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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
Not applicable.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s Chief Executive Officer and its Chief Financial Officer, after evaluating the effectiveness of the Com-
pany’s disclosure controls and procedures (as defined in Exchange Act Rules 13(a)–15(e) as of the end of the period
covered by this report (the “Evaluation Date”) have concluded that as of the Evaluation Date, the Company’s disclosure
controls and procedures were adequate and effective to ensure that material information relating to the Company and
its consolidated subsidiaries would be made known to them by others within those entities, particularly during the
period in which this annual report was being prepared.
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports
that we file or submit under the Exchange Act is accumulated and communicated to our management, including our
Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required
disclosure, and that such information is recorded, processed, summarized, and reported within the time periods specified
by the SEC.
Management’s Report on Internal Control over Financial Reporting
Management of the Company is responsible for the preparation, integrity, and reliability of the consolidated financial
statements and related financial information contained in this annual report. The consolidated financial statements of
the Company have been prepared in accordance with accounting principles generally accepted in the United States of
America and, as such, include some amounts that are based on judgments and estimates of management.
Management has established and is responsible for maintaining effective internal control over financial reporting. The
Company’s internal control over financial reporting includes those policies and procedures that:
(i)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company;
(ii)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of
the Company are being made only in accordance with authorizations of management and directors of the
Company; and
(iii)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or dis-
position of the Company’s assets that could have a material effect on the financial statements.
There are inherent limitations in the effectiveness of any internal control, including the possibility of human error and
the circumvention or overriding of controls. Accordingly, even effective internal control can provide only reasonable
assurance with respect to financial statement preparation. Further, because of changes in conditions, the effectiveness
of internal control may vary over time. The system contains monitoring mechanisms, and actions are taken to correct
deficiencies identified.
Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31,
2015. This assessment was based on criteria established in Internal Control – Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission. This assessment included controls over the
preparation of regulatory financial statements in accordance with the Federal Financial Institutions Examination
Council’s Instructions for Preparation of Consolidated Reports of Condition and Income, and in accordance with the
Board of Governors of the Federal Reserve System’s Instructions for Preparation of Financial Statements for Bank
Holding Companies (Consolidated and Parent Company Only). Based on this assessment, management believes that
the Company maintained effective internal control over financial reporting as of December 31, 2015.