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COVID-19 AND CURRENT ECONOMIC CONDITIONS | 12 Months Ended
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Dec. 31, 2020
COVID-19 AND CURRENT ECONOMIC CONDITIONS |
COVID-19 AND CURRENT ECONOMIC CONDITIONS | NOTE 26 – COVID-19 and CURRENT ECONOMIC CONDITIONS ​ On March 11, 2020, the World Health Organization announced that the COVID-19 outbreak was deemed a pandemic, and on March 13, 2020, the President declared the ongoing COVID-19 pandemic of sufficient magnitude to warrant an emergency declaration. 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, the timing of vaccine availability 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. ​ 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. ​ As of February 17, 2021, total COVID-19 related deferrals were $102.2 million, representing 50 borrowers, or 2.3% of the total loan portfolio. Of that total, 24 were commercial loan borrowers representing $99.7 million in loans, or 2.4% of total commercial loans. 26 were retail loan borrowers representing $2.5 million, or 0.7% of total retail loans. As of February 17, 2021, nine borrowers with loans outstanding of $20.8 million were in their second deferral period and 11 borrowers with loans outstanding of $40.2 million were in their third deferral period, most of which were additional 90-day deferrals. Additionally, 14 borrowers with loans outstanding of $26.6 million were in their fourth-deferral period. Of the fourth deferral borrowers, two represented 89% of the fourth deferral population and were commercial real estate nonowner occupied loans supported by adequate collateral and personal guarantors and consist of loans to the hotel and accommodation industry.

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