fun in the process!
As a technician team member, you are a key member of our organization, responsible for quality repairs, remodeling, and home improvement projects. You will build customer relationships and uphold our standard for excellent customer service. Exemplifying our code of values, you show respect and courtesy to all customers and employees.
Benefits: Partial health insurance, paid holidays, paid vacation and other optional benefits such as 401K and Health Savings Accounts, plus uniforms, ipad, cell phone, and a company vehicle.

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for over 20 years, we've consistently hired reliable, customer service-focused employees who are both knowledgeable and skilled. they are experienced in many areas of home improvement and they know the value of building relationships with our clients. our team of qualified experts live our code of values of respect, integrity, and customer focus while having fun in the process!
as a technician team member, you are a key member of our organization, responsible for quality repairs, remodeling, and home improvement projects. you will build customer relationships and uphold our standard for excellent customer service. exemplifying our code of values, you show respect and courtesy to all customers and employees.
benefits: partial health insurance, paid holidays, paid vacation and other optional benefits such as 401k and health savings accounts, plus uniforms, ipad, cell phone, and a company vehicle.


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Find helpful customer reviews and review ratings for Sony Playstation Vita 16 GB Memory Card [ Sony] at. Mortal kombat x app wont download. Asphalt Xtreme 1. 0 Apk + Mega MOD ( All Feautures) + Data [ Aderno Mali, Tegra PowerVR] for android Need for Speed Most Wanted 1. Read honest and unbiased product reviews from our users. 35 MORTAL KOMBAT X 1.
5 APK + Mod ( Money Unlocked) The Walking Dead Season Two Full Apk + Data [ Aderno, tegra, Gold, mali powerVr] for android ( All Episodes Unlocked) v1. 4c Apk + Mod + Data for android Real Racing 3 7.

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find helpful customer reviews and review ratings for sony playstation vita 16 gb memory card [ sony] at. mortal kombat x app wont download. asphalt xtreme 1. 0 apk + mega mod ( all feautures) + data [ aderno mali, tegra powervr] for android need for speed most wanted 1. read honest and unbiased product reviews from our users. 35 mortal kombat x 1.
5 apk + mod ( money unlocked) the walking dead season two full apk + data [ aderno, tegra, gold, mali powervr] for android ( all episodes unlocked) v1. 4c apk + mod + data for android real racing 3 7.


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Jessica’s Theme Band was formed in 1991 by Jim, John and Nick. Until 1994 when they disbanded they played many live gigs around Greece and collaborated with musicians such as John Drolapas, Dimitris Polytimos, Kyriakos Darivas and more. They won the first prize in a national TV show as band of the year. From 1994 the band members followed different musical directions.
In 2013 they decided to reunite and record their first album with new members Denis and Tony. The album was recorded at SPR studios with sound engineer and co-producer Sofoklis Papas.
You can find more about Jessica’s Theme Band at their website, Facebook Page, Twitter Feed, and YouTube Channel.
Southern Governor is a truly distinctive rock band with a style that is virtually impossible to compare.

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jessica’s theme band was formed in 1991 by jim, john and nick. until 1994 when they disbanded they played many live gigs around greece and collaborated with musicians such as john drolapas, dimitris polytimos, kyriakos darivas and more. they won the first prize in a national tv show as band of the year. from 1994 the band members followed different musical directions.
in 2013 they decided to reunite and record their first album with new members denis and tony. the album was recorded at spr studios with sound engineer and co-producer sofoklis papas.
you can find more about jessica’s theme band at their website, facebook page, twitter feed, and youtube channel.
southern governor is a truly distinctive rock band with a style that is virtually impossible to compare.