COVID-19 AND CURRENT ECONOMIC CONDITIONS	9 Months Ended
Sep. 30, 2020
COVID-19 AND CURRENT ECONOMIC CONDITIONS
COVID-19 AND CURRENT ECONOMIC CONDITIONS	NOTE 11. COVID-19 AND CURRENT ECONOMIC CONDITIONS As of October 21, 2020, total COVID-19 related deferrals were $110.5 million, representing 63 borrowers, or 2.4% of the total loan portfolio. Of that total, 37 were commercial loan borrowers representing $107.5 million in loans, or 2.5% of total commercial loans. 26 were retail loan borrowers representing $3.0 million, or 0.8% of total retail loans. Of the total commercial deferrals, $8.1 million represented a first deferral action, $69.8 million represented a second deferral action and $29.7 million represented a third deferral action. The fair value of certain assets could be impacted by the effects of COVID-19. The carrying value of loans, goodwill, right-of-use lease assets, other real estate owned and mortgage servicing rights could decrease resulting in future impairment losses. Management will continue to evaluate current economic conditions to determine if a triggering event would impact the current valuations for these assets. The extent of COVID-19’s effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and when state and local economies will return to operational norms, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business. However, if the pandemic continues to evolve into a prolonged worldwide health crisis, the disease could have a material adverse effect on the Company’s business, results of operations, financial condition, liquidity and cash flows.

COVID-19 AND CURRENT ECONOMIC CONDITIONS

9 Months Ended

Sep. 30, 2020

COVID-19 AND CURRENT ECONOMIC CONDITIONS

COVID-19 AND CURRENT ECONOMIC CONDITIONS

NOTE 11. COVID-19 AND CURRENT ECONOMIC CONDITIONS

As of October 21, 2020, total COVID-19 related deferrals were $110.5 million, representing 63 borrowers, or 2.4% of the total loan portfolio. Of that total, 37 were commercial loan borrowers representing $107.5 million in loans, or 2.5% of total commercial loans. 26 were retail loan borrowers representing $3.0 million, or 0.8% of total retail loans. Of the total commercial deferrals, $8.1 million represented a first deferral action, $69.8 million represented a second deferral action and $29.7 million represented a third deferral action.

The fair value of certain assets could be impacted by the effects of COVID-19. The carrying value of loans, goodwill, right-of-use lease assets, other real estate owned and mortgage servicing rights could decrease resulting in future impairment losses. Management will continue to evaluate current economic conditions to determine if a triggering event would impact the current valuations for these assets.

The extent of COVID-19’s effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and when state and local economies will return to operational norms, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on the Company’s business. However, if the pandemic continues to evolve into a prolonged worldwide health crisis, the disease could have a material adverse effect on the Company’s business, results of operations, financial condition, liquidity and cash flows.