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Basis of Presentation
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
In the opinion of the Company, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of March 31, 2021, the consolidated results of operations for the three months ended March 31, 2021 and 2020, and the consolidated cash flows for the three months ended March 31, 2021 and 2020. Any such adjustments were of a normal, recurring nature. Reference is made to the 2020 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for a discussion of accounting policies and other relevant information with respect to the financial statements. The results of operations for the periods ended March 31, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The Company has evaluated all subsequent events through the date the financial statements were issued.
Recent Developments: COVID-19 - The COVID-19 pandemic has continued to impact our operations in 2021. We remain committed and focused on the health and safety of our team members, customers, and communities, and we continue to have a many employees working remotely. The most significant effects of the pandemic that we have continued to experience in 2021 have been lower loan demand (excluding PPP loans) and high deposit growth, which has likely been impacted by stimulus payments and higher savings rates by our customers. Low interest rates have also resulted in high levels of mortgage loan refinancings, which have increased our mortgage loan sales income, but have reduced our level of mortgage loans outstanding. Thus far, we have not experienced a meaningful increase in problem loans or charge-offs.

On December 27, 2020, the Economic Aid Act was signed into law, which included another round of Paycheck Protection Program (PPP) funding. The Company began originating the new round of PPP loans in January 2021. During the first quarter of 2021, the Company funded $111 million in PPP loans, while also processing $111 million in forgiveness payments related to 2020 PPP loan originations.

In response to the pandemic onset in 2020, the Company generally offered impacted borrowers loan payment deferrals of 90 days in duration. Since that time, most of our borrowers have resumed payments and as of March 31, 2021, the Company had remaining pandemic-related loan deferrals of $5.9 million.

The extent to which the COVID-19 pandemic has a further impact on our business, results of operations, and
financial condition, as well as our regulatory capital and liquidity ratios, will depend on future developments, which
are highly uncertain and cannot be predicted, including the scope and duration of the COVID-19 pandemic and
actions taken by governmental authorities and other third parties in response to the COVID-19 pandemic.