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WEDC approves loan-loss calculations; staff reports two loans written off as total loss
Summary
Deputy Director Katie Bronson reported that most loans were categorized as general (3%), one as substandard (25%), and two as total loss (100%); the board approved the loan-loss calculation and 12/31/2025 adjustment, with Bronson noting part of the loss had been recognized in 2024.
Deputy Director Katie Bronson presented the WEDC loan-loss calculations and the recommended 12/31/2025 adjustment, reporting that a majority of loans were paying on time and classified as general (3%), one loan was classified as substandard (25%), and two loans were categorized as total loss (100%). "A majority of loans are paying on-time and were categorized as general (3%), one loan was categorized at substandard (25%), and two loans were categorized as a total loss (100%)," Bronson said.
Bronson told board members that the total-loss items will affect the profit-and-loss statement but that part of the loss had already been recognized in the 2024 loan-loss calculation. Amanda McDonald moved to approve the resolution approving loan-loss calculations and the 12/31/2025 adjustment; Kenneth VanFleet seconded and all present approved.
Board members did not request further detail during the meeting; staff may provide more detailed loan-level reporting in subsequent financial statements if requested by the board.
