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Bank Financial Statement Analysis, Ratio Analysis and Performance Analysis
Financial Institution Financial Statement Analysis
- Current Assets / Liquid Assets
- Cash and cash due from Central Bank; cash on deposit in postal banking accounts; Due from Banks; Interest-bearing deposits in other banks
- Cash held in trust: may be on the behalf of a third party or the result of a merger/acquisition and may have restrictions encumbering its usage.
- Fed Funds Sold: Federal funds, or fed funds, are unsecured loans of reserve balances at Federal Reserve Banks that depository institutions make to one another. Banks keep reserve balances at the Federal Reserve Banks to meet their reserve requirements and to clear financial transactions. Transactions in the fed funds market enable depository institutions with reserve balances in excess of reserve requirements to lend them, or ?sell? as it is called by market participants, to institutions with reserve deficiencies. Fed Funds are sold daily to various financial institutions (commercial banks, thrift institutions, agencies and branches of foreign banks in the United States, federal agencies, and government securities dealers) throughout the United States. The most common duration or term for fed funds transaction is overnight, though longer-term deals are arranged. The rate at which these transactions occur is called the fed funds rate.
- Due From Banks: demand and time deposits with other banks (does not include loans to banks that may be termed time deposits due from banks) and although there is a slight element of risk involved, it is still considered cash.
- Negotiable Certificates of Deposit, which should be stated at the lower of cost or net realizable value.
- Marketable Securities: U.S. Treasury and other U.S. government agencies, States and political subdivisions, exchange listed (publicly traded) securities such as corporate bonds equities, Asset-backed securities Mortgage-backed securities. This account is also sometimes known as Securities Available-for-Sale (amortized; price movements in these securities are dependent upon the movement in market interest rate).
- Loans less than one year
- Advances to customers
- Accounts receivable - trade
- Securities held under Reverse Repurchase Agreements: the financial institution "lent" out cash and took securities at a discounted value as security, which are recorded as receivables.
- Loans or Receivables (of various maturities in excess of one year) will represent one of the main business activities of the the bank and may account for the largest percentage of total assets. A loan is an extension of credit resulting from direct negotiations between a lender and a borrower. Loans may be held until maturity, may be sold in whole or a portion to third parties, and may also be obtained through purchase in whole or in portion from third parties.
- What is in the portfolio? Corporate / commercial loans (secured / unsecured, fixed-term / revolving)? Construction loans (this is one of the riskiest types of loan), Commercial lease financing, Mortgages (residential or commercial), secured loans, loans to public authorities, consumer loans such as credit card, home equity and personal loans; consumer lease financing?
- Collateralized loans mean that the grantor has in its possession (or a fiduciary, administrator, trustee) readily marketable or highly liquid instruments (cash, CDs, stocks and bonds). Sufficient margin on collateralized credits should also be provided (due to interest rate and market sensitivity).
- Secured loans are secured by assets that are not readily marketable and/or under the control of the recipient of the loan (UCC filings on receivables, pledges of inventory, equipment, assignment of real estate mortgages or rents, contracts). Pledge of inventory and real estate should be adequately insured and in the name the Grantor.
- Loans secured by real estate are loans predicated upon a security interest in real property. A loan predicated upon a security interest in real property is a loan secured wholly or substantially by a lien on real property for which the lien is central to the extension of the credit
- Shown net of Allowance of Losses (the reserve set aside that represents an amount considered by management to be adequate to cover estimated losses in the loan portfolio).
- Due from parental holding company or related company (unsecured? rate?)
- What are maturities (mix should slant to the short-term).
- What is the performance of the portfolio? Delinquencies, charge-offs and provisioning? How quickly does the bank classify a loan as over due / delinquent. and / or non-performing (30 days or 180 days)?
- If loan quality deteriorates, then the resultant for increased provisioning will result in lower earnings for the year (or coming years if deterioration continues in a recession or high interest rate environment).
- Credit quality concerns are cyclical as banks over-lend to sectors experiencing growth and then that growth stops (LDC/less developed countries, commercial real estate, consumer loan/credit card portfolio).
- Derivative Contracts for managing (positioning or hedging) exposure to market risk (including interest rate risk and foreign exchange risk), cash flow risk, and other risks in operations and for trading. The accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities are set forth in FASB Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended. Statement No. 133 requires all derivatives to be recognized at their fair value.
- Mortgage Servicing Rights (MSRs): Many banks that originate primary residential mortgages and then sell them into the secondary market retain the servicing rights of the mortgage. This means that for a fee the bank collects the monthly payment from the mortgagee and passes on the principal and interest components of the payment to the trust that owns the mortgage and then also makes the insurance and real estate tax payments from the escrow account that is maintained.
- Federal Home Loan Bank capital stock
- Often a component of U.S. banks' balance sheets.
- Fixed Assets
- Leasehold and freehold land and buildings (at historical cost or at revised market value at time of statements, less depreciation and amortization).
- Tangible fixed assets: fixtures, equipment, motor vehicles (depreciated or amortized).
- Investments
- Brady bonds (should not be carried at a value not exceeding their secondary market value).
- Investments in subsidiaries.
- Other Assets
- Bank-Owned Life Insurance
- Other real estate owned ("OREO")
- Foreclosed property held by the bank.
- Deferred Taxes
- Intangibles and Goodwill
- Goodwil is generated when a bank purchases a operating company in excess of its book value. U.S. Banks are required under GAAP accounting guidelines to perform goodwill impairment tests periodically.
- Current Liabilities
- Due to customers (onsight or time deposits) / Deposits: Savings accounts, regular checking accounts, NOW accounts, money market deposit accounts, CDs.
- Core Deposits consist of all interest-bearing and noninterest-bearing deposits, except certificates of deposit over $100,000. They include checking interest deposits, money market deposit accounts, time and other savings, plus demand deposits.
- Brokered Deposits represent funds which the bank obtains, directly or indirectly, by or through any deposit broker for deposit into one or more deposit accounts. Thus, brokered deposits include both those in which the entire beneficial interest in a given bank deposit account or instrument is held by a single depositor and those in which the deposit broker sells participations in a given bank deposit account or instrument to one or more investors. Fully insured brokered deposits are brokered deposits that are issued in denominations of $100,000 or less or that are issued in denominations greater than $100,000 and participated out by the deposit broker in shares of $100,000 or less.
- Due to banks (on-sight or time deposits)
- Commercial Paper consists of short-term negotiable promissory notes issued in the United States, which rollover every 30 to 270 days and are usually not collateralized.
- Short-term borrowings are usually from banks, securities dealers, the Federal Home Loan Bank, unsecured federal funds borrowings, which generally mature daily.
- Fed Funds Purchased are short-term, unsecured borrowings.
- Advances from a Federal Home Loan Bank are fully collateralized by loans on the bank's asset-side of the balance sheet.
- Dividend payable (preferred stock dividend in arrears)
- Derivative Contracts for managing (positioning or hedging) exposure to market risk (including interest rate risk and foreign exchange risk), cash flow risk, and other risks in operations and for trading. The accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities are set forth in FASB Statement No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended. Statement No. 133 requires all derivatives to be recognized at their fair value.
- Long-Term Liabilities
- Notes payable
- Mortgages payable, which may have been incurred for commercial property where either the headquarters, offices or branches of the bank are located.
- Covered Bonds, which is bank debt backed by a pool of pledged, secured, qualifying collateral, usually bank loans. However, principal amortization and interest is usually satisfied by the cash flow of the bank, not the cash flow of the assets in the cover pool. The cover pool is usually structured to allow a revolving schedule of similar quality loans to be added to / withdrawn from the pool. The purchaser of the bond usually also has full recourse to the financial institution if the collateral assets in the pool are insufficient to redeem the principal and full interest of the bond (however, any claim will rank pari passu with all other senior unsecured creditors). The covered bond remains an on-balance sheet obligation of the financial institution.
- Subordinated Note (or debenture) is a form of debt issued by a bank or a consolidated subsidiary. When issued by a bank, a subordinated note or debenture is not insured by a federal agency, is subordinated to the claims of depositors, and has an original weighted average maturity of five years or more. Such debt shall be issued by a bank with the approval of, or under the rules and regulations of, the appropriate federal bank supervisory agency.
- Contingent Core Tier 1 Capital / CoCos is debt that will automatically convert into equity shares of the bank if the bank's core capital ratio declines below a specific level.
- Accrued/deferred taxes
Stockholder's Equity / Share Capital
- Common shares (authorized and outstanding). Is there a tier system of voting shares and common shares?
- Preferred shares (restrictions?). Preferred stock is a form of ownership interest in a bank or other company which entitles its holders to some preference or priority over the owners of common stock, usually with respect to dividends or asset distributions in a liquidation.
- Some trust related preferred securities may have equity characteristics and are treated favorably under Tier 1 guidelines; and may have lower interest costs. The instruments are deeply subordinated (just ahead of common stock) and have long maturities although they may have call provisions. Dividend payments may have some favorable tax treatment for the issuers. However, these securities generally have debt-like characteristics. The bank is unlikely to defer dividend payments due to the message it may send to other sources of funding.
- Retained Earnings: equity will increase if retained earnings are increasing.
- Subordinated, perpetual notes
- Trust Preferred Securities / TruPS. TruPS were approved by the Federal Reserve in 1996 as Tier 1 capital (maximum 25.0% of tier 1 capital). The Trust issuer is usually a wholly-owned subsidiary of a bank holding company, or a direct subsidiary of the bank. The Trust sells securities to investors and then uses the proceeds from the sale to purchase subordinated debentures of the parent holding company or bank. The Trust uses the interest payments that it receives from the purchased debentures to make payments to the holders of its preferred securities. A TruPS issue is subordinate to all debt on a financial institution's balance sheet, but is senior to both preferred and common equity issues. A TruPS issue usually has a term of 30 years, and are non-amortizing instruments that pay quarterly or semi-annual interest in the form of a dividended payment (the dividend payment can be deferred for up to five years). TruPS issued by small financial institutions were pooled / securitized in CDOs during the early to mid-2000's (larger financial institutions had issued TruPS individually since 1996). When the financial crisis and recession 2008 - 2010 commenced many financial institutions suspended the interest / dividend payment and the CDOs, which had originally been rated Triple-A, either substantially lost value or defaulted.
Income Statement
- Income
- Interest income (gross or net?): is adversely affected by falling long and short-term interest rates.
- Interest expense
- Subtracted from Interest Income Only
- The cost of funds the company borrows on a short- and long-term basis, buys in the money markets, or takes in from depositors. Competition for customer funding will increase interest expense, placing pressure on margins. Some banks and financial services companies will also break out the average annual interest rate paid on the various sources of funds.
- If interest expense is increasing is competition forcing the bank to pay more for deposits? Is management relying on high cost funds instead of alternative lower-cost funds to meet the bank?s funding needs?
- Net Interest Income
- This is interest income minus interest expense.
- Even a small decline in net interest income can result in a large decline in net income if not offset by a decline in expenses.
- See how to determine Net Interest Margin below.
- Non-interest Income
- It is important that banks develop/increase revenues derived from non-interest sources (bank services, fees such service charges on deposits, trust income, mortgage servicing fees, securities processing and brokerage services, results of trading operations) that have more stable growth rates and are not tied to loan growth cycles, and can provide an offset if loan growth slows.
- Other Income
- Dividend income: from third party investment or subsidiary/affiliate?
- Net/gain loss from securities trading: volatility from year to year.
- Foreign exchange: based on customer activity and volatility in the market.
- Sale of investments: is it exceptional?
- Net commission/fee income; based on transactions such as insurance brokering, stock-broking
- Related party transaction(s)
- Watch-out for financial institutions that utilize "gain on sale" accounting which means that the company records the sale of a loan immediately but the actual profit is received over the life of the loan. The profit is the difference between the spread that the loan is sold at to the investor and what the seller receives from the Obligor. The problem is that the application of estimated future interest rates (and default rates) is incorrect and the loans are over-valued compared to where interest rates may actually be during the life-time of the loan and whether it will prepay if rates decline, and/or if the loan will default and become un-collectible.
- Non-interest expense
- Personnel costs
- Premises / branch operating expenses (rent).
- Systems development costs, merger of networks: as companies must compete based on the ability to provide state-of-the art trading, retail access and information service, these costs have risen.
- Overseas expansion: as the percentage of non-U.S. income rises, this cost increases as facilities expand.
- Operating income
- After expenses but before provisions and taxes and extraordinary items.
- Extraordinary / Non-recurring Items
- Material events and transactions that are unusual and infrequent.
- Profit (gains) or loss on sale of fixed assets.
- Provision (for loan losses)
- Changing market conditions where the bank operates may result in a deterioration of loan and lease assets, which may result in actual and anticipated losses (write-down or write-off of the asset's value). The accumulated loss may exceed the existing Loan Reserve thus earnings may have to added to the Loan Reserve account to either increase or replenish the amount to meet an acutal or anticipated loss.
- Taxation
- Current taxation (tax payable on recognized income for the fiscal year, which was paid to federal, state and local, and foreign revenue authorities).
- Deferred taxation
- Footnotes
- Allowance for losses (Loan Loss Account) - is a reserve account that is set aside by management to cover an estimate of losses (charge-offs) in the loan portfolio. The loan loss account has an opening balance at the beginning of the year, it receives additional provisions based on actual losses and anticipated losses for the coming year; has actual charged-off loans subtracted from the account and then has a closing balance for the year).
- Classified Loans - loans that have been determined to be not collectable for the full amount due to the deteriorating performance and/or condition of the borrower. The "classification" is based upon internal examination and rating system (based on generally accepted industry practices) such as non-performing accrual, non-accrual. The Office of the Comptroller of the Currency (OCC) also rates loans are classified as substandard, doubtful, and loss.
|Asset & Liability Management
Ideally, banks want to match the maturity of assets (loans, investments) with the maturity of liabilities (demand deposits, timed deposits, borrowed funds). Related to the maturity structure, the interest rate paid on liabilites to borrow the funding must be less than the interest rate on earned on the assets (interest rate charged to the borrower). The failure to carefully mangage this situation can result in asset?liability mismatch, interest rate risk, liquidity risk.
|Call Report
In the United States, banks must file on a quarterly basis a Consolidated Report of Condition and Income (Call Report;
Form Number: FFIEC 031 for banks with domestic and foreign offices and FFIEC 041 for banks with domestic offices only).
These information collections are mandatory: 12 U.S.C. 161 (for national banks), 12 U.S.C. 324 (for state member
banks), and 12 U.S.C. 1817 (for insured state nonmember commercial and savings banks) and are submitted by the banks
to their respective regulator, which includes the Office of the Comptroller of the Currency (OCC), Board of
Governors of the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). The Thrift Financial Report
(Form Number: OTS 1313) that used to be submitted to the Office of Thrift Supervision (U.S. Treasury) is no
lomger utilized since the merger of the OTS into the OCC. The agencies are proposing several changes to the
FFIEC Call Report.
Consolidated Report of Condition and Income: edocket.access.gpo.gov/2009/pdf/E9-19911.pdf
The CAMELS approach was developed by bank regulators in the United States as a means of measurement of the financial condition of a financial institution. (Uniform Financial Institutions Rating System established by the Federal Financial Institutions Examination Council)
- The acronym CAMELS stands for:
- Capital Adequacy
- Asset Quality
- Management
- Earnings (Profitability)
- Liquidity & Funding
- Sensitivity to Market Risk (losses arising from changes in market prices)
- CAMELS analysis requires:
- financial statements (the last three years and interim statements for the most recent 12-month period)
- cash flow projections
- portfolio aging schedules
- funding sources
- information about the board of directors
- operations/staffing
- macroeconomic information
Capital Adequacy
Capital Adequacy is a measurement of a bank to determine if solvency can be maintained due to risks that have been incurred as a course of business. Capital allows a financial institution to grow, establish and maintain both public and regulatory confidence, and provide a cushion (reserves) to be able to absorb potential loan losses above and beyond identified problems. A bank must be able to generate capital internally, through earnings retention, as a test of capital strength. An increase in capital as a result of restatements due to accounting standard changes is not an actual increase in capital.
The Capital Growth Rate, which is calculated by subtracting prior-period equity capital from current-period equity capital, then dividing the difference by prior-period equity capital, indicates that either earnings are extremely good, minimal dividends are being extracted or additional capital funds have been received through the sale of new stock or a capital infusion, or it can mean that earnings are low or that dividends are excessive. The capital growth rate generated from earnings must be sufficient to maintain pace with the asset growth rate.
The 1988 Basel Committee Capital Accord established a benchmark for measuring bank capital (and for correctly calculating / risk weighting assets, which became the denominator of the capital ratio):
- BIS Tier 1 (core capital): total own funds (allotted, called up and fully paid, ordinary share capital/common stock net of any shares held; perpetual, non-cumulative, preferred shares, including such shares redeemable at the option of the issuer; disclosed equity reserves in the form of general and other reserves created by appropriations of retained earnings, share premiums and other surplus; published interim retained profits verified by external auditors, minority interests arising on consolidation from interests in permanent shareholder's equity; fund for general banking risks) must be at least 4% of total risk weighted positions. Germany, Belgium, the Netherlands, and the UK maintain hidden reserves.
- The only intangibles that the FDIC allows to be included in Tier 1 regulatory capital are purchased mortgage servicing rights and purchased credit card relationships (cannot account for more than 50% of an institution's Tier 1 capital unless those grandfathered in from February 19, 1992).
- BIS Tier 2 (supplemental): total own funds (plus value adjustments; reserves arising from the revaluation of tangible fixed assets and financial fixed assets; hybrid capital instruments) must be at least 8% of total risk weighted positions.
In the United States, Capital Adequacy is regulated by Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS).
The 1988 Basel Accord serves as the basis for current U.S. capital regulations. The 1988 Accord required that internationally active banking organizations adopt the new capital rules, but some countries, including the United States, chose to apply the 1988 Basel framework to all banks and thrifts. As indicated above, in the United States Tier I capital must constitute at least 50% of a bank?s total capital. Total of Tier 2 capital is limited to 100% of Tier 1 capital. The add-back of the allowance for loan and lease losses is limited to 1.25% of weighted-risk assets.
- The Basel / U.S. baking regulation guidelines for a "Well Capitalized institution"
- 5% or better Tier 1 Leverage Ratio (the ratio of Tier 1 capital to average total assets)
- 6% or better Tier 1 risk-based ratio (the ratio of Tier 1 capital to total risk-adjusted assets, with assets categorized by risk level)
- 10% or better total risk-based ratio (the ratio of total capital to total risk-adjusted assets).
- FDIC guidelines for a "Adequately Capitalized institution"
- 4% or better Tier 1 Leverage Ratio
- 4% or better Tier 1 risk-based ratio
- 8% or better total risk-based ratio
In the United States, a bank is expected to meet a minimum ratio of qualifying total capital to risk-weighted assets of 8.0%, of
which at least 4.0% should be in the form of core capital (Tier 1). Any bank that does not meet the minimum risk-based
capital ratio, or whose capital is otherwise considered inadequate, generally will be expected to develop and implement a
capital plan for achieving an adequate level of capital (usually under the terms of an FDIC Order to Cease and Desist).
The concept of prompt corrective action by the FDIC was introduced with the Federal Deposit Insurance Corporation
Improvement Act of 1991 (FDICIA). When a bank becomes ?Undercapitalized? (below "Adequately Capitalized") in many
cases it means that unless it can rapidly turn the operation around it will be shut down by the respective supervisors.
While "Undercapitalized" a bank:
When a bank becomes ?Critically Undercapitalized? in many cases it means that unless it can rapidly turn the operation around it will be shut down by the respective supervisors. A critically undercapitalized bank must be placed in receivership within 90 days unless the FDIC and the bank?s primary federal regulator concur that other action would better achieve the purposes of prompt corrective action. Additionally, a "Critically Undercapitalized" bank is prohibited, unless it obtains prior written FDIC approval, from:
FDIC 2000 Rules and Regulations, Part 325 - Capital Maintenance (12 C.F.R. Part 325) www.fdic.gov/regulations/laws/rules/2000-4400.html
FDIC 2000 Rules and Regulations, Appendix A to Part 325 - Statement of Policy on Risk-Based Capital www.fdic.gov/regulations/laws/rules/2000-4600.html
In the United States, Supplemental or Tier 2 Capital consists, within certain specified limits, of such things as the allowance for loan losses, hybrid capital instruments, and subordinated debt. These supplemental items are often forms of debt that are subordinate to claims of depositors and the FDIC. As such, they provide depositor protection and are included in bank capital.
The regulatory treatment of Tier 2 capital is such that securities issued in a subordinate position for regulatory capital purposes have their capital value amortized over the last five years of the security. This was solved in 1997 through a "10 non-call five/seven step-up." A call provision is put in from one day after year five or year seven and the bank is allowed to call it with five full years as 100% capital treatment. A coupon step-up is put in at the end of year five or seven to allow for the bond to roll over for a further five year period.
The sum of Tier I and Tier 2 capital, less certain deductions, represents a bank?s total capital.
It should be noted that in the United States, The Gramm-Leach-Bliley Act (GLB Act) currently requires a bank holding company (BHC) to keep its subsidiary depository institutions ?well capitalized? and ?well managed? in order to qualify as a financial holding company (FHC). FHC status allows a BHC to engage in riskier financial activities such as merchant banking, insurance underwriting, and securities underwriting and dealing. The GLB Act does not, however, require an FHC to be ?well capitalized? or ?well managed? on a consolidated basis.
Contingent Core Tier 1 Capital / CoCos is debt that will automatically convert into equity shares of the bank if the bank's core capital ratio declines below a specific level. This is a hybird form of capital, which may be drawn upon in the event that the bank's balance sheet or earnings are under pressure. However, the amount of equity capital that is provided my be insufficient or it may send the wrong signal to the marketplace with regard to the financial health of the bank.
Risk Weighting Assets
Capital Adequacy ratio which is calculated by dividing the bank's core capital by the bank's total risk-weighted assets, then multiply by 100.
Core Capital Adequacy ratio which is calculated by dividing the bank's risk-based capital by the bank's total risk-weighted assets, then multiply by 100.
The BIS Risk-weighted Assets guidelines were adopted by the Board of Governors of the federal Reserve (Code of Federal Regulations Title 12, Volume 5; Revised as of January 1, 2002). These guidelines are used to evaluate capital adequacy based primarily on the perceived credit risk associated with balance sheet assets, as well as certain off-balance sheet exposures such as unused loan commitments, letters of credit, and derivative and foreign exchange contracts. The risk-based capital guidelines are supplemented by a leverage ratio requirement. To be "well capitalized" under Federal bank regulatory agency definitions, a bank holding company must have a Tier 1 ratio of at least 6%, a combined Tier 1 and Tier 2 ratio of at least 10%, and a leverage ratio of at least 3%, and not be subject to a directive, order, or written agreement to meet and maintain specific capital levels.
- Risk-weighted 0%
- 1. Cash (including domestic and foreign currency owned and held converted into U.S. dollar equivalents)
- 2. Securities issued by and other direct claims on the U.S. Government or its agencies (to the extent such securities or claims are unconditionally backed by the full faith and credit of the United States Government).
- 3. Securities issued by and other direct claims on the central government of an OECD country
- 4. Notes and obligations issued by either the Federal Savings and Loan Insurance Corporation or the Federal Deposit Insurance Corporation and backed by the full faith and credit of the United States Government
- 5. Deposit reserves at, claims on, and balances due from Federal Reserve Banks
- 6. The book value of paid-in Federal Reserve Bank stock
- 7. That portion of assets that is fully covered against capital loss and/or yield maintenance agreements by the Federal Savings and Loan Insurance Corporation or any successor agency
- 8. That portion of assets directly and unconditionally guaranteed by the United States Government or its agencies, or the central government of an OECD country
- Risk-weighted 20%
- 1. Cash items in the process of collection
- 2. That portion of assets collateralized by the current market value of securities issued or guaranteed by the United States government or its agencies, or the central government of an OECD country
- 3. That portion of assets conditionally guaranteed by the United States Government or its agencies, or the central government of an OECD country
- 4. Securities (not including equity securities) issued by and other claims on the U.S. Government or its agencies which are not backed by the full faith and credit of the United States Government
- 5. Securities (not including equity securities) issued by, or other direct claims on, United States Government-sponsored agencies
- 6. That portion of assets guaranteed by United States Government-sponsored agencies
- 7. That portion of assets collateralized by the current market value of securities issued or guaranteed by United States Government-sponsored agencies
- 8. Claims representing general obligations of any public-sector entity in an OECD country, and that portion of any claims guaranteed by any such public-sector entity
- 9. Bonds issued by the Financing Corporation or the Resolution Funding Corporation
- 10. Balances due from and all claims on domestic depository institutions. This includes demand deposits and other transaction accounts, savings deposits and time certificates of deposit federal funds sold, loans to other depository institutions, including overdrafts and term federal funds, holdings of the savings association's own discounted acceptances for which the account party is a depository institution, holdings of bankers acceptances of other institutions and securities issued by depository institutions, except those that qualify as capital
- 11. Deposit reserves at, claims on and balances due from the Federal Home Loan Banks
- 12. Claims on, or guaranteed by, official multilateral lending institutions or regional development institutions in which the United States Government is a shareholder or contributing member
- 13. That portion of assets collateralized by the current market value of securities issued by official multilateral lending institutions or regional development institutions in which the United States Government is a shareholder or contributing member
- 14. All claims on depository institutions incorporated in an OECD country, and all assets backed by the full faith and credit of depository institutions incorporated in an OECD country. This includes the credit equivalent amount of participations in commitments and standby letters of credit sold to other depository institutions incorporated in an OECD country, but only if the originating bank remains liable to the customer or beneficiary for the full amount of the commitment or standby letter of credit. Also included in this category are the credit equivalent amounts of risk participations in bankers' acceptances conveyed to other depository institutions incorporated in an OECD country. However, bank-issued securities that qualify as capital of the issuing bank are not included in this risk category
- 15. Claims on, or guaranteed by depository institutions other than the central bank, incorporated in a non-OECD country, with a remaining maturity of one year or less
- Risk-weighted 50%
- 1. Revenue bonds issued by any public-sector entity in an OECD country for which the underlying obligor is a public- sector entity, but which are repayable solely from the revenues generated from the project financed through the issuance of the obligations
- 2. Qualifying mortgage loans and qualifying multifamily mortgage loans
- 3. Privately-issued mortgage-backed securities (i.e., those that do not carry the guarantee of a government or government sponsored entity) representing an interest in qualifying mortgage loans or qualifying multifamily mortgage loans. If the security is backed by qualifying multifamily mortgage loans, the savings association must receive timely payments of principal and interest in accordance with the terms of the security. Payments will generally be considered timely if they are not 30 days past due
- Risk-weighted 100%
- 1. Consumer loans
- 2. Commercial loans
- 3. Home equity loans
- 4. Non-qualifying mortgage loans
- 5. Non-qualifying multifamily mortgage loans
- 6. Residential construction loans
- 7. Land loans, except that portion of such loans that are in excess of 80% loan-to-value ratio
- 8. Nonresidential construction loans, except that portion of such loans that are in excess of 80% loan-to-value ratio
- 9. Obligations issued by any state or any politica1 subdivision thereof for the benefit of a private party or enterprise where that party or enterprise, rather than the issuing state or political subdivision, is responsible for the timely payment of principal and interest on the obligations, e.g., industrial development bonds
- 10. Debt securities not otherwise described in this section
- 11. Investments in fixed assets and premises
- 12. All repossessed assets or assets that are more than 90 days past due
- 13. Indirect ownership interests in pools of assets. Assets representing an indirect holding of a pool of assets, e.g., mutual funds, are assigned to risk-weight categories under this section based upon the risk weight that would be assigned to the assets in the portfolio of the pool. An investment in shares of a mutual fund whose portfolio consists primarily of various securities or money market instruments that, if held separately, would be assigned to different risk-weight categories, generally is assigned to the risk-weight category appropriate to the highest risk-weighted asset that the fund is permitted to hold in accordance with the investment objectives set forth in its prospectus
Off-balance sheet items are included in determining risk-weighted assets after reduction by specific reserves.
- Risk-weighted 0%
- 1. Letters of credit, guarantees or guarantee-type instruments secured by deposits with the issuing bank
- Risk-weighted 20%
- 1. Unused, non-callable credit lines with original maturity up to one year
- 2. Revocable letters of credit
Is the bank increasing its capital from the growth of retained earnings? Does it have the ability to raise capital? Banks, securities firms and finance companies should show increasing capital due to the growth of principal risk-taking/trading and the growth of derivatives business which results in these firms taking more off-balance sheet risk. Banks and Investment Banks must also allocate capital to new/growing international operations.
Leverage is the relationship between the risk-weighted assets of a bank and its equity. Securities firms look at Net Assets divided by Equity as Leverage.
Key Ratios for Examining Capital Adequacy
Equity Capital / Average Assets
Tier 1 Capital / Total Tangible Assets (Total Assets less Goodwill and Intangibles)
Tier 1 Capital / Total Risk-adjusted Assets
Tier 2 Capital / Total Risk-adjusted Assets
Delinquent Loans + Non-performing Assets / Capital + Loan Loss Reserves.
Asset Quality
- The Assets of a bank are:
- Cash (unrestricted)
- Fed funds sold
- Trading portfolio (securities, although banks also tend to include derivative contracts in this category)
- Securities (available for sale are liquid; held to term as less liquid)
- Loans (various counterparties, collateral and maturities; lease contracts may also be included in this category)
- Fixed assets (some banks own their headquarters and/or branches, as opposed to leasing, which can be sold to raise cash)
Asset Quality evaluates risk (and there must be some risk to earn a return), controllability, adequacy of loan loss reserves, and acceptable earnings; and the affect of off-balance sheet earnings and loss. The quality of a bank's assets hinges on their ability to be collected a during and at maturity. Thus, one must examine the portfolio quality, the portfolio classification system (aging schedule and the methodology to classifying a receivable) and the fixed assets (the productivity of the long-term assets, for instance the branch network). It is also necessary to determine the liquidity and the maturity structure of various Assets. Investing in assets is how a bank primarily earns a return. How well are these assets going to perform?
Earning Assets: interest bearing financial instruments which are principally commercial, real estate, and consumer loans; investment securities and trading account securities; money market investments; lease finance receivables; time deposits placed in foreign banks.
Risk-based / Risk Weighted Assets: Some investments and loans are riskier than others and regulators realize that there should be a flexible scale of allocating bank reserve capital to these various types of assets. For instance, a bank that has U.S Treasury securities in its portfolio of securities does not have to assign any capital reserve for this particular asset.
Risk assets: loans to affiliates, other loans, interest receivables and other assets.
- Loans are usually the largest asset category for a bank:
- Change in loan volume, why has it grown or contracted, what percentage has it grown/contract?
- Loan mix: what part of the portfolio is growing (consumer vs. commercial)
- Is the bank overly exposed in one sector (i.e. commercial real estate, industry sector, country) and what is the environment for the performance and value of the assets?
What percentage of loans (either separate portfolios of consumer loans and commercial loans and/or combined) are delinquent 30 day? What percentage of total loans are delinquent 90 days? What percentage of total loans are non-performing (over 90-day, non-accrual and restructured).
What is the percentage of charge-offs to total loans (consumer and commercial receivbles)? What is the percentage change of charge-offs from the previous fiscal period?
- Loan Loss Reserve: is created and built up by placing operating income (provisions) in an account on the asset-side of the blanace sheet, and which must be a sufficiently funded amount to cover actual or anticipated losses.
- Also referred to as the Allowance for Loan and Lease Losses (ALLL).
- Specific reserves against identified impaired loans are specifed in Statement of Financial Accounting Standards No. 114 (Accounting by Creditors for Impairment of a Loan?an amendment of FASB Statements No. 5 and 15) and tatement of Financial Accounting Standards No. 118 (Accounting by Creditors for Impairment of a Loan-Income Recognition and Disclosures?an amendment of FASB Statement No. 114)
If there is a problem with the repayment of a loan, the interest will sometimes be capitalized. Interest begins accruing on a loan as soon as it is disbursed. The interest can be repaid as scheduled or it can be capitalized, which means that the interest will continue to accrue and will be added to the loan principal amount thereby increasing the loan principal amount, which is then the new balance that is used to compute interest for the next period. The net effect of capitalization is that it increases the total amount paid over the lifetime of the loan.
Asset Growth Rate: computed by subtracting prior-period total assets from current-period total assets, then dividing the difference by prior-period total assets, indicates the state of economic condition and/or the philosophy (which wants to rapidly increase or slowly increase the asset side of the balance sheet).
Key Ratios for Examining Asset Quality
Loan Loss Reserves / Total Loans
Loan Loss Reserves / Non-Performing or Non-current Loansand leases
Total Loans 30-89 Days Past Due / Total Loans
Total Loans 90-Days Past Due / Total Loans
Management Structure
- Is the bank newly privatized from government ownership?
- What is the ownership structure of the bank? (Government support? Independently capitalized or a branch? Can rely on parent support implicit/explicit?)
- Is as small branch network a constraint on business?
- Loan portfolio management, credit administration, policy development, employee training, loan workout
- Is it possible to determine Governence, Audit oversight and Strategic planning?
Earnings (Profitability)
Earnings determine the ability of a bank to increase capital (through retained earnings), absorb loan losses, support the future growth of assets, and provide a return to investors. The largest source of income for a bank is net interest revenue (interest income from lending activity less interest paid on deposits and debt). The second most important source is from investing activity. A substantial source of income also comes from foreign exchange and precious metal trading, and commissions/transaction fees and trust operations.
New banks, or De Novo banks, are usually not profitable for the first two to three years as they develop their core business operations, hire employees, open branches and may also have to pay a higher interest rate to attract deposits. What the analyst should look at in this case is the "burn rate" (on a monthly and quarterly basis), which is an indication of how much of the initial equity investment (stockholder's equity) is being used up to cover operating expenses. What needs to be demonstrated is that income is increasing faster than expenses and the monthly and quaterly losses are decreasing, hence equity is not decreasing as rapidly.
- Overall, the issues to consider include:
- What is the concentration of business: retail, trade finance, corporate, mortgage, merchant, personal, investment, portfolio management, asset financing, leasing, advisory, nominee and custodial services, executor and trustee?
- Are the bank's core earnings in its home market only?
- What is the ratio between interest and non-interest income sources?
- Is operating income declining compared to previous periods due to insufficient revenue or higher operating expense?
- Is net income low due to non-accrual loans?
- Is an improvement in revenue and earnings coming from extraordinary / non-recurring items? Would the elimination of this one-time item actually result in a loss? Is the increase in earnings derived from the adoption of new accounting standards?
- The need to charge provisions for loan and lease losses against earnings can also reduce profitability, at lease on a quarterly basis. The bank's management has to look at what type of loans are in the portfolio, what the preformance is of the portfolio and what is happening with national, regional and local economic conditions. For instance, recession, increase in bankruptcies, increase in unemployment, local corporate layoffs and plant closings, drought, low farm prices, and so on suggest rising numbers of delinquent loans that the bank must correctly estimate and have sufficent reserves thus provisions may be taken against earnings just as the bank's revenues may be declining. Conversely, if economic conditions are deteriorating and the bank is not provisioning for anticipated losses in order to maintain profitability then problems may develop during the next fiscal period.
Key Ratios for Examining Profitability
Net Interest Income (annualized) / Average Interest Earning Assets
Net operating income (annualized) after taxes (including realized gain or loss on investment securities) / Total Average Assets (assets at the previous fiscal year plus assets
at this current fiscal year divided by 2) for a given fiscal year
If the bank is a Subchapter S Corp. then the coporation is treated as a pass-through entity and is not subject to Federal income taxes at the corporate level. Therefore, an adjustment to net income is needed to improve the comparability between banks that are taxed at the corporate level and those that are not.
Net operating income after taxes (including realized gain or loss on investment securities) / Total (average) equity (common stock) for a given fiscal year
Adjusted ROE or ROAE: Net income / Total equity plus loan loss reserves in excess of 10% of equity.
Revenue from loans, securities, cash equivalents and earning assets (including non-interest) before
interest expense / Earning Assets
Operating profits (before the loan loss provision and excluding gains or losses from asset
sales and amortization expense of intangibles) / Net operating revenues (interest income less interest expense plus
noninterest income)
Non-Interest Income (annualized) / Total Average Assets
Accrued Interest Receivable / Interest Income x 365
Total Non-Interest Expenses (annualized) / Total Average Assets
Total Non-interest expenses / Total Net Interest Income (before provisions) plus Total Non-Interest Income
Liquidity & Funding
Liquidity and Funding are related, however they are separate situations. Funding is what a bank relies upon to grow its business and the asset side of the balance sheet above and beyond what could be accomplished with just equity. Funding is provided by deposits, short-term debt and longer-term debt. Funding means access to capital.
Liquidity is what a bank requires if Funding is interrupted and the bank must still be able to meet certain obligations (bank's ability to repay depositors and other creditors without incurring excessive costs). What is the liability structure / composition of the institution?s liabilities, including their tenor, interest rate, payment terms, sensitivity to changes in the macroeconomic environment, types of guarantees required on credit facilities, sources of credit available to the institution and the extent of resource diversification.
A bank's least expensive means of funding loan growth is through deposit accounts. When this is not available, banks must rely on more expensive funding sources such as borrowing funds at wholesale rates or liquidating investment securities portfolios. The best type of deposits are "core" deposits, which are balances that are left at the bank due to convenience (the depositor resides in the area) or through loayalty. Non-core deposits / funding are sources that can be very sensitive to changes in interest rates such as brokered deposits, CDs greater than $100,000, and borrowed money.
The Deposit Growth Rate, which is computed by subtracting prior-period total deposits from current-period total deposits, then dividing the difference by prior-period total deposits, indicates how a bank is funding the asset side of its balance sheet.
- Funding sources also include:
- Net earnings
- Issuance of common and preferred securities
- Trust preferred securities
- Commercial paper
- Senior debt
- Subordinated debt
- Securitizing various financial assets including credit card receivables and other receivables generally secured by collateral such as single-family residences and automobiles
- Monetizing investment securities
Liquidity refers to reserves of cash, securities, a bank's ability to convert an asset into cash, and unused bank lines of credit. The faster the conversion the more liquid the asset. Illiquidity is a risk in that a bank might not be able to convert the asset to cash when most needed. Moreover, having to wait for the sale of an asset can pose an additional risk if the price of the asset decreases while waiting to liquidate. Thus, if loans or assets are illiquid then liquidity is also limited, especially if the loans exceed stable deposits and available lines of credit. Liquidity must be sufficient to meet all maturing unsecured debt obligations due within a one-year time horizon without incremental access to the unsecured markets.
Probably the most critical issue to examine for a bank is the ability to meet obligations. If earnings are poor and liquidity is high, the bank's lending may be too conservative, with a high proportion of proceeds from deposits are invested in low yielding liquid assets. If earnings are low and liquidity is low, then the bank may have an aggressive lending policy coupled with heavy borrowing. It examines "internal" sources of funds: maturing loans and marketable securities; and "external" sources of funds: is the bank dependent on large deposits from a single source or does it have a large and stable retail funding base? (single sources should not exceed 10% of short-term liabilities).
Liquidity Gap Analysis is an attempt to measure future funding needs of a bank by comparing the amount of assets and liabilities maturing over time.
The overall goal of management in the asset/liability/capital structure of the institution is to maximize the return earned from the assets, with the lowest risk profile and default ratio, and also minimize the cost of funds as much as possible to widen the spread between earnings and expenses (manage the net interest margin); and to utilize leverage over invested capital.
Liquidity Management: "cash-out" or the risk of being illiquid when cash is needed.
- Sources and uses of funds approach: liquidity required for deposit withdrawals and loan demand.
- Structure of deposits approach: focuses on the stability of deposit liabilities.
- Sources and uses of funds approach: liquidity required for deposit withdrawals and loan demand.
Awareness of gap management: gap analysis is a measurement of interest rate sensitivity of assets and liabilities. If a company has a negative duration gap that means that its assets are paying off faster than its liabilities. The response can either be defensive or aggressive with regard to managing the spread between the yields of the institution's assets and their income from service sales and the cost of carrying on their operations, especially the return paid to savers to attract deposits and equity investments.
Management's goal for assets:
- Primary reserves
- Sufficient cash on hand to cover customer deposits and withdrawals or clearing and collecting check payments; and maintain contemporaneous reserve requirements.
- Cash in the vault is not earning interest.
- Cash/total assets ratio rises in relation to the size of the institution.
- Secondary reserves
- Marketable securities portfolio: short-term and liquid for cash needs and pledging collateral.
- U. S. Treasury: relatively short-term maturities, increasing to 20% of total assets due to favorable tax and capital reserve treatment.
- Securities of states and municipalities: declined due to less favorable tax and capital treatment.
- Loans
- At a rate in excess of the cost of funds, to borrower with a good credit profile.
- Rates on corporate loans have been declining due to disintermediation/competition.
- Real estate loans have the highest margin but are less liquid and riskier.
- Total loans tend to approximate 60% of the total assets.
Liquidity Management related to assets: match maturity of assets with liquidity needs.
- The historical decline in liquid assets on hand is related to better management.
- Anticipation of deposit and loan changes.
- If the bank invests for yield, it will not be able to cover demands.
- Could be covered by liquidation of assets and borrowings.
- Commercial loan theory: confine loans to short-term, self-liquidating commercial loans.
- Money market approach: hold money market instruments such as Treasury bills, CP or banker's acceptances.
Management's goal for liabilities: to also manage sources of funds (not just uses of funds/asset management) to meet liquidity requirements; and increase income potential.
- Funding requirements.
- Customer deposits: the least expensive source of funding for the institution. The institution is seeking "core deposits," or passive accounts that stay with the institution out of loyalty or convenience (checking accounts, savings certificates and regular savings accounts). What happens if a bank experiences a credit ratings downgrade: deposits from local municipalities, state governments, escrow accounts and fiduciary deposits must be withdrawn if the downgrade results in a non-investment grade rating.
- Non-deposit borrowed funds: cost more than customer deposit funds
- Federal funds for short-term liquidity.
- CDs if funding is needed for a longer period
Liquidity Management related to Liabilities:
- Interest rates may be higher when the institution seeks to acquire funds.
- Requires that the financial condition of the bank be strong.
Management's goal for Capital: provide the buffer to absorb losses, must maintain adequate equity capital to satisfy regulatory requirements, and have a financial condition that allows it to borrow funds.
- Must meet BIS risk assets to capital guidelines: 4% Tier one, 8% including Tier two capital; risk weighted asset categories.
- If condition has weakened, then funds will cost more.
It is poor liquidity, as opposed to poor asset quality or inadequate capital, that leads to most bank failures.
Key Ratios for Examining Liquidity
Loans (gross) / Total Deposits
Liquid Assets / Total Deposits
BOPEC was the former bank holding company examination ratings system. Bank Holding Companies (BHC) are usually the stock-issuing entity within a banking organization and the BHC can have a number of operating subsidiaries. BOPEC was designed to examine the subsidiary operations as the condition of a BHC is closely related to the condition of its subsidiary banks. The examination of the bank holding company by federal regulators in the United States would rate banks on a scale from 1 to 5 with 1 being the highest rating and 5 being close to insolvency. The system was replaced by RFI/CD (see next below).
BHC's Bank subsidiaries condition
Other nonbank subsidiaries / affiliates condition
Parent company condition
Earnings Comsolidated poistion of the parent
Capital Consolidated position of the parent
As of January 2005, the BHC evaluation system was revised to the acronym RFI/CD which stands for:
Risk management (R) such as policies, procedures, limits, risk monitoring and managment information systems.
Financial condition (F) such as Capital, Asset Quality, Earnings and Liquidity.
Impact (I) of the parent company and nondepository entities on subsidiary depository institutions.
Composite rating (C), which is the BHC's overall evaluation and rating of its managerial and financial condition and an assessment of future potential risk to its subsidiary depository institution(s).
Depository institutions (D), which is the assessment of the subsidiary depository institutions by the primary regulator.
|Book Value
If the financial istitution had to be shut down immediately, the book value of the financial institution is equal to the Total Assets minus Liabilities, Preferred Stock, and Intangible Assets. However, this is a straight arithmetic exercise. The reality is that a distressed bank has impaired or hard to sell assets and it is not likely that another bank or investor is going to purchase them at par. Thus, the assets must be examined to determine whether there are any secured lenders who have a claim on assets, what type of securities is the financial institution holding in its portfolio and what is the present performance of the loan portfolio. The fixed assets are not going to be readily marketable and the fixtures and furniture will either disappear with employees or be of salvage value only. Liabilities usually tend to be definite in value while assets tend to have fluctuating or questionable value.
|Issues Affecting Banks
- Further disintermediation of bank assets: trend toward the securitization of assets by corporate customers (banks will decrease as primary suppliers of credit to high quality borrowers. This means that a higher proportion of bank's remaining credit exposure will be to less marketable credits where there is less demand and less hedging instruments available) and the increasing use of mutual funds and private pension funds by consumer customers.
- The continuing increase in non-bank competitors offering similar services.
- Continued deregulation and globalization of services.
- Increased technological innovation and technology costs in order to compete effectively.
- How to differentiate and appropriately price services such as origination, structuring and administration.
- Consistent risk pricing and Basle Committee capital requirements for credit risk.
|Researching U.S. Banks
FDIC Bank Find allows you to locate a single FDIC-insured institution www2.fdic.gov/idasp/main_bankfind.asp
U.S. Banks can be searched for by their ABA Routing Number, FDIC Certificate Number, IDRSSD, OCC Charter Number or OTS Docket Number. One can also seach by name or address using the FDIC Institution Directory www2.fdic.gov/idasp/
Consolidated Reports of Condition and Income (Call Reports) are produced by the Federal Financial Institutions Examination Council (FFIEC). Institution regulated by the Office of Thrift Supervision (OTS) files a Thrift Financial Report (TFR) on a quarterly basis. To locate a Call / TFR: cdr.ffiec.gov/public/ManageFacsimiles.aspxThe FFIEC / FDIC produces the Uniform Bank Performance Report (UBPR). www2.fdic.gov/ubpr/UbprReport/SearchEngine/Default.asp
The National Information Center (Federal Reserve Board) also provides an institution search option by holding company RSSD ID#, Routing Transit Number (RTN) or by FDIC Certificate Number www.ffiec.gov/nicpubweb/nicweb/SearchForm.aspx


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Sometimes water stops draining due to a kink in the drain hose. Pull the washer out from the wall, and check for kinks before beginning. If there are no kinks, clearing the drain pump and filter may fix the issue. This is a much more involved process that involves removing the filter panel and carefully dismantling the pieces for inspection and cleaning./
Unplug the washing machine from the electrical outlet. Pull it out from the wall. Tilt the front of the washer up, and brace it by placing blocks under each foot.
Locate the three screws at the bottom of the panel. Remove these screws using a Phillips screwdriver. Place the screws in a secure location. Lift and remove the panel from the machine.
The drain pump is in the middle of the machine and is sealed with a knob attachment. Place the bucket underneath the drain pump to catch overflowing water, and remove the knob attachment.
Turn the knob over, and inspect the filter on the back. Remove any debris with a bristle brush or soft cloth. Rinse the filter with water.
Replace the knob and back panel. Remove the braces from the front of the washer, lowering it to the floor. Plug the washer back in to the outlet.

subset: commoncrawl


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LAFAYETTE JOURNAL & COURIER / SEARCH: 3809 Alder St East Chicago, IN 46312
- 6 beds
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Real Estate | Lafayette Journal and Courier Powered by Placester


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In East Germany, the communist party's authority was sealed with secret police, civilian informants and arbitrary arrests. Some of those affected by the subversive methods are sharing their stories on a Dresden stage.
"It's not over yet," says Peter Wachs. Recently, people have been avoiding him. He's even been called a traitor.
It all started in March when a major German newspaper did a story on rehearsals for a theater production called "Meine Akte und ich" (My File and I).
In the non-fictional play, director Clemens Bechtel brings together nine Dresden residents on stage who all had some kind of personal experience with the Stasi - the dreaded state security service in communist East Germany.
Peter Wachs is one of the participants in the play. He plays a special role, however, because he wasn't a victim of the Stasi, but worked as a civilian informant for them for 30 years.
In East Germany, there were many people like Wachs, who unofficially snooped, spied, and tattled. They would let the Stasi know about co-workers, neighbors and friends whose political opinions didn't entirely match those of the communist party.
After the fall of the Berlin Wall in 1989 and the end of the East German state, all of these informants became phantoms. No one wanted to admit to having been one. Peter Wachs, who is willing to share his story publicly, is a rare exception.
Good intentions gone sour
Now Peter Wachs is on stage at the Staatsschauspiel Dresden. It's not easy for him to speak; he has to clear his throat frequently and keeps a distance from the other people on the stage. He doesn't speak in first-person, like the other participants, but says things like, "Imagine you were…"
As a boy, Wachs lived through the Allied bombardment of Dresden in 1945. His hatred of war made him turn to socialism. At the age of just 20, he signed up with the Ministry for State Security - the Stasi. For him, it was an effort to ensure peace.
As a supporter of the system, Wachs was allowed to study in Moscow. But he also experienced first-hand the absurdity of the state: His first girlfriend only dated him in order to snitch on him. The spy himself was not trusted.
Kafkaesque nightmare
In Franz Kafka's novel, "The Trial," his character Josef K. is arrested one morning although he hadn't done anything wrong. "Someone must have been telling lies about Josef K."
Clemens Bechtel opens the play with this quote from Kafka's book, which seems to reflect what happened in communist East Germany. The Ministry for State Security was not only responsible for Cold War spy games abroad, but also for monitoring and intimidating its own citizens.
The Stasi spied on hundreds of thousands of people whose political viewpoints presented a potential threat to the communist state. In many cases, the suspicions were very vague and affected ordinary people who had adapted to the system and had no intention of political subversion.
Informants recorded countless pages of observations, including the most intimate details of their subjects' private lives. Observations often resulted in arrests. And when no solid evidence could be brought, the suspect was watched even more closely - just in case.
Betrayed by friends
The participants in the play share the contents of their Stasi files on stage in Dresden. There is Catherina Laube, a theology student who was arrested for discussing forbidden texts in her study group, and teacher Max Fischer who was placed under observation after he refused to become a civilian informant himself.
Andreas Warschau was a staunch socialist who was spied on around the clock after he called for improved working conditions. Gottfried Dutschke was sentenced to prison for not giving the authorities information about his friends' plan to escape from East Germany.
And Evelin Ledig-Adam's marriage broke down because she couldn't live with the fact that her husband, a musician, had become an informant in order to be granted travel privileges.
Like a kaleidoscope, the lives of these very normal people are pieced together with memories, audio recordings, excerpts from Stasi files, and photos with comments about who they once were and who've they become.
Fear is a common thread, as are mistrust and desperation. The Stasi's activities determined careers, destroyed families and ended friendships. It had an impact that is still keenly felt today, more than two decades after the collapse of East Germany.
Life after the files
The play takes viewers into an absurd space, an absurd world "that is marked by fear and the delusion of control," says director Clemens Bechtel.
The work came about as part of the international project "Parallel Lives," in which theaters from six former East Bloc countries work through their experiences with the secret police under the communist regime.
Each country has dealt very differently with its past, Bechtel says. Germany is considered a role model in this area, but the process is far from over.
In 1991, Ilona Rau, another participant in the production, started working for the Germany office tasked with dealing with the stacks of Stasi files and working through their lasting impact on the reunified country. She'll be retiring soon.
"Then maybe there is a life without files," she says at the end of the performance.
Move over snow globes and Ampelmännchen! The city of Berlin has launched the Design Souvenir Award. The contest is open to any designer wanting to give the capital's kitschy souvenirs a cutting-edge makeover. (27.02.2013)
Unlike many films on the era, 'Barbara' by German director Christian Petzold presents a nuanced picture of East Germany. It's leading the way for a new type of German film in US cinemas - even without an Oscar. (27.12.2012)
For photographic artists from the GDR, it was often difficult and dangerous to take photographs or even exhibit their works. A new show honors the work of these artists, exploring 40 years of photography in East Germany. (16.10.2012)


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How to Master Low Limit Texas Holdem, Part 1 - Introduction
I decided to start a series about how to learn and master Texas Hold'em because this is the most played game in the online poker rooms and it has large popularity. These tutorials are good for new poker players and we think the advanced players can find useful tips here, too.
These articles try to show how to start to play online poker, how to behave at the tables and how to win in almost every situation.
Our tips will be very detailed from the ground up in hoping to teach every kind of player some new viewpoint about playing online poker. The secret of success is to pay attention to every small thing. Every advice can earn some additional dollars in the game. And you can earn a lot here...
Can we start? Then let's go!
You can have many questions in the beginning. One of them can be that why we give away our strategies and tips.
In order to understand the answer you have to know poker and how to play online poker, but we give some thoughts:
1. Ones that start to play by reading these lines, not all of them will win. There will be some who will have bad luck and stop playing. There will be some who won't have enough patience for poker. There will be some who can't learn the chances which are absolutely necessary for winning. There will be some who gets to that level where he won't lose but can't step over this level. They all will pay the fee for learning.
2. And of course there will be natural born geniuses and become fantastic poker players in some months or years. They will get better and better as time goes and win back their fee which was paid in the beginning.
Introduction to online gambling
If someone would like to play poker or any gambling related game he can play them for fun or for money. Unfortunately many people think about these games only to win money and they are starting to play hoping to win.
But let's lay down the fundamental conception of gambling:When you play against the casino you cannot win in the long run.
Before you want to find a counter precedent let's think it over from the casino's point of view. The casinos are business companies. Although its business model contains random elements but other usual business companies contain this risk too. The rules of the casino games are made to make advantage over the player. These rules are based on a mathematical model which takes into consideration random elements.
It can happen that someone goes into a casino, play $1,000 on the roulette and some minutes later he wins $30,000 and leaves. This can happen several times a day. But the more time he plays the chances are bigger that his balance will set in the winning chance of roulette that is about 97.3%. So after one year playing he will lose 2.7% of his money.
So: you can win in the short run but you cannot win in the long run. Period.
After the lines above you think that there is a winning system on the roulette or you believe in your luck or you think it is worth playing on slot-machines then this course is not for you. These articles and the poker itself are not for you at all. This is not a game of luck.
So you stayed with us? Thanks for your attention so far. Stay tuned for the next lessons!
Gabriella is a successful poker player and operates her poker strategy site at Live Online Poker Game. You can find other valuable articles there.
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Roulette - How to Bet
Betting is very simple in roulette if you follow these simple rules.Be sure to ask about the minimum bet amounts.
Help Become a Consistent Winner at Online Low-Limit Texas Hold 'Em by Playing at the "Easy" Tables
Select Advantageous TablesTable selection is one of the most overlooked aspects of winning at poker. It becomes even more important in the world of online play.
Stay Young- Play Bingo!
Exercise, intellectual stimulation, surgery, meditation or detox - you name it, we love it. Let's face it, we live in a society obsessed with staying young.
How to Manage Your Won Money at Gambling and Sports Betting from Busting It Up at Online Sportsbook
Have you heard stories about people hitting big jackpots, winning high staked all-in Texas Hold'Em poker or going on hot streaks in sports betting ???Of course you have.And what happened with most of these (short time to get large amount of money) people ???Simple answer -- they got a complex of being unbeatable and lost all the money they got in these short time and even went busting their entire bankroll in trying to get back on hot streak.
The Secrets of the Field
The History Of Blackjack
The origin of Blackjack is somewhat unclear. Some people believe that Blackjack originated in French casinos in the early 1700s where it was known as "vingt-et-un" ("20 and 1").
Roulette System: Spread the News and Beat the Casino Legally
Discover the truth, the real secret behind successfulbusiness without playing roulette game. (It may not be what you think!)In this article, let's take a look at how money is really made without playing roulette at casino.
2005 AFC East Football Preview
In the AFC East I expect to see the Patriots drop off a bit, but not much, the reason for the projected drop off is mainly due to the fact that the Patriots will be without the services of offensive coordinator Charlie Weis and defensive coordinator Romeo Crennel, both have moved on to head coaching positions, Weis with Notre Dame and Crennel with the Cleveland Browns. Eric Mangini is the new defensive coordinator, while Bill Belichick will be calling the plays on offense himself.
Martingale Betting System - Are You SURE?
Very common and popular system among newbies who like roulette, but not a very useful one. Sure, it seems simple and logical - you start with, let's say, 10 bucks and you double it every time you lose in order to win it back.
Has the Party Poker Fish Pool Dried Up?
Party Poker has long been known as the place to go to catch unsuspecting poker "fish". What are fish? Well they are the players who are just starting to learn to play poker or who have been around for a while but just aren't very good.
Understanding The Logistics of Poker Tournaments
Tournaments are poker competitions where all of the players play at the same time and continue to play until only one player is left. Tournaments are fun to play in, have a low entry fees and offer a large prize pool to be won.
Bonuscodes Party Poker : Get more for your deposit buck
Bonuscodes for Party Poker are a great way to get a little extra. Imagine walking into your local casino to play some poker.
Las Vegas Interesting Facts
Many have had their days of glory in the state of Nevada. But these three step out of the crowd, as they gave the name of the game.
Casino Craps - Easy to Learn and Easy to Win
Craps is the fastest - and certainly the loudest - game in the casino. With the big, colorful table, chips flying everywhere and players yelling, it's exiting to watch and exciting to play.
The Secret of Making Odds Only Bets


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Submitted by kevaindia • January 12, 2017 www.kevaind.org
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Creating an easy to use, intuitive tool, full of meaningful career search services and information that is also cost effective for job service providing firms to customize was a priority. A more modern and appealing user interface with greater functionality ranked high as well
(PRWEB) March 31, 2009
Dallas/Ft. Worth, TX -- Job seekers can now personalize, prioritize and organize their online career search process, tools and resources with today's release of EmploymentTalk™ Version 4, from Insala, a global provider of outplacement and career transition software.
An upgrade to Insala's career transition technology, EmploymentTalk™ Version 4 features a self-driven activity dashboard, and is designed to help the rising number of individuals seeking re-employment services in the wake of mass layoffs. The redesign incorporates enhanced administrative functions enabling higher volume outplacement and job seeker services to be delivered by providers using EmploymentTalk™.
Efficiency is increased for not just the legacy outplacement firms, but also for recruiting firms, job boards, government employment agencies, universities and career centers that are also offering higher touch reemployment services.
"Creating an easy to use, intuitive tool, full of meaningful career search services and information that is also cost effective for job service providing firms to customize was a priority. A more modern and appealing user interface with greater functionality ranked high as well," says Doug Maxwell, Chief Technology Officer at Insala. "We received fantastic feedback from literally hundreds of outplacement professionals and career coaches who helped guide this release."
Insala reported a fourth quarter increase of 42% year over year in the number of active users of the EmploymentTalk™ system, many of whom will benefit from this upgrade. U.S. clients have experienced a 57% increase in the fourth quarter of 2008, compared with Q4 of 2007. In the U.K. an increase during the same period is nearly 20% and a notable 90% increase for the E.U., illustrating how some organizations are relying more heavily on outplacement assistance for employees affected by layoffs and redundancies.
"Millions of people's jobs are impacted by the global economic crisis. Fortunately the Internet combined with proper networking or social interactivity represents a vital lifeline of hope for quicker reemployment. EmploymentTalk™ Version 4 plays a crucial role for more positive outcomes and success by connecting service providers with those in need. There has never been a more important time for Insala to launch our next version of EmploymentTalk™," says Phillip C. Roark, Chief Executive Officer at Insala.
About Insala
Insala partners with organizations to develop and deliver business strategy solutions and to maximize human capital in today's competitive and changing social and economic environment. Insala's powerful outplacement and career services technology solutions are utilized by organizations worldwide.
The Insala Solution Suite spans outplacement, succession planning, career development, performance management, leadership development, employee surveys, and mentoring software. Delivering unique solutions through advanced technology, content and consulting services, Insala solutions offer sustainable, measurable value with long-term impact for organizations worldwide. For more information, please visit us at http://www.insala.com.
This press release was distributed through eMediawire by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.


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A comment from a friend about my last post brought up some excellent questions about the role of a larger organisational body in the question of ritual or workshop or whatever limits. (As, in the case in question, when a ritual is taking place at a larger event.)
I didn't talk about this in the previous post, both for length reasons, and because the event organiser side is a bit more complicated for me to talk about clearly, but my friend made some excellent points that I do want to talk about more.
Background and disclaimer:
This is my personal blog, and here I am speaking only for me, and not for any organization I've volunteered with, either currently or in the past. All clear? Good.
That said, my experiences shape my opinions: and you might want to know where that experience comes from.
I've thought about many of these issues (and the more general question of how to make public and large scale events more accessible to more people) a great deal in part because of my time on the board of Twin Cities Pagan Pride since 2005, running both the fall Pagan Pride event (a two-day event in 2007, 2008, 2009, and 2010, though we're planning on going back to one day in 2011 to find a space with better walk-through/casual traffic) and our new project, Paganicon, (taking place later this month), which is a weekend hotel-based conference (albeit much smaller than Pantheacon: we're likely to have somewhere between 100 and 150 people this year, which is just fine.)
I've also attended a small invite only Pagan festival for several years, and ran and helped with some other community focused events in the Society for Creative Anachronism and in science fiction fandom over the years, both places I've learned some things I apply to my current Pagan focus. Reasonably varied experience, basically but I haven't seen and done everything, either.
I've got a particular interest for various reasons in overall accessibility of events – not just mobility needs or food allergies or identity limits, but things ranging from choices in accessibility tools (i.e. lipreading seats vs. ASL interpreters vs. real-time transcription options for those with hearing impairment) to looking at things like learning style differences, scheduling, and other details.
The role of the event organiser:
The first real question here is simple: when an activity takes place at a larger event (for example, a ritual proposed in the context of a larger convention or festival), what's the role of the event organisers in handling the questions of limits and necessary information around proposed items?
There are a variety of ways to handle this. There are also some things event planners can do to encourage the proposal of the kind of events that they want, and gently discourage the ones they don't want. [That'll be my next post.]
The basic goal
As I see it, the basic goal is creating a space where things that interest and engage a sustainable number of participants happen. It does not need to be the one solution to every need, but the event organisers should have a clear idea what needs and hopes and roles different types of proposed items are filling.
A number of different pieces go into this.
What's the goal of the event? Are you designing an event to draw people from a broad variety of related communities and interests, or are you focusing on a more specific area of interest? (For example: a general Pagan event is fairly broad in focus, while an event focused on a particular tradition or practice would be much narrower.)
The best programming focus for a Pagan Pride event is going to be different than the best focus for an event for those already within the Pagan community, though there are certainly places where there's overlap. The first is going to want to include a lot of items that are at least somewhat accessible to people new to the idea of Paganism (and probably avoid more complex topics that take extensive context or explanation), while the latter can do more highly specialised items.
(When I was doing Pagan Pride programming, I aimed for having at least half the items be non-path specific, so that people on different paths could share ideas, or comments: favorite Pagan-relevant fiction, crafts and fiber arts, seasonal food traditions, things like that, in part because those things are also quite accessible to non-Pagans. I'd make different choices for a more focused event.)
The event planners also need to figure out what kind of event they can and want to support. They may, for perfectly good reasons, need to put limits on some things: they certainly do not have infinite time, energy, volunteers, space, and budget. Some of these things are educated guesses, some of them are easier to figure out. (How many people will pay to come to your event is an educated guess. What spaces you have to work with is a known limit, once you have a rental contract.)
Different people are different. Your ideal program is not everyone else's ideal program. This kind of thing turns into something of a puzzle, because you're also balancing what you think people want to see against what people actually propose, and the two do not always link up in useful or obvious ways.
Variety is therefore good, as long as it's tied to the core goals of the event. You don't want every item to sound similar to every other item. And you really don't need duplication: even in a divination-focused event, you would not want three different Tarot 101 workshops with nothing that clearly distinguishes one from the other.
However, you might well want three 101 level workshops that approach Tarot reading in markedly different ways, or you might have three different teachers talk about how they teach 101 classes. With clear descriptions and thoughtful scheduling, this might be a really cool compare and contrast opportunity for the right audience.
So how do you balance it?
Here, we hit a particular combination of problems.
Not everyone knows everything: Your nice programming staff folks presumably get the same 24 hours in a day as the rest of us. It's safer to assume that there will be gaps in their knowledge. (Even the folks who've been around the community for decades haven't lived everywhere, learned every path, etc.) Sometimes those gaps will be minor. Sometimes they will be substantial.
Programming best practices, therefore, do their best to make it easier for the programming staff to do their job – namely, create a schedule that does not put all three items on Specific Topic at the same time, and to deal with any limits, special requirements, etc. that may be involve with the help of the presenters, and to be aware of topics that may need delicate or thoughtful handling. But they don't expect the programming staff to be experts in every field – that way lies misery and failure and lots of hurt feelings.
Expecting the programming staff (or any event staff, while we're at it..) to mindread is an exercise in everyone's frustration. Event planners can and should make it easy for people to tell them the information they need to know (we'll come back to this), but presenters making proposals also have a responsibility to do their best to clearly indicate any limits, specific needs, considerations, or other topics. They know their topic and proposal best.
More eyes is better. Since no one person is going to know everything, more eyes help a lot. (I'm a librarian. I *still* don't know everything: I just have a highly trained set of skills in where to start looking.) However, this means building enough time into your deadlines that reliable, thoughtful people with broad experience in the relevant communities can look over your proposals and say "Hey, should that have more clarity?"
Do not expect attendees to mindread either. People will read programs and other information when they are tired, wired, undercaffinated, underslept, distracted, and much more. Make things as crystal clear as possible, in unambiguous but caring wording, if you are expressing limits, restrictions, or other absolutely necessary information, etc.
Fundamental questions:
Now, we come to some fundamental philosophical questions. Like most philosophical conundrums, there is no one right answer: however, answering "Yes" to some of these questions may logically require a "Yes" or "No" to others.
Should all items be 'open to all'? This is one approach to take: create a policy that all official items at the event must be open to all registered attendees. However, this has two problems.
First, realistically, there are practical, health, and other limits that mean they won't be. An event beginning at 11pm is not accessible to people who need sleep and who also need to get up early. An event that is open to very young children is not suitable for some kinds of work (and an event at 9 or 11pm is probably also not going to work for them.) An event that has a lot of dancing is somewhere between less accessible and not accessible to someone with mobility challenges. A dimly lit event is not accessible to someone who lipreads. I could go on, but you get the idea.
There may be no stated limit on who can walk in the room, but some people will end up feeling like they're left out. Statements about how "all events are open and welcoming to all registered members of the convention" will just make them feel more so, and with good reason.
The other problem is the personal history issue: there will be times, in any sufficiently sized community, that people will have significant personal differences. Someone running a ritual may need to say "Other people are welcome, but one specific person, my ex-husband who's trying to get custody, isn't." We hope not to need this one often, but it's common enough that sensible event planners should be keeping the possibility in mind and have policies that deal with it.
What's the difference between protected spaces and discriminatory spaces? There is a long history of events offering shared community space for people in a particular situation – whether that's people who share a gender identity, an orientation identity, a racial or ethnic identity, having shared a particular kind of experience.
Many people find these valuable and important, both as a way to help manage strains and stresses of a larger event (where they may feel marginalised in various ways), and as a way to connect with other people with similar experiences. Removing limited spaces from the entire event also removes these.
How do you solicit the right balance? People do not propose the precise combo of things you'd like to see. It might a great idea, for example, to have rituals that speak to every possible range of a particular identity or range of experience. However, your chances of actually getting people to propose compatible items that fit every possible need in the spectrum of choices in a single event are … well, unlikely. That leaves event planners in the position of either needing to go solicit people to run a particular thing, or of leaving gaps. Neither is a really great solution.
(I'll also add a particular planning challenge here: sometimes you think you've found just the perfect balance between different areas of focus or interest, and then all of a sudden, one of them has to cancel and you may not have time to find a workable solution.)
In short:
It's the job of the planners to create the shape of the event. It is not their job to fill that shape with color and light and sound and life all by themselves: they need the presenters and ritual leaders and attendees, and all sorts of other folks to help do that for them. Clear communication about the boundaries and edges and hopes for the event go a long way to helping make that happen well – but there are some other steps you can also consider.
This has again gotten long, so I will be addressing things that can help in various directions in a subsequent post.


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All Those Reasons Why You Never Invested in Real Estate
We just made them disappear
If you've avoided investing your hard-earned money in real estate because:
- Properties near you may not be the best investments
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Blazin' Fiddles - North
On 'North' Blazin' Fiddles manage to combine everything there is to enjoy in Scottish fiddle music. Most of all, though, there's that infectious, enlivening and irresistible euphoria that comes about from a passion for the music and a longing to share it.
Read the full review here.
Read the full review here.


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Feedlot Producers
The Canadian Cattle Identification Program is an industry initiated and established trace back system designed for the containment and eradication of animal disease.
July 1, 2010
All cattle must be tagged with an approved Radio Frequency Identification (RFID) tag prior to moving from their current location or leaving their farm of origin.
Requirements for producers:
Leave the bar-coded tag in AND apply an RFID tag to the same animal. Cross-reference the RFID tag with the bar-coded tag in the Canadian Livestock Tracking System (CLTS).
Please Note:
Tampering with and/or cutting out an approved tag is prohibited by regulations.
Cross-referencing the data will mean that all of the events uploaded by the producer against the tag and the history of the animal will be maintained. Producers can log onto their accounts at www.clia.livestockid.ca to cross-reference tags or contact the CCIA office at 1-877-909-BEEF (2333).
Important Guidelines for Producers
CCIA tags should never be re-used.


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Course Offering
Hazardous Materials Incident Response: Awareness
Start Date:
End Date:
10/13 6 pm - 10 pm
10/14 8 am - 12 pm
Stoddard County Ambulance District
POST Hrs:
Legal studies:
Interpersonal perspectives:
Technical studies:
Skill Development:
Missouri Emergency Response Commission (MERC)
This course meets the objectives of NFPA 472: Standard for Competence of Responders to Hazardous Materials/Weapons of Mass Destruction Incidents, (2013 Edition), OSHA 29 CFR 1910. 120. Topics will include:First Responder Roles; Identifying Hazardous Materials; Determining Routes of Entry; Understanding Hazardous Materials Regulations and Definitions; Identifying Occupancy Types and Locations where you could find Hazardous Materials; Identifying Container Shapes, Placards, Labels, and Markings, and Colors that could identify Hazardous Materials; Understanding Written Resources such as Shipping Papers and Safety Data Sheets; Understand how to use the Emergency Response Guide (2012); Understanding how using your Senses can harm you; Understand how Monitoring and Detection Devices can help you identify hazardous Materials; and How to identify a Terrorist Attack and Illicit Laboratories. Successful completion will require a score of 70% or greater on the written exam. Successful completion of this course meets the prerequisite for the Missouri Division of Fire Safety certification testing. No pre-requisites.
Please Note: on 7/23/14 the POST control number was changed from 1030090941 to 723140607 to reflect new standards and course material updates.
Apply for this Course Offering
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I am just looking for an LS that will accept a social/casual player, It doesn't matter if its hardcore or social as long as they are fine by me just being casual. I usually play a couple of hours nightly from 9pm to 12 pm, hence why I am a casual player, and sometimes, friday night is the one night I don't get to play at all (sigh..).
I have 2 classes 25+ (GLD and THM) and more that I plan to get up there. So if anyone is recruiting and is fine by my schedule and class levels please hit me up with an invitation.