Financial Statements for Employee Stock Ownership Plan Bank Holding Companies

Instructions for Preparation of
Financial Statements for Employee
Stock Ownership Plan Bank Holding
Companies
FR Y-9ES
Who Must Report
A. Reporting Criteria
The Financial Statements for Employee Stock Ownership
Plan Bank Holding Companies (FR Y-9ES) must be
filed by all employee stock ownership plans
(ESOPs) that are also bank holding companies as of
the last calendar day of the calendar year.1 ESOP bank
holding companies should file the FR Y-9ES; no other
FR Y-9 series form is required. However, bank holding
companies that are subsidiaries of ESOP bank holding
companies (i.e., a tiered bank holding company) must
submit (a) the Consolidated Financial Statements
for Bank Holding Companies—FR Y-9C, (b) the Parent
Company Only Financial Statements for Large Bank
Holding Companies—FR Y-9LP or (c) the Parent Company Only Financial Statements for Small Bank Holding
Companies—FR Y-9SP in accordance with the appropriate reporting requirements.
The instructions for the FR Y-9C, FR Y-9LP, and
FR Y-9SP are not included in this booklet but may be
obtained from the district Federal Reserve Bank or from
the ‘‘Reporting Forms’’ section of the Federal Reserve
Board’s public website (www.federalreserve.gov).

B. Shifts in Reporting Status
If the status of an ESOP bank holding company changes
from a one bank ESOP bank holding company to a
multibank ESOP bank holding company, or vice versa,
either directly or indirectly through a merger, acquisition,
consolidation or sale, the ESOP bank holding company
should continue to file the FR Y-9ES. When an event
1. Under Section 3(a)(1) of the BHC Act and Section 225 of Regulation Y, an ESOP may be required to register, and be regulated, as a bank
holding company. For further information, contact the respective Reserve
Bank where reports generally are filed. (See the Glossary entry for
‘‘Control.’’)
Instructions for Preparation of Reporting Form FR Y-9ES
General Instructions December 2003

such as this occurs, the ESOP bank holding company
should disclose this in the Notes to the Financial
Statements of the FR Y-9ES.
When there is dilution of the percentage of employer
securities owned by the ESOP bank holding company
through issuance of additional shares or other corporate
actions, it should continue to file the FR Y-9ES as long
as the ESOP remains or is deemed to be a bank holding
company.

Where to Submit the Report
Electronic Submission
Beginning with the FR Y-9ES report submitted for
December 31, 2003, reporting date, ESOP bank holding companies must submit their completed report
electronically.
For procedures for electronic submission ESOP bank
holding companies should contact their district Federal
Reserve Bank or go to www.reportingandreserves.org.

When to Submit the Report
The Financial Statements for Employee Stock Ownership
Plan Bank Holding Companies (FR Y-9ES) is required
to be submitted no later than July 31 following the
December 31 reporting date. However, for ESOP bank
holding companies that have received an extension with
the IRS on Form 5500 by filing Form 5558, the submission deadline of the FR Y-9ES will be extended to
October 15 to coincide with the extended IRS deadline.
For example, financial statements for December 31, 200x
are required to be submitted no later than July 31, 200x
for ESOP bank holding companies that have not received
an extension with the IRS and October 15 for ESOP
bank holding companies that have received an extension.
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General Instructions

However, ESOP bank holding companies that filed for an
extension with the IRS must send a copy of Form 5558
to the appropriate Federal Reserve Bank by July 31.
Therefore, for purposes of the FR Y-9ES, the term
‘submission deadline’ applies to both the July 31 and
October 15 deadlines and refers to the date by which the
Federal Reserve must receive the ESOP bank holding
company’s FR Y-9ES or the copy of Form 5558.
The report is due by the end of the reporting day on the
submission deadline (i.e., 5:00 P.M. at each of the
Reserve Banks).
If the submission deadline falls on a Saturday, Sunday
(weekend) or holiday, the report must be received by
5:00 P.M. on the first business day after the weekend or
holiday. Earlier submission would aid the Federal
Reserve in reviewing and processing the reports and is
encouraged. No extensions of time for submitting reports
beyond October 15 are granted.

How to Prepare the Report
A. Applicability of GAAP
ESOP bank holding companies are required to prepare
and file the Financial Statements for Employee Stock
Ownership Plan Bank Holding Companies (FR Y-9ES)
in accordance with generally accepted accounting principles (GAAP) and these instructions. All reports shall
be prepared in a consistent manner. The ESOP bank
holding company’s financial records shall be maintained
in such a manner and scope so as to ensure that the FR
Y-9ES can be prepared and filed in accordance with
these instructions and reflect a fair presentation of the
ESOP bank holding company’s financial condition and
results of operations.
When the Federal Reserve’s interpretation of how GAAP
or these instructions should be applied to a specified
event or transaction (or series of related events or transactions) differs from the reporting ESOP bank holding company’s interpretation, the Federal Reserve may
require the ESOP bank holding company to reflect the
event(s) or transaction(s) in its FR Y-9ES in accordance
with the Federal Reserve’s interpretation and to amend
previously submitted reports. The Federal Reserve will
consider the materiality of such event(s) or transaction(s)
in making a determination about requiring the ESOP
bank holding company to apply the Federal Reserve’s
GEN-2

interpretation and to amend previously submitted
reports. Materiality is a qualitative characteristic of
accounting information which is defined in FASB Concepts No. 2 as ‘‘the magnitude of an omission or misstatement of accounting information that, in the light of
surrounding circumstances, make it probable that the
judgment of a reasonable person relying on the information would have been changed or influenced by the
omission or misstatement.’’
ESOP bank holding companies should retain workpapers
and other records used in the preparation of these reports.

B. Report Form Captions and
Instructional Detail
No caption on the report form shall be changed in any
way. No item is to be left blank. An entry must be made
for each item (i.e. an amount, a zero, or a ‘‘N/A’’).
There may be areas in which an ESOP bank holding
company wishes more technical detail on the application
of employee benefit law and regulation. Such information may often be found in the Glossary section of these
instructions or, in more detail, in the Internal Revenue
Code, the Employee Retirement Income Security Act or
related regulations. The employee benefit terms in the
Glossary are intended to serve as an aid in the specific
reporting situations rather than a comprehensive statement of employee benefit law.
Additional copies of this instruction book may be obtained from the district Federal Reserve Bank or from the
‘‘Reporting Forms’’ section of the Federal Reserve
Board’s public website (www.federalreserve.gov).

C. Rounding
All dollar amounts must be reported in thousands of
dollars, with the figures rounding to the nearest thousand. Items less than $500 should be reported as zero.
Rounding could result in details not adding to their stated
totals. However, to ensure consistent reporting, the
rounded detail items should be adjusted so that the totals
and the sums of their components are identical.
On the Financial Statements for Employee Stock Ownership Plan Bank Holding Companies, ‘‘Total assets’’
less ‘‘Total liabilities’’ must equal ‘‘Net assets available
Instructions for Preparation of Reporting Form FR Y-9ES
General Instructions December 2003

General Instructions

for benefits.’’ These amounts must be derived from
unrounded numbers and then rounded to ensure that
these two items are equal as reported.

D. Negative Entries
Negative entries are generally not appropriate on the
FR Y-9ES and should not be reported. Hence, assets
with credit balances must be reported in liability items
and liabilities with debit balances must be reported in
asset items, as appropriate, and in accordance with these
instructions.
However, on the Statement of Changes in Net Assets
Available for Benefits, negative entries may appear as
appropriate. Income items with a debit balance and
expense items with a credit balance must be reported in
parentheses rather than with a minus (−) sign.

E. Confidentiality
The completed version of this report generally is available to the public upon request on an individual basis.
However, a reporting ESOP bank holding company may
request confidential treatment for the Financial Statements for Employee Stock Ownership Plan Bank Holding
Companies (FR Y-9ES) if the ESOP bank holding company is of the opinion that disclosure of specific commercial or financial information in the report would likely
result in substantial harm to its competitive position, or
that disclosure of the submitted information would result
in unwarranted invasion of personal privacy.
A request for confidential treatment must be submitted in
writing concurrently with the submission of the report.
The request must discuss in writing the justification for
which confidentiality is requested and must demonstrate
the specific nature of the harm that would result from
public release of the information. Merely stating that
competitive harm would result or that information is
personal is not sufficient.
Information for which confidential treatment is requested
may subsequently be released by the Federal Reserve
System if the Board of Governors determines that the
disclosure of such information is in the public interest.

checked to corresponding items elsewhere in the report.
Before a report is submitted, all amounts should be
compared with the corresponding amounts in the previous report. If there are any unusual changes from the
previous report, a brief explanation of the changes should
be attached to the submitted report.
Signature. The Financial Statements for Employee Stock
Ownership Plan Bank Holding Companies must be
signed by an authorized officer of the employee stock
ownership plan. This individual should be an official
authorized by the plan documents to act on behalf of the
ESOP.
ESOP bank holding companies must maintain in their
files a manually signed and attested printout of the data
submitted. The cover page of the Reserve Bank-supplied,
holding company’s software, or from the Federal Reserve’s website report form should be used to fulfill the
signature and attestation requirement and this page
should be attached to the printout placed in the ESOP
bank holding company’s files.

G. Amended Reports
The Federal Reserve may require the filing of amended
Financial Statements for Employee Stock Ownership
Plan Bank Holding Companies if the report previously
submitted contains significant errors. In addition, an
ESOP bank holding company should file an amended
report when internal or external auditors make audit
adjustments that result in a restatement of financial statements previously submitted to the Federal Reserve. In
the event that certain of the required data are not available, ESOP bank holding companies should contact the
appropriate Reserve Bank for information on submitting
a revised report.

H. Organization of the Instruction Book
The instruction book is divided into two sections:
(1) The General Instructions describing overall reporting requirements.

F. Verification and Signature

(2) The Line Item Instructions for each schedule of the
Financial Statements for Employee Stock Ownership
Plan Bank Holding Companies (FR Y-9ES).

Verification. All addition and subtraction should be
double-checked before the report is submitted. Totals
and subtotals in supporting materials should be cross-

The instructions and definitions in section (2) are not
necessarily self-contained; reference to more detailed
treatments in the Glossary may be needed.

Instructions for Preparation of Reporting Form FR Y-9ES
General Instructions December 2003

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LINE ITEM INSTRUCTIONS FOR THE

Statement of Changes in Net Assets
Available for Benefits
Schedule SC

The Statement of Changes in Net Assets Available for
Benefits reflects changes in net assets available for benefits for the calendar year, the period from January 1 to
December 31 for Employee Stock Ownership Plans
(ESOPs). If the ESOP was formed during the calendar
year, the Statement of Changes in Net Assets Available
for Benefits should reflect changes in the value from the
date of formation to the end of the calendar year (i.e.,
December 31).
For leveraged ESOPs, additions and deductions should
include both allocated and unallocated (suspense
account) amounts. Transfers from unallocated to allocated should not be reflected because they do not affect
net assets available for plan benefits. (See the following
Glossary entries: ‘‘Leveraged ESOPs,’’ ‘‘Net Assets
Available for Benefits,’’ and ‘‘Suspense Shares.’’)

Investment Income

Line Item 2

Interest income.

Report interest income paid or payable to the ESOP for
the current reporting period related to cash balances or
debt securities reported in items 1, 2(b), 3(b), 4 and 9 of
the Statement of Net Assets Available for Benefits.
Line Item 3

Dividend income.

Report dividend income declared or paid to the ESOP
during the calendar year-to-date. Include dividends that
were payable but that will not be received until after the
report date.
Line Item 4

Employer contributions.

Report total employer contributions declared (whether or
not yet received), during the current reporting period.
Include in this item both cash and noncash contributions.
Noncash contributions should be recorded at fair value.
A description of noncash contributions should be provided in the Notes to the Financial Statements.

Line Item 1 Net appreciation (depreciation) in fair
value of investments:

Line Item 5

Line Item 1(a)

Report contributions authorized by plan participants for
the current reporting period whether or not the contributions have been remitted to the ESOP.

Employer securities.

Report the change in fair value of employer securities.
Realized gains and losses need not be segregated from
unrealized gains and losses relating to investments held
at year-end. If the amount reported is a net loss, enclose
it in parentheses.
Line Item 1(b)

Other securities.

Report the change in fair value of all other securities.
Realized gains and losses need not be segregated from
unrealized gains and losses relating to investments held
at year-end. If the amount reported is a net loss, enclose
it in parentheses.
Instructions for Preparation of Reporting Form FR Y-9ES
Statement of Changes in Net Assets Available for Benefits December 2003

Line Item 6

Participant contributions.

Other additions.

Report the amount of all other additions to the net assets
available for benefits recognized by the ESOP, that is not
reported in items 1 through 5 above.
Line Item 7

Total additions.

Report the sum of items 1(a), 1(b), 2, 3, 4, 5, and 6.
Line Item 8

Interest expense.

Report loan interest and any other interest paid or payable by the ESOP for the calendar year-to-date. Include
SC-1

Schedule SC

only expenses paid by the ESOP and do not include
expenses paid by a lower tier bank holding company or a
bank on behalf of the ESOP unless such payments were
reimbursed by the ESOP.

Line Item 12

Line Item 9

Report the difference between item 7 minus item 12. If
amount reported is a net decrease, enclose it in parentheses. This amount should be equal to the difference
between items 14 and 15.

Insurance expenses.

Report the difference between the premium paid and the
cash surrender value of life insurance.
Line Item 10

Distributions paid to participants.

Report distributions that were paid or payable to participants for the calendar year-to-date.
Line Item 11

Other deductions.

Report any other deductions from net assets available for
benefits not included in items 8, 9, and 10 above, such as
plan administration expenses. Include only expenses paid
by the ESOP and do not include expenses paid by a
lower tier bank holding company or a bank on behalf of
the ESOP unless such payments were reimbursed by the
ESOP.

SC-2

Total deductions.

Report the sum of items 8, 9, 10, and 11.
Line Item 13

Net increase (decrease).

Line Item 14 Beginning of year: net assets
available for benefits.
Report the net assets available for benefits as of the
previous calendar year-end.
Line Item 15
benefits.

End of year: net assets available for

Report the net assets available for benefits as of the end
of the statement period, the sum of items 13 and 14. This
item must equal the Statement of Net Assets Available
for Benefits schedule, item 15.

Instructions for Preparation of Reporting Form FR Y-9ES
Statement of Changes in Net Assets Available for Benefits December 2003

LINE ITEM INSTRUCTIONS FOR THE

Statement of Net Assets Available
for Benefits
Schedule SB

The Statement of Net Assets Available for Benefits reflects, as of the report date, the net assets that ultimately
are available to pay benefits. For leveraged ESOPs, assets
reported on this schedule should include both allocated
and unallocated (suspense account) amounts.

Assets
Line Item 1 Cash and Cash Equivalents
(including money market instruments).
Report cash and cash equivalents both noninterest bearing and interest bearing. For the purposes of this report,
cash and cash equivalents includes cash, and other financial instuments that are both: (a) readily convertible into
cash and (b) have a remaining maturity of three months
or less. Examples of items commonly considered cash
equivalents are Treasury bills, commercial paper, or
money market funds. Cash purchases and sales of those
investments, if included here, should be part of the cash
management activities rather than part of investing
activities. Securities that are purchased as investments
should be reported in items 2 through 4 below.
Overdrafts should not be reported in this item. Overdrafts should be reported under item 13, ‘‘Other
liabilities.’’
Line Item 2

Bank holding company securities.

Plan investments, whether equity or debt securities or
other investments, shall be presented at their fair value as
of the report date. The fair value of an investment is the
amount that the ESOP could reasonably expect to receive
in a current arms-length sale between a willing buyer and
a willing seller, that is, other than in a forced or liquidation sale. Fair values shall be measured by the market
price if there is an established securities trading market
for the investment. If no active market for the employer
securities exists, fair values shall be determined by an
annual independent appraisal.
Instructions for Preparation of Reporting Form FR Y-9ES
Statement of Net Assets Available for Benefits December 2003

Line Item 2(a)

Equity securities.

Report the fair value of equity securities in a bank
holding company employer or sponsor as of the report
date. Equity securities reported in this item should
include qualifying employer securities. (See the Glossary
entries ‘‘Qualifying Employer Securities’’ and ‘‘Sponsoring Employer.’’) Non-qualifying employer equity securities should be reported in item 9, ‘‘Other assets.’’
Line Item 2(b)

Debt securities.

Report on this item the fair value of debt securities in a
bank holding company employer or sponsor as of the
report date. Debt securities reported in this item should
include qualifying employer securities. (See the Glossary
entries ‘‘Qualifying Employer Securities’’ and ‘‘Sponsoring Employer.’’) Non-qualifying employer debt securities should be reported in item 9, ‘‘Other assets.’’
Line Item 3

Bank securities.

Plan investments, whether equity or debt securities or
other investments, shall be presented at their fair value as
of the report date. The fair value of an investment is the
amount that the ESOP could reasonably expect to receive
in a current arms-length sale between a willing buyer and
a willing seller, that is, other than in a forced or liquidation sale. Fair values shall be measured by the market
price if there is an established securities trading market
for the investment. If no active market for the employer
securities exists, fair values shall be determined by an
annual independent appraisal.
Line Item 3(a)

Equity securities.

Report the fair value of equity securities in a bank
employer or sponsor as of the report date. Equity securities reported in this item should include qualifying
employer securities. (See the Glossary entries ‘‘Qualifying Employer Securities’’ and ‘‘Sponsoring Employer.’’)
SB-1

Schedule SB

Non-qualifying employer equity securities should be
reported in item 9, ‘‘Other assets.’’
Line Item 3(b)

Debt securities.

Report the fair value of debt securities in a bank
employer or sponsor as of the report date. Debt securities reported in this item should include qualifying
employer securities. (See the Glossary entries ‘‘Qualifying Employer Securities’’ and ‘‘Sponsoring Employer.’’)
Non-qualifying employer debt securities should be
reported in item 9, ‘‘Other assets.’’
Line Item 4 Securities (other than securities
reported in items 1, 2, 3, and 9).
Diversified ESOPs that hold marketable debt and equity
securities other than qualifying employer securities or
sponsor securities, should report the fair value of those
securities in this item. Do not include bank or bank
holding company employer securities held by the ESOP
in this item; those investments should be reported on
either item 2, 3 or 9.
Line Item 5

Employer’s contribution receivable.

Employer’s contribution receivables are amounts due as
of the report date. Amounts due include those pursuant to
formal commitments and legal obligations. Evidence of a
formal commitment may include (a) a resolution by the
employer’s governing body approving a specific contribution, (b) a consistent pattern of making payments after
the plan’s year-end pursuant to an established funding
policy that attributes such subsequent payments to the
preceding plan year, (c) a deduction of a contribution for
federal tax purposes for periods ending on or before the
reporting date, or (d) the employer’s recognition as of the
report date of a contribution payable to the plan.
Line Item 6

Participants’ contribution receivable.

Participants’ contribution receivables are amounts due
from plan participants that are permissible under the plan
and contributed pursuant to a formal commitment as of
the report date. These contributions normally would be
made by participants in a KSOP plan. (See the Glossary
entry ‘‘KSOP.’’)

Line Item 8
insurance.

Report the cash surrender value of any insurance policy
on a bank or bank holding company officer or employee
for which the ESOP holds as an investment to defray
costs of employee benefits.
Line Item 9

Dividends and interest receivable.

Report the amount of dividends and interest earned but
not yet received as of the report date.
SB-2

Other assets.

List any other non-qualifying assets that have not been
described in items 1 through 8.
Line Item 10

Total assets.

Report the sum of items 1, 2(a), 2(b), 3(a), 3(b), 4, 5, 6,
7, 8, and 9.

Liabilities
Line Item 11

Loans payable.

Report the amount of all loans payable by the ESOP
bank holding company for purchase of the stock of the
sponsoring employer. The debt of leveraged ESOPs also
should be reported on the balance sheet of the sponsoring
employer. All other loans payable should be reported in
other liabilities. For more information see ‘‘Leveraged
ESOPs’’ in the Glossary.
Line Item 12

Interest payable.

Report any interest expense that already has been accrued
as of the report date but which has not been paid.
Line Item 13

Other liabilities.

Report the total amount of all other liabilities not
reported under items 11 and 12 above. Include amounts
allocated to the accounts of the persons who have elected
to withdraw from the plan but have not been paid.
Line Item 14

Total liabilities.

Report the sum of items 11, 12, and 13.
Line Item 15

Line Item 7

Cash surrender value of life

Net Assets Available for Benefits.

Report the difference between item 10 and item 14. The
amount reported in this line item must equal line item 15
of Schedule SC. For non-leveraged ESOPs, net assets
Instructions for Preparation of Reporting Form FR Y-9ES
Statement of Net Assets Available for Benefits December 2003

Schedule SB

available to pay plan benefits should reconcile to the sum
of the participant’s individual account balances.
For leveraged ESOPs, the sum of the participant’s individual account balances should equal the fair value of the
plan’s allocated assets. The reconciling items between
(1) the sum of the participant’s individual account bal-

Instructions for Preparation of Reporting Form FR Y-9ES
Statement of Net Assets Available for Benefits December 2003

ances and (2) net assets available for benefits include the
fair value of the plan’s unallocated (suspense account)
assets and the plan’s liabilities. (See the Glossary entries
for ‘‘Leveraged ESOPs,’’ ‘‘Net Assets Available for
Benefits,’’ and ‘‘ Suspense Shares.’’)

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LINE ITEM INSTRUCTIONS FOR THE

Memoranda
Schedule SB-M

Line Item M1

Sponsoring employer.

Report the name of the sponsoring employer as defined
in the plan document.
Line Item M2

Shares held by ESOP:

Line Item M2(a)
held by ESOP.

Total number of bank shares

Report the total number of bank shares held by the
ESOP, including both allocated and unallocated shares. If
fractional shares are issued and they are greater than or
equal to .5, round up to the nearest whole number.
Line Item M2(b)
by ESOP.

Percentage of bank shares held

Report the percentage of bank shares outstanding that are
held by the ESOP, including both allocated and unallocated shares.
Line Item M2(c) Number of bank shares allocated
to ESOP participants.
Report the total number of bank shares held by the ESOP
that are allocated to plan participants. The number of
allocated shares is included in item M2(a). If fractional
shares are issued and they are greater than or equal to .5,
round up to the nearest whole number.
Line Item M2(d) Total number of bank holding
company shares held by ESOP.
Report the total number of bank holding company shares
held by the ESOP, including both allocated and unallocated shares. If fractional shares are issued and they are
greater than or equal to .5, round up to the nearest whole
number.
Instructions for Preparation of Reporting Form FR Y-9ES
Memoranda December 2002

Line Item M2(e) Percentage of bank holding
company shares held by ESOP.
Report the percentage of bank holding company shares
outstanding that are held by the ESOP, including both
allocated and unallocated shares.
Line Item M2(f) Number of bank holding
company shares allocated to ESOP participants.
Report the total number of bank holding company shares
held by the ESOP that are allocated to plan participants. The number of allocated shares is included in
item M2(d). If fractional shares are issued and they are
greater than or equal to .5, round up to the nearest whole
number.
Line Item M3 Amount of ESOP debt reported as
contra-equity by the sponsoring employer or
unearned ESOP shares on:
As part of sponsoring a leveraged ESOP, the employer
will deduct an amount equal to the debt balance from the
equity section of its balance sheet for unallocated shares.
For more information see ‘‘ESOP Debt to Related Entities’’ in the Glossary.
Line Item M3(a)

Bank report of condition.

Report the amount of the contra-equity account that is
reported on the bank’s report of condition and income. A
bank that has guaranteed the ESOP long-term debt would
include the offsetting debit to the liability reported on the
balance sheet as a contra-equity account on the balance
sheet.
Line Item M3(b)
sheet.

Bank holding company balance

Report the amount of the contra-equity account that is
reported on the bank holding company’s balance sheet.
SB-M-1

Schedule SB-M

A bank holding company that has guaranteed the ESOP
long-term debt would include the offsetting debit to the
liability reported on the balance sheet as a contra-equity
account on the balance sheet.

amounts do not include all vested balances of participants, but only those amounts reasonably expected to
be subject to distribution within two years after December 31 of the report year.

Line Item M4

Line Item M6 The net amount of plan participant
balances eligible for diversification under the
diversification requirement.

Year ESOP was initially adopted.

Report the year the ESOP was initially adopted by the
sponsoring employer as defined in the plan document.
For plans that existed prior to becoming ESOPs, report
the date that the plan became an ESOP. Report the year
in the century/year (i.e., CCYY) format (for example,
report 1976 and not ‘‘76’’).
Line Item M4(a) Accounted for under AICPA
Statement of Position 76-3 or Statement of Position
93-6. (Enter ‘‘1’’ for SOP 76-3; enter ‘‘2’’ for
SOP 93-6).
If the ESOP employer has adopted SOP 76-3, enter ‘‘1’’
in this item. If the ESOP employer has adopted SOP
93-6, enter ‘‘2’’ in this item. (See the Glossary entry
‘‘Accounting for ESOPs by Sponsoring Employer’’).

Report the amount of plan participant balances available
under the diversification requirements for participants
who have attained 10 years of service and are age 55
or older who are eligible to elect to diversify their
individual accounts, or who have elected to diversify
their accounts. Calculate the net amount of plan participant balances eligible for diversification by determining
the gross amount of plan participant balances eligible
for diversification and subtract the amount of participant
balances previously diversified.
Line Item M7 Did the plan engage in any
transaction with parties in interest during the
current report year?

Report the total number of participants in the plan, as
defined in Form 5500, as of December 31 of the reporting year. Report the exact number of participants.

If the plan engaged in a transaction with a party in
interest during the current reporting year, please enter a
‘‘1’’ in the box. If no transactions with a party in interest
occurred during the current reporting year, please enter
a ‘‘0’’ (zero) in the box. (See the Glossary entry ‘‘Partyin-Interest/Disqualified Person.’’)

Line Item M5 Estimated employer liability for
payment of plan benefits/distributions within two
(2) years after December 31 of the report year.

Line Item M8 Has there been a change in plan
trustees or the plan administrative committee
during the current report year?

Report an estimate of the employer’s liability to plan
participants and/or beneficiaries eligible and reasonably
expected to receive benefits or distributions within two
years after December 31 of the report year. Such amounts
include payments of participant retirement benefits, beneficiary payments, and termination payments. These

If there has been a change in plan trustees, or membership in the plan administrative committee during the
current reporting year, please enter a ‘‘1’’ in the box. If
no change in plan trustees or the plan administrative
committee occurred during the current reporting year,
please enter a ‘‘0’’ (zero) in the box.

Line Item M4(b) Total number of plan
participants as of December 31 of the report year.

SB-M-2

Instructions for Preparation of Reporting Form FR Y-9ES
Memoranda December 2003

Glossary

The definitions in this Glossary apply to the Financial
Statements for Employee Stock Ownership Plan Bank
Holding Companies (FR Y-9ES) and are not necessarily
applicable for other regulatory or legal purposes. The
presentation of the assets, liabilities, and net assets available for benefits, and the recognition of changes in the
net assets available for benefits in the FR Y-9ES are to
be in accordance with generally accepted accounting
principles. The accounting discussions in this Glossary
are those relevant to the preparation of these reports and
are not intended to constitute a comprehensive presentation on bank accounting or on generally accepted
accounting principles (GAAP).
Subsequent to legislation that created Employee Stock
Ownership Plans (ESOPs), accounting standards for both
the plan and the plan sponsor have evolved. The appropriate accounting can vary from institution to institution,
depending on the date the ESOP was formed and other
unique factors. The information given below is intended
only as general guidance; for in-depth or specific information, it may be necessary to consult GAAP resources
or obtain expert accounting or legal advice.
Accounting for ESOPs: ESOP accounting as presented
in the FR Y-9ES should conform to generally accepted
accounting principles (GAAP). The plan should use a
special form of fair value accrual accounting consistent
with employee benefit plans (see FAS 32) and not the
equity method of accounting. The plan balance sheet
should reflect ESOP debt as a liability on its balance
sheet. GAAP for ESOPs are addressed primarily by
the AICPA Audit and Accounting Guide: Audits of
Employee Benefit Plans.
Accounting for ESOPs by Sponsoring Employer:
Sponsoring employer accounting for a leveraged ESOP
will vary depending upon the formation date. (See the
Glossary entry for ‘‘Formation Date.’’) Employer
Instructions for Preparation of Reporting Form FR Y-9ES
Glossary December 2002

accounting for ESOPs formed after 1993 is governed by
the American Institute of Certified Public Accountants
(AICPA) Statement of Position (SOP) 93-6. According
to SOP 93-6, all debt of the ESOP must be reflected as a
liability on the financial statements of the sponsoring
employer. The shares purchased with the proceeds of
the debt are recorded by the sponsoring employer as a
contra-equity account. This account is reduced and the
shares are transferred to the ESOP in proportion to the
debt repayment.
ESOPs formed prior to 1994 are accounted for pursuant
to SOP 76-3. For loans that closed or were renegotiated
after June 19, 1989, [date of Emerging Issues Task Force
(EITF) Opinion 89-10] the debt must be reflected on the
balance sheet of the sponsoring employer, and on the
balance sheet of the ESOP. Institutions accounting for
transactions under SOP 76-3 also reflect the debt balance
as a contra-equity account. For additional information,
see SOP 76-3, SOP 93-6, EITF 89-10, FAS 35, and any
other accounting standards relevant to the reporting
ESOP employer.
NOTE: When a leveraged ESOP borrows from an
affiliate bank or bank holding company the note receivable and the note payable are both eliminated from
the consolidated balance sheet. Likewise, income and
expense accounts are also eliminated. On a parent-only
basis, they continue to be reflected on each balance
sheet.
Accumulated Plan Benefits: Benefits calculated to
the benefit information date that are attributable to the
employee under the provisions of the plan.
Adequate Consideration: In the case of a security for
which there is a recognized market, the price prevailing
on a national securities exchange. In the case of a closely
GL-1

Glossary

held security, the fair market value of the asset as determined in good faith by the trustee or named fiduciary.

become exempt from further acquisition filing requirements under Section 225.12(c) of Regulation Y.

Allocated Shares: The shares in an ESOP trust that have
been assigned to individual participant accounts based
on a known formula. IRS rules require allocation to be
nondiscriminatory (that is, generally based on compensation, length of service, or a combination of both). For
any particular participant such shares may be vested,
unvested or partially vested.

Contingent Liability: A contingent liability is recorded
on the balance sheet based on the probability that an
asset has been impaired or a loss has been incurred and
the amount of the contingent liability is reasonably
estimable.

Appraisal: Closely held employer securities of an ESOP
must be independently appraised at least annually as of
the plan valuation date. For purposes of reporting on the
FR Y-9ES, the reporter should use the most recent plan
year-end appraisal.
Bank Holding Company: See ‘‘Control.’’
Benefits: See ‘‘Pension Benefits’’ and ‘‘Accumulated
Plan Benefits.’’
Control: Under Section 3(a)(1) of the BHC Act and
Section 225.11 of Regulation Y, an ESOP is required to
register, and be regulated, as a bank holding company
before acquiring control of 25 percent or more of any
class of voting securities of a bank or bank holding
company. Under the rebuttable control presumption of
Section 225.31(d)(2)(ii) of Regulation Y, an ESOP also
is presumed to control a bank or bank holding company
if it acquires control of more than 5 percent (but less than
25 percent) of any class of that banking organization’s
voting securities and, together with the interests held by
its trustees and administrative committee members, controls 25 percent or more. In this situation, unless the
control presumption can be successfully rebutted, an
ESOP must register, and be regulated, as a ‘‘bank holding company.’’
Under section 3(a)(1) of the BHC Act and Section 225.11
of Regulation Y, an ESOP is required to register, and be
regulated, as a bank holding company before acquiring
control of 25 percent or more of any class of voting
securities of a bank or bank holding company. Like other
bank holding companies, once an ESOP is approved to
control 25 percent or more, it must continue to receive
prior Federal Reserve approval for any increase in the
number or percentage of shares it owns until it is
approved to own over 50 percent, at which time it would
GL-2

Contra-equity: A contra-equity account is an account
with a debit balance that is classified in the equity section
of the balance sheet. The sponsoring employer records
unearned ESOP shares in a contra-equity account. The
account would be titled ‘‘unearned ESOP shares’’ under
SOP 93-6 or ‘‘ESOP debt’’ under SOP 76-3. For further guidance, see also SOP 93-6, SOP 73-6, and the
FR Y-9C Glossary entries for ‘‘unearned ESOP shares,’’
‘‘ESOP debt,’’ and ‘‘contra-equity.’’
Contributions: Employers and/or plan participants make
contributions to ESOPs. In order for plan participants to make contributions, the ESOP must contain a
401(k) feature permitting employee deferrals or savings.
Employer contributions to retirement plans are generally
considered to be a part of compensation expense by the
employer. For additional information on plan deferral
contributions see the Glossary entry for ‘‘KSOP.’’
Contributions receivable: Amounts due as of the date
of the financial statements, including legal and contractual obligations; or amounts authorized by boards of
directors.
Defined contribution plan: A plan that provides an
individual account for each participant and provides
benefits that are based on (a) amounts contributed to
the participants account by the employer or employee,
(b) investment experience, and (c) any forfeitures allocated to the account less any administrative expenses
charged to the plan. Examples of a defined contribution
plan include a profit sharing plan, a 401(k) plan, and an
ESOP.
Disqualified Person: See ‘‘Party-in-Interest/Disqualified
Person.’’
Dividends on allocated shares used for debt service:
Dividends on allocated and unallocated shares must be
allocated to employee accounts. Companies normally
Instructions for Preparation of Reporting Form FR Y-9ES
Glossary December 2002

Glossary

allocate these amounts using shares, or portions of
shares, released from the suspense account, when the
dividends have been used for debt service. The value
of shares released must equal or exceed the dividends
on shares that were allocated to employee accounts and
were used for debt service. Dividends on unallocated
shares may be allocated to participants based on any fair
formula.
Emerging Issues Task Force (EITF): The EITF is a
division of the Financial Accounting Standards Board
(FASB). The EITF opines on and clarifies issues regarding existing accounting standards. The following opinions issued by the EITF relate to ESOPs: EITF 89-10,
EITF 89-11, EITF 92-3, EITF 90-4, EITF 89-8,
EITF 86-4, EITF 89-12, and EITF 86-27.
Employer Securities: See ‘‘Qualifying Employer
Securities.’’
Employee Retirement Income Security Act of 1974
(ERISA): The ERISA is a federal law that sets minimum
standards for most voluntarily established pension and
health plans in private industry to provide protection for
individuals in these plans.
Employee Retirement Income Security Act of 1974
(ERISA) Plan: A plan that is subject to ERISA.
Employee Stock Ownership Plan (ESOP). A taxqualified employee benefit plan, which is designed to be
invested primarily in qualifying employer securities and
is uniquely permitted to borrow money from or on the
guarantee of a party-in-interest for the purpose of acquiring securities issued by the plan sponsor (a leveraged
ESOP). The term ‘‘employee stock ownership plan’’ is
also generally applied to (a) non-leveraged stock bonus
plans that satisfy various requirements set forth in
section 4975(e)(7) of the Internal Revenue Code and
(b) profit-sharing plans (and certain pre-ERISA money
purchase pension plans) that invest primarily in securities issued by the plan sponsor.
ESOP Debt to Related Entities: When a leveraged
ESOP borrows from an affiliate bank or bank holding
company, the note receivable and the note payable are
both eliminated from the consolidated balance sheet.
Likewise, income and expense accounts are also elimiInstructions for Preparation of Reporting Form FR Y-9ES
Glossary December 2002

nated. On a parent-only basis, they continue to be
reflected on each balance sheet.
Fiduciary: A person who has or exercises discretionary
authority in the management of plan assets or in the
administration of the plan. (Defined at ERISA section 3(21)). This generally includes plan administrators,
plan officers and directors, plan trustees, investment managers, and persons with power to set plan policy and
procedures.
Form 5500: A joint-agency form developed by the Internal Revenue Service, Department of Labor and the Pension Benefit Guaranty Corporation which may be used to
satisfy the annual reporting requirements of the Internal
Revenue Code and Titles I and IV of ERISA. Form 5500
and instructions can be obtained from the IRS public
website (www.irs.gov).
Form 5558: Application for Extension of Time To File
Certain Employee Plan Returns. A joint-agency (Internal
Revenue Service, Department of Labor and The Pension
Benefit Guaranty Corporation) form used to obtain a
one-time extension of time to file Form 5500 up to 21⁄2
months after the normal due date.
Formation Date: The formation date is that date that a
plan is formally adopted by the sponsoring employer and
legally takes effect, according to plan documents and the
sponsoring employer, and as determined by applicable
laws and regulations.
KSOP: A KSOP is an ESOP designed with 401(k)
provisions, which permits plan participants to defer or
save a portion of their salary into the tax-qualified plan.
A KSOP must be formally designated as an ESOP in
order to qualify to borrow funds for the purposes of
purchasing qualifying employer securities. Contributions
receivable in a KSOP are amounts due from plan participants that are permissible under the plan and contributed
pursuant to a formal commitment as of the reporting
date.
Leveraged ESOP: A leveraged ESOP directly or indirectly borrows funds to purchase qualifying employer
securities for the plan. Under certain circumstances funds
can be borrowed from the sponsoring employer. All
qualifying employer securities acquired by an ESOP
with proceeds from an exempt loan must be held in a
GL-3

Glossary

contra-equity account and then released to the ESOP as
the loan is paid. Under both SOP 76-3 and SOP 93-6 the
employer, as well as the ESOP, records the ESOP’s debt
as a liability.
The qualifying employer securities that are held as collateral for the debt may fluctuate in market value; as a
result, the market value of the securities held as collateral
might not exactly equal the value of the debt. This
difference does not need to be reported separately on the
FR Y-9ES because allocated and unallocated shares are
aggregated together and because the net assets available
for plan benefits should not be affected by this fluctuation. (See the Glossary entry for ‘‘Net Assets Available
for Benefits.’’)
Market (Fair) Value of Securities: The market value of
securities should be determined, to the extent possible,
by timely reference to the best available source of current market quotations or other data on relative current
values. For example, securities traded on national,
regional, or foreign exchanges or in organized over-thecounter markets should be valued at the most recently
available quotation in the most active market.
The amount the plan could reasonably expect to receive
for a plan investment in a current sale between a willing
buyer and a willing seller. In the case of a closely held
security, an annual appraisal independently arrived at by
a person who customarily makes such appraisals and
who is independent of any party to a transaction will be
deemed to be a good faith determination of value. In the
case of a transaction between a plan and a disqualified
person, the value must be determined as of the date of
the transaction [Treas. Reg. 54.4975-11(d)(5)]. (See also
‘‘Adequate Consideration.’’)
Mature ESOP: Mature ESOPs are those whose participants are approaching retirement age; these ESOPs are
subject to diversification rules. To maintain its qualified
status, an ESOP must allow participants who have
attained the age of 55 and who have completed ten years
of service to elect to diversify a percentage of their
account. Also, a retiring or terminating participant has
the option to require the employer to reacquire the shares
allocated to the participant’s account at the current fair
market value if the employer securities are not readily
tradable on an established market. According to SEC
Accounting Release #268, the employer is required to
GL-4

reflect the obligation to repurchase shares from terminating employees outside of the equity accounts. For additional information regarding repurchase requirements
see Internal Revenue Code section 409(h)(1), and for
diversification rules see Internal Revenue Code section 401(a)(28).
Net Assets Available for Benefits: Net assets available
for benefits is the difference between a plan’s assets and
its liabilities. For purposes of this definition, a plan’s
liabilities do not include participant’s accumulated plan
benefits.
For leveraged ESOPs, the net assets available for benefits represents the amount currently accumulated to ultimately pay benefits, even though the suspense account
shares are pledged as collateral for the debt and have not
yet been allocated to participants. Also, additions and
deductions reported in the Statement of Changes in Net
Assets Available for Benefits should include both allocated and unallocated (suspense account) amounts; share
transfers from unallocated to allocated should not be
presented because they do not affect net assets available
for plan benefits.
Additionally, the sum of the participant’s individual
account balances, for leveraged ESOPs, should equal the
fair value of the plan’s allocated assets. Therefore, the
reconciling items between (1) the sum of the participant’s individual account balances and (2) net assets
available for benefits include the fair value of the plan’s
unallocated (suspense account) assets and the plan’s
liabilities.
Participant: A participant in an ESOP is any employee
or former employee or any member or former member
of a trade or other employee association, or the beneficiaries of these individuals, for whom there are accumulated plan benefits. See Form 5500 for more information.
Party-in-Interest/Disqualified Person: A party-ininterest or disqualified person is any person with an
inherent conflict of interest as to an employee benefit
plan. A party-in-interest or disqualified person under
ERISA includes, but is not limited to, a fiduciary or
employee of the plan, any person who provides services
to the plan, an employer whose employees are covered
by the plan, an employee association whose members are
covered by the plan, a person who owns 50 percent or
Instructions for Preparation of Reporting Form FR Y-9ES
Glossary December 2003

Glossary

1more of such an employer or employee association, or a
relative or spouse of such persons just listed.
Pension Benefits: Periodic (usually monthly) payments
made to a person, or beneficiary, who has retired from
employment.
Prohibited Transaction: A transaction between the plan
and a party-in-interest under ERISA (or a disqualified
person under the Internal Revenue Code) that is prohibited under either section 406(a) of ERISA or section 4975 of the Internal Revenue Code, and for which
there is no statutory, class or other exemption. Examples
of a prohibited transaction include any direct or indirect:
(1) sale or exchange, or lease, of any property between
the plan and a party-in-interest;
(2) lending of money, or other extension of credit
between the plan and a party-in-interest;
(3) furnishing of goods, services, or facilities between
the plan and a party-in-interest;
(4) transfer to, or use by or for the benefit of, a party-ininterest of any income or assets of the plan;
(5) dealing with the assets of the plan for a fiduciary’s
own interest or own account;
(6) acting in a fiduciary’s individual or any other capacity in any transaction involving the plan on behalf
of a party whose interests are adverse to the interests
of the plan or the interests of its participants or
beneficiaries;
(7) receipt of any consideration for his or her own
personal account by a party-in-interest who is a
fiduciary from any party dealing with the plan in
connection with a transaction involving the income
or assets of the plan.
Qualifying Employer Securities: Common stock issued
by the employer and non-callable preferred stock if it is
convertible at any time into common stock [IRC 409(l),
ERISA 407(d)(6)(A)]. Deposit accounts (i.e. certificates
of deposit, checking or money market accounts) are not
qualifying employer securities.
Released Shares: Shares that have been released from
suspense and from serving as collateral for ESOP debt as

Instructions for Preparation of Reporting Form FR Y-9ES
Glossary December 2003

a result of payment of debt service. These shares are
required to be allocated to participant accounts by the
end of the ESOP’s fiscal year. Formulas used to determine the number of shares to be released can be based
either on (1) the ratio of the current principal amount to
the total original principal amount (in which case the
unearned compensation and debt balance move in tandem) or (2) the ratio of the current principal plus interest
amount to the total original principal plus interest to be
paid. Shares are released more rapidly under the second
method. The tax law permits the first method only if the
ESOP debt meets certain criteria.
Shares Committed to be Released: Shares not legally
released but that will be released by a future scheduled
and committed debt service payment and will be allocated to employees for service rendered in the current
accounting period. The period of employee service to
which shares relate is generally defined in the ESOP
documents.
Statement of Position (SOP) 76-3 Accounting Practices for Certain Employee Stock Ownership Plans:
See ‘‘Accounting For ESOPs by Sponsoring Employer,’’
above.
Statement of Position (SOP) 93-6 Employers’ Accounting for Employee Stock Ownership Plans: See
‘‘Accounting for ESOPs by Sponsoring Employer,’’
above.
Stock Bonus Plan: A stock bonus plan is a defined
contribution plan under which distributions are normally
made in the stock of the employer unless the distributee
elects otherwise.
Suspense Shares: Shares used to collateralize the
ESOP’s debt that have not been released or allocated to
participant accounts, and that have been recorded as
a contra-equity account. For the purposes of filing the
FR Y-9ES, allocated and unallocated (suspense) shares
are aggregated (i.e. not reported separately) on both the
Statement of Changes in Net Assets Available for Benefits and on the Statement of Net Assets Available for
Benefits.
Sponsoring Employer: The employer who has formally
adopted the employee benefit plan as defined in the plan
document.

GL-5

Validity (V) Edits for the FR Y-9ES
(Effective as of December 31, 2004)
Edit
Type

FRS
EDCK

Target Item

Each edit in the checklist must balance, rounding errors are not allowed
Edit Test
Edit Test in the Form of Boolean Algebra

Schedule SC — Statement of Changes in Net Assets Available for Benefits
V

0035

V

0040

V

0060

V

0070

SC-7
(esop c323)
SC-12
(esop c327)
SC-13
(esop c328)
SC-14
(esop c329)

Sum of SC-1a through SC-6 must equal SC-7.
Sum of SC-8 through SC-11 must equal SC-12.

(esopc316 + esopc317 + esopc318 + esopc319 + esopc320 + esopc321 +
esop3328) eq esopc323
(esopc324 + esopc330 + esopc325 + esopc326) eq esopc327

SC-7 minus SC-12 must equal SC-13.

(esopc323 - esopc327) eq esopc328

Sum of SC-13 and SC-14 must equal SC-15.

(esopc328 + esopc329) eq esptc342

Schedule SB — Statement of Net Assets Available for Benefits
V

0200

V

0250

V

0270

V

0300

SB-10
(esop 2170)
SB-14
(esop 2948)
SB-15
(esop c342)
SB-15
(esop c342)

Sum of SB-1 through SB-9 must equal SB-10.
Sum of SB-11 through SB-13 must equal SB-14.

(esopc322 + esopc331 + esopc332 + esopc333 + esopc334 + esopc335 +
esopc336 + esopc337 + esopc363 + esopc009 + esopc338) eq esop2170
(esopc339 + esopc340 + esopc341) eq esop2948

SC-15 must equal SB-15.

esptc342 eq esopc342

SB-10 minus SB-14 must equal SB-15.

esop2170 - esop2948 eq esopc342

Schedule SB-M — Memoranda
V

0390

V

0400

V

0410

V

0420

V

0430

SB-M4
(esop c349)
SB-M4a
(esop c350)
SB-M4b
(esop c351)
SB-M7
(esop c354)
SB-M8
(esop c355)

DECEMBER 2004

SB-M4 must be in the ccyy format and greater than or equal to 1974. esopc349 ge 1974
SB-M4a must equal “1” (SOP 76-3) or “2” (SOP 93-6).

esopc350 eq 1 or esopc350 eq 2

SB-M4b must be greater than zero.

esopc351 gt 0

SB-M7 must equal “1” (yes) or “0” (no).

esopc354 eq 1 or esopc354 eq 0

SB-M8 must equal “1” (yes) or “0” (no).

esopc355 eq 1 or esopc355 eq 0

FR Y-9ES: CHK-1

Quality (Q) and Intraseries (I) Edits for the FR Y-9ES
(Effective as of December 31, 2004)
Edit
Type

FRS
EDCK

Target Item

Edit Test

Edit Test in the Form of Boolean Algebra

All Schedules on the FR Y-9ES
Q

0012

Financial Data

Financial data should not be negative except for SC-1a, SC-1b, SC- (esopc318 ge 0 or esopc318 eq null) and (esopc319 ge 0 or esopc319 eq null) and
7, SC-13, and "Notes to the Financial Statements for Employee Stock (esopc320 ge 0 or esopc320 eq null) and (esopc321 ge 0 or esopc321 eq null) and
(esop3328 ge 0 or esop3328 eq null) and (esopc324 ge 0 or esopc324 eq null) and
Ownership Plan Bank Holding Companies" 1 through 5.
(esopc330 ge 0 or esopc330 eq null) and (esopc325 ge 0 or esopc325 eq null) and
(esopc326 ge 0 or esopc326 eq null) and (esopc327 ge 0 or esopc327 eq null) and
(esopc329 ge 0 or esopc329 eq null) and (esptc342 ge 0 or esptc342 eq null) and
(esopc322 ge 0 or esopc322 eq null) and (esopc331 ge 0 or esopc331 eq null) and
(esopc332 ge 0 or esopc332 eq null) and (esopc333 ge 0 or esopc333 eq null) and
(esopc334 ge 0 or esopc334 eq null) and (esopc335 ge 0 or esopc335 eq null) and
(esopc336 ge 0 or esopc336 eq null) and (esopc337 ge 0 or esopc337 eq null) and
(esopc363 ge 0 or esopc363 eq null) and (esopc009 ge 0 or esopc009 eq null) and
(esopc338 ge 0 or esopc338 eq null) and (esop2170 ge 0 or esop2170 eq null) and
(esopc339 ge 0 or esopc339 eq null) and (esopc340 ge 0 or esopc340 eq null) and
(esopc341 ge 0 or esopc341 eq null) and (esop2948 ge 0 or esop2948 eq null) and
(esopc342 ge 0 or esopc342 eq null) and (esopc343 ge 0 or esopc343 eq null) and
(esop7285 ge 0 or esop7285 eq null) and (esopc344 ge 0 or esopc344 eq null) and
(esopc345 ge 0 or esopc345 eq null) and (esop7286 ge 0 or esop7286 eq null) and
(esopc346 ge 0 or esopc346 eq null) and (esopc347 ge 0 or esopc347 eq null) and
(esopc348 ge 0 or esopc348 eq null) and (esopc349 ge 0 or esopc349 eq null) and
(esopc350 ge 0 or esopc350 eq null) and (esopc351 ge 0 or esopc351 eq null) and
(esopc352 ge 0 or esopc352 eq null) and (esopc353 ge 0 or esopc353 eq null) and
(esopc354 ge 0 or esopc354 eq null) and (esopc355 ge 0 or esopc355 eq null)

Schedule SB — Statement of Net Assets Available for Benefits
Q

0600

Q

0610

SB-9
(esop c338)
SB-11
(esop c339)

If SC-2 is greater than zero, then the sum of SB-1, SB-2b,
if esopc318 gt 0 then (esopc322 + esopc332 + esopc334 + esopc335 + esopc338) gt 0
SB-3b, SB-4, and SB-9 should be greater than zero.
If SB-11 is greater than zero, then SC-8 should be greater than zero. if esopc339 gt 0 then esopc324 gt 0

Schedule SB-M — Memoranda
Q

0625

Q

0690

Q

0700

SB-10
(esop 2170)
SB-M2a
(esop c343
SB-M2c
(esop c344)

DECEMBER 2004

If SB-10 is not null, then SB-M1 should not be null.

if esop2170 ne null then text9152 ne null

If SB-M2a is greater than zero, then SB-M2d should equal zero.

if esopc343 gt 0 then esopc345 eq 0

SB-M2c should be less than or equal to SB-M2a.

esopc344 le esopc343

FR Y-9ES: EDIT-1

Quality (Q) and Intraseries (I) Edits for the FR Y-9ES
(Effective as of December 31, 2004)
Edit
Type

FRS
EDCK

Q

0710

Q

0713

Q

0720

I

0730

I

0740

Q

0750

I

0760

Q

0770

Target Item
SB-M2d
(esop c345)
SB-M2d
(esop c345)
SB-M2f
(esop c346)
SB-M3a
(esop c347)
SB-M3b
(esop c348)
SB-M4a
(esop c350)
SB-M4a
(esop c350)
SB-M4b
(esop c351)

Edit Test

Edit Test in the Form of Boolean Algebra

Sum of SB-M2a and SB-M2d should be greater then zero.

(esopc343 + esopc345) gt 0

If SB-M2d is greater than zero, then SB-M2a should equal zero.

if esopc345 gt 0 then esopc343 eq 0

SB-M2f should be less than or equal to SB-M2d.

esopc346 le esopc345

SB-M3a (current) should not be greater than 125% of
SB-M3a (previous).
SB-M3b (current) should not be greater than 125% of
SB-M3b (previous).
If SB-M4a equals 1 (SOP 76-3), then SB-M4 should be greater than
or equal to 1975 and less than 1994.
SB-M4a (current) should equal SB-M4a (previous).

esopc347-p0 le (1.25 * esopc347-p1)

Sum of SB-M2c and SB-M2f should be greater than SB-M4b.

esopc348-p0 le (1.25 * esopc348-p1)
if esopc350 eq 1 then esopc349 ge 1975 and esopc349 lt 1994
esopc350-p0 eq esopc350-p1
(esopc344 + esopc346) gt esopc351

Notes to the Financial Statements
Employee Stock Ownership Plan Bank Holding Companies with information to report that has no corresponding financial data
should use the general remark/comment box and not the and not the
Notes to the Employee Stock Ownership Plan Bank Holding Company items on the report form.
Q

0800

Q

0801

Q

0802

Q

0803

Q

0804

Q

0805

Q

0806

Q

0807

Q

0808

FN1
(esop c356)
FN1
(esop c356)
FN2
(esop c357)
FN2
(esop c357)
FN3
(esop c358)
FN3
(esop c358)
FN4
(esop c359)
FN4
(esop c359)
FN5
(esop c360)

DECEMBER 2004

If financial data is not equal to null or zero, then text data should not
be null.
If text data is not equal to null, then financial data should not equal
null or zero.
If financial data is not equal to null or zero, then text data should not
be null.
If text data is not equal to null, then financial data should not equal
null or zero.
If financial data is not equal to null or zero, then text data should not
be null.
If text data is not equal to null, then financial data should not equal
null or zero.
If financial data is not equal to null or zero, then text data should not
be null.
If text data is not equal to null, then financial data should not equal
null or zero.
If financial data is not equal to null or zero, then text data should not
be null.

if esopc356 ne null and esopc356 ne 0 then textc356 ne null
if textc356 ne null then esopc356 ne null and esopc356 ne 0
if esopc357 ne null and esopc357 ne 0 then textc357 ne null
if textc357 ne null then esopc357 ne null and esopc357 ne 0
if esopc358 ne null and esopc358 ne 0 then textc358 ne null
if textc358 ne null then esopc358 ne null and esopc358 ne 0
if esopc359 ne null and esopc359 ne 0 then textc359 ne null
if textc359 ne null then esopc359 ne null and esopc359 ne 0
if esopc360 ne null and esopc360 ne 0 then textc360 ne null

FR Y-9ES: EDIT-2

Quality (Q) and Intraseries (I) Edits for the FR Y-9ES
(Effective as of December 31, 2004)
Edit
Type

FRS
EDCK

Q

0809

Target Item
FN5
(esop c360)

DECEMBER 2004

Edit Test
If text data is not equal to null, then financial data should not equal
null or zero.

Edit Test in the Form of Boolean Algebra
if textc360 ne null then esopc360 ne null and esopc360 ne 0

FR Y-9ES: EDIT-3