| Industries |
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| Commercial and Professional Services |
| Diversified Commercial Services |
| Real Estate |
| Real Estate Services |
| Asset Management and Custody Banks |
| Data Processing Services |
| Data Processing and Outsourced Services |
| Exposures |
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| Economic |
| Military |
| Regime |
| Provide |
| Express intent |
| Event Codes |
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| Yield |
| Empathize |
| Solicit support |
| Acknowledge responsibility |
| Demand |
| Yield to order |
| Host meeting |
| Sports contest |
| Agree |
| Grant |
| Sanction |
| Wiki | Wiki Summary |
|---|---|
| Student loan | A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. |
| Real estate appraisal | Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). |
| Student loans in the United States | Student loans in the United States are a form of financial aid intended to help students access higher education. In 2018, 70 percent of higher education graduates had used loans to cover some or all of their expenses.Student loan debt has proliferated since 2006, totaling $1.73 trillion by July 2021. |
| Loan | A man is an adult male human. Prior to adulthood, a male human is referred to as a boy (a male child or adolescent). |
| All India Financial Institutions | All India Financial Institutions (AIFI) is a group composed of financial regulatory bodies that play a pivotal role in the financial markets. Also known as "financial instruments", the financial institutions assist in the proper allocation of resources, sourcing from businesses that have a surplus and distributing to others who have deficits - this also assists with ensuring the continued circulation of money in the economy. |
| Savings and loan association | A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. |
| Commercial property | Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. |
| Real-estate bubble | A real-estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real-estate markets, and typically follow a land boom. A land boom is the rapid increase in the market price of real property such as housing until they reach unsustainable levels and then decline. |
| Reverse mortgage | A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. |
| Participation loan | Participation loans are loans made by multiple lenders to a single borrower. \nSeveral banks, for example, might chip in to fund one extremely large loan, with one of the banks taking the role of the "lead bank". |
| Allowance for Loan and Lease Losses | In banking, the Allowance for Loan and Lease Losses (ALLL), formerly known as the reserve for bad debts, is a calculated reserve that financial institutions establish in relation to the estimated credit risk within the institution's assets. This credit risk represents the charge-offs that will most likely be realized against an institution's operating income as of the financial statement end date. |
| December 18 | December 11 is the 345th day of the year (346th in leap years) in the Gregorian calendar; 20 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n220 – Emperor Xian of Han is forced to abdicate the throne by Cao Cao's son Cao Pi, ending the Han dynasty. |
| December 10 | December 10 is the 344th day of the year (345th in leap years) in the Gregorian calendar; 21 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n1317 – The "Nyköping Banquet": King Birger of Sweden treacherously seizes his two brothers Valdemar, Duke of Finland and Eric, Duke of Södermanland, who were subsequently starved to death in the dungeon of Nyköping Castle. |
| December 26 | December 15 is the 349th day of the year (350th in leap years) in the Gregorian calendar; 16 days remain until the end of the year.\n\n\n== Events ==\n\n\n=== Pre-1600 ===\n533 – Vandalic War: Byzantine general Belisarius defeats the Vandals, commanded by King Gelimer, at the Battle of Tricamarum. |
| Current Expected Credit Losses | Current Expected Credit Losses (CECL) is a credit loss accounting standard (model) that was issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. CECL replaces the current Allowance for Loan and Lease Losses (ALLL) accounting standard. |
| Citibank | Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. |
| Special Activities Center | The Special Activities Center (SAC) is a division of the Central Intelligence Agency responsible for covert operations and paramilitary operations. The unit was named Special Activities Division (SAD) prior to 2015. |
| Operations research | Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences. |
| Surgery | Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery". |
| Bitwise operation | In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor. |
| Operation (mathematics) | In mathematics, an operation is a function which takes zero or more input values (called operands) to a well-defined output value. The number of operands (also known as arguments) is the arity of the operation. |
| Interest rate | An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. |
| Substantially equal periodic payments | Substantially equal periodic payments (SEPP) are one of the exceptions in the United States Internal Revenue Code that allows a retiree to receive payments before age 591⁄2 from a retirement plan or deferred annuity without the 10% early distribution penalty under certain circumstances.\n\n\n== Rules ==\nThe rules for SEPPs are set out in Code section 72(t) (for retirement plans) and section 72(q) (for annuities), and allow for three methods of calculating the allowed withdrawal amount:\n\nRequired minimum distribution method, based on the life expectancy of the account owner (or the joint life of the owner and his/her beneficiary) using the IRS tables for required minimum distributions. |
| Academy Award for Best Original Score | The Academy Award for Best Original Score is an award presented annually by the Academy of Motion Picture Arts and Sciences (AMPAS) to the best substantial body of music in the form of dramatic underscoring written specifically for the film by the submitting composer. Some pre-existing music is allowed, though, but a contending film must include a minimum of original music. |
| Substantial similarity | Substantial similarity, in US copyright law, is the standard used to determine whether a defendant has infringed the reproduction right of a copyright. The standard arises out of the recognition that the exclusive right to make copies of a work would be meaningless if copyright infringement were limited to making only exact and complete reproductions of a work. |
| Metropolitan statistical area | In the United States, a metropolitan statistical area (MSA) is a geographical region with a relatively high population density at its core and close economic ties throughout the area. Such regions are neither legally incorporated as a city or town would be, nor are they legal administrative divisions like counties or separate entities such as states; because of this, the precise definition of any given metropolitan area can vary with the source. |
| Privately held company | A privately held company or private company is a company which does not offer or trade its company stock (shares) to the general public on the stock market exchanges, but rather the company's stock is offered, owned and traded or exchanged privately or over-the-counter. In the case of a close corporation, there are a relatively small number of shareholders or company members. |
| High-definition television | High-definition television (HD or HDTV) describes a television system providing a substantially higher image resolution than the previous generation of technologies. The term has been used since 1936, in more recent times it refers to the generation following standard-definition television (SDTV), often abbreviated to HDTV or HD-TV. It is the current de facto standard video format used in most broadcasts: terrestrial broadcast television, cable television, satellite television and Blu-ray Discs. |
| Effects of climate change | The effects of climate change span the impacts on physical environment, ecosystems and human societies due to ongoing human-caused climate change. The future impact of climate change depends on how much nations reduce greenhouse gas emissions and adapt to climate change. |
| Adverse effect | An adverse effect is an undesired harmful effect resulting from a medication or other intervention, such as surgery. An adverse effect may be termed a "side effect", when judged to be secondary to a main or therapeutic effect. |
| Financial services | Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual asset managers, and some government-sponsored enterprises.\n\n\n== History ==\n\nThe term "financial services" became more prevalent in the United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge.Companies usually have two distinct approaches to this new type of business. |
| Financial institution | Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institutions:\nDepository institutions – deposit-taking institutions that accept and manage deposits and make loans, including banks, building societies, credit unions, trust companies, and mortgage loan companies;\nContractual institutions – insurance companies and pension funds\nInvestment institutions – investment banks, underwriters, and other different types of financial entities managing investments.Financial institutions can be distinguished broadly into two categories according to ownership structure:\n\nCommercial banks\nCooperative banksSome experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business strategies. |
| Perfect competition | In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In theoretical models where conditions of perfect competition hold, it has been demonstrated that a market will reach an equilibrium in which the quantity supplied for every product or service, including labor, equals the quantity demanded at the current price. |
| Competition law | Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. |
| Cournot competition | Cournot competition is an economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide on independently of each other and at the same time. It is named after Antoine Augustin Cournot (1801–1877) who was inspired by observing competition in a spring water duopoly. |
| Competition regulator | A competition regulator is the institution that oversees the functioning of the markets. And the Law in which it takes cognizance of situations having any type of impediments and distortions on the markets and correct them is the competition law (also known as antitrust law). |
| Swimsuit competition | A swimsuit competition, more commonly now called a bikini contest, is a beauty contest which is judged and ranked while contestants wear a swimsuit, typically a bikini. One of the judging criteria is the physical attractiveness of the contestants. |
| Risk Factors |
|---|
| PARTNERS TRUST FINANCIAL GROUP INC ITEM 1A RISK FACTORS Our Commercial Real Estate, Commercial and Consumer Loans Expose Us To Increased Lending Risks At December 31, 2005, the composition of our loan portfolio was as follows: * residential real estate loans of dlra1dtta1 billion, or 51dtta4prca of total loans; * commercial real estate loans of dlra304dtta5 million, or 14dtta0prca of total loans; * commercial and industrial loans of dlra173dtta1 million, or 7dtta9prca of total loans; and * consumer loans of dlra583dtta1 million, or 26dtta7prca of total loans |
| Commercial real estate, commercial and industrial and consumer loans expose a lender to a greater risk of loss than one- to four-family residential loans |
| Commercial real estate and commercial and industrial loans typically involve larger loan balances to single borrowers or groups of related borrowers compared to one- to four-family residential loans |
| Consequently, an adverse development with respect to one loan or one credit relationship can expose us to a significantly greater risk of loss compared to an adverse development with respect to one residential mortgage loan |
| Similarly, consumer loans generally have a higher credit risk than residential loans due to the loan being unsecured or secured by rapidly depreciable assets |
| See the Business - Lending Activities section of this Form 10-K If Our Allowance For Loan Losses Is Not Sufficient to Cover Actual Loan Losses, Our Earnings Could Decrease Our loan customers may not repay their loans according to their terms, and the collateral securing the payment of these loans may be insufficient to pay any remaining loan balance |
| We may experience significant loan losses, which could have a material adverse effect on our operating results |
| We make various assumptions and judgments about the collectibility of our loan portfolio, including the creditworthiness of our borrowers and the value of the real estate and other assets serving as collateral for the repayment of many of our loans |
| At December 31, 2005, our allowance for loan losses to non-performing loans was 556dtta3prca, and our allowance for loan losses to total loans was 1dtta7prca |
| In determining the amount of the allowance for loan losses, we rely on an allowance valuation model that considers a review of loans, our experience and our evaluation of economic conditions |
| If our assumptions prove to be incorrect, our allowance for loan losses may not be sufficient to cover losses inherent in our loan portfolio, resulting in additions to our allowance |
| Material additions to our allowance would materially decrease our net income |
| In addition, bank regulators periodically review our allowance for loan losses and may require us to increase our provision for loan losses or recognize further loan charge-offs |
| Any increase in our allowance for loan losses or loan charge-offs as required by these regulatory authorities could have a material adverse effect on our results of operations and financial condition |
| We are required by US generally accepted accounting principles to test goodwill for impairment at least annually |
| Testing for impairment of goodwill involves the estimation of fair values |
| The estimation of fair values involves a high degree of judgment and subjectivity in the assumptions used |
| As of December 31, 2005, if our goodwill were fully impaired and we were required to charge-off all of our goodwill, the pro-forma reduction to our stockholders &apos equity would be approximately dlra5dtta00 per share |
| Our Local Economy has Limited Growth Potential and This May Hurt Our Ability to Generate Profits and Grow our Business The success of our business depends on our ability to generate profits and grow our franchise |
| Our primary market area in central New York has experienced a decline in population, reflecting a decrease in the manufacturing sector, and the loss of major employers during the past decade |
| Moreover, economic and population growth in central New York is expected to be limited for the foreseeable future |
| The relatively weak economy will make it more difficult for us to grow our earnings and to generate internal asset growth |
| Changes in Market Interest Rates Could Adversely Affect Our Results of Operations and Financial Condition Our results of operations and financial condition are significantly affected by changes in interest rates |
| Our results of operations are substantially dependent on our net interest income, which is the difference between the interest income earned on our interest-earning assets and the interest expense paid on our interest-bearing liabilities |
| Because as a general matter our interest-bearing liabilities reprice or mature more quickly than our interest-earning assets, an increase in interest rates generally would result in a decrease in our average interest rate spread and net interest income |
| Changes in interest rates also affect the value of our interest-earning assets, and in particular our securities portfolio |
| Generally, the value of debt securities fluctuates inversely with changes in interest rates |
| Changes in the unrealized gains and losses on our securities available-for-sale could have an adverse effect on stockholders &apos equity |
| We are also subject to reinvestment risk relating to interest rate movements |
| Decreases in interest rates can result in increased prepayments of loans and mortgage related securities, as borrowers refinance to reduce borrowing costs |
| Under these circumstances, we are subject to reinvestment risk to the extent that we are unable to reinvest such prepayments at rates that are comparable to the rates on existing loans or securities |
| If Economic Conditions Deteriorate, Our Results of Operations and Financial Condition Could Be Adversely Impacted As Borrowers &apos Ability to Repay Loans Declines and the Value of the Collateral Securing Our Loans Decreases Our financial results may be adversely affected by changes in prevailing economic conditions, including decreases in real estate values, adverse employment conditions, the monetary and fiscal policies of the federal government and other significant external events |
| Because we have a significant amount of real estate loans, decreases in real estate values could adversely affect the value of property used as collateral |
| Adverse changes in the economy may also have a negative effect on the ability of our borrowers to make timely repayments of their loans, which would have an adverse impact on our earnings |
| In addition, substantially all of our loans are to individuals and businesses in Oneida, Onondaga, Herkimer, Broome, Tioga and Chenango Counties, New York |
| Consequently, any decline in the economy of these market areas could have an adverse impact on our earnings |
| Strong Competition Within Our Market Area May Limit Our Growth and Profitability Competition in the banking and financial services industry is intense |
| The central New York area has a high concentration of financial institutions including large money center and regional banks, community banks and credit unions |
| Some of our competitors offer products and services that we currently do not offer, such as private banking |
| Some of these competitors have substantially greater resources and lending limits than we do and may offer certain services that we do not or cannot provide |
| This competition has made it more difficult for us to make new loans and at times has forced us to offer higher deposit rates |
| Price competition for loans and deposits might result in us earning less on our loans and paying more on our deposits, which reduces net interest income |
| We expect competition to increase in the future as a result of legislative, regulatory and technological changes and the continuing trend of consolidation in the financial services industry |
| Our profitabi lity depends upon our continued ability to successfully compete in our market area |
| We May Have Difficulty Managing Our Growth, Which May Divert Resources and Limit Our Ability to Successfully Expand Our Operations We have grown substantially, from dlra973dtta4 million of total assets and dlra636dtta3 million of total deposits at December 31, 1999 to dlra3dtta8 billion of total assets and dlra2dtta3 billion of total deposits at December 31, 2005, primarily through acquisitions of other financial institutions |
| Over this period, we have expanded our branch network from 12 offices at December 31, 1999, to 35 offices at December 31, 2005 |
| We have incurred substantial expenses to build our management team and personnel, develop our delivery systems and establish our infrastructure to support future growth |
| Our future success will depend on the ability of our officers and key employees to continue to implement and improve our operational, financial and management controls, reporting systems and procedures, and to manage a growing number of client relationships |
| We may not be able to successfully implement improvements to our management information and control systems in an efficient or timely manner, and we may discover deficiencies in our existing systems and controls |
| Thus, we cannot assure you that our growth strategy will not place a strain on our administrative and operational infrastructure or require us to incur additional expenditures beyond current projections to support our recent and future growth |
| A Breach Of Information Security Could Negatively Affect Our Earnings Increasingly, we depend upon data processing, communication and information exchange on a variety of computing platforms and networks, and over the Internet |
| We cannot be certain all our systems are entirely free from vulnerability to attack, despite safeguards we have instituted |
| In addition, we rely on the services of a variety of vendors to meet our data processing and communication needs |
| If information security is breached, information can be lost or misappropriated, resulting in financial loss or costs to us or damages to others |
| These costs or losses could materially exceed the amount of insurance coverage, if any, which would adversely affect our earnings |
| We Operate in a Highly Regulated Environment and We May Be Adversely Affected by Changes in Laws and Regulations We are subject to extensive regulation, supervision and examination by the Office of Thrift Supervision, our chartering authority, and by the Federal Deposit Insurance Corporation, as insurer of deposits |
| Such regulation and supervision govern the activities in which an institution and its holding company may engage and are intended primarily for the protection of the insurance fund and depositors |
| Regulatory authorities have extensive discretion in connection with their supervisory and enforcement activities, including the imposition of restrictions on the operation of an institution, the classification of assets by the institution and the adequacy of an institutionapstas allowance for loan losses |
| Any change in such regulation and oversight, whether in the form of regulatory policy, regulations, or legislation, including changes in the regulations governing holding companies, could have a material impact on the combined banks, Partners Trust Financial Group, and our opera tions |