BUSINESS AND BASIS OF PRESENTATION |
9 Months Ended |
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Sep. 30, 2024 | |
Business and Basis of Presentation [Abstract] | |
Business and Basis of Presentation |
NOTE 1 –
BUSINESS AND BASIS OF PRESENTATION
Nature of Operations
.
related services to individual and corporate clients through its wholly owned
with banking offices located in Florida, Georgia,
institutions, is subject to regulation by certain government agencies and undergoes
authorities.
Basis of Presentation
.
and CCB.
been reclassified to conform to the current year’s presentation.
The accompanying unaudited consolidated financial statements have
principles for interim financial information and with the instructions to Form
they do not include all of the information and notes required by generally accepted
statements.
presentation have been included.
The Consolidated Statement of Financial Condition at December
statements at that date, but does not include all of the information and notes
complete financial statements.
Company’s 2023 Form
Accounting Standards Updates
Proposed Accounting Standards
,
ASU 2023-01, “Leases (Topic
:
Update (“ASU”) 2023-01 requires entities to amortize leasehold
life to the common control group. ASU 2023-01 also provides certain
for-profit organizations. The standard is effective
common control leases, adoption of this standard did not have any immediate
related disclosures.
ASU 2023-02, “Investments—Equity Method and Joint Ventures
: Accounting for Investments in Tax
Using the Proportional Amortization Method.” ASU 2023-02 is intended
tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying
amortization method, regardless of the program giving rise to the
available for qualifying tax equity investments in low-income housing
Company on January 1, 2024. As the Company does not have any such investments
using the proportional amortization method, adoption of this standard did not have
statements or disclosures.
ASU 2023-06, “Disclosure Improvements:
Initiative.”
allow users to more easily compare entities subject to the SEC's existing disclosures
subject to the requirements and align the requirements in the FASB
Company is currently evaluating the provisions of the amendments and
ASU 2023-07, “Improvements to Reportable
ASU 2023-07 requires disclosure of significant segment expenses
and other segment items on an interim and annual basis. The standard is effective
and for interim periods beginning after December 15, 2024. The Company
and the impact on its future consolidated statements.
ASU 2023-09, ”Income Taxes
ASU 2023-09 is intended to increase
transparency about income tax information by requiring consistent categories
reconciliation and income taxes paid, disaggregated by jurisdiction. This
December 15, 2024. The Company is currently evaluating the provisions
statements.
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