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Authoritative Accounting Guidance (Table) | 9 Months Ended
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Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract] |
Schedule of Adoption of CECL Standard Resulted Adjustment in Financial Statements | The Company adopted the CECL Standard using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. As discussed further below, purchased credit deteriorated assets were measured on a prospective basis in accordance with the CECL Standard and all purchased credit impaired loans as of December 31, 2020 were considered purchased credit deteriorated loans upon adoption. Results for reporting periods beginning after January 1, 2021 are presented under the CECL Standard while prior period amounts continue to be reported in accordance with previously applicable accounting guidance. The adoption of the CECL Standard resulted in the following adjustments to our financial statements as of January 1, 2021 (dollars in thousands):
|  | Change in Consolidated |  |  |  | Change to Retained Earnings
|  | Statement of Condition |  | Tax Effect |  | from Adoption of CECL
Allowance for credit losses (“ACL”) (loans) |  | $ | 1,350 |  | $ | 406 |  | $ | 944
Adjustment related to purchased credit-impaired loan marks(1) |  |  | 5,207 |  |  | - |  |  | -
Total ACL – loans |  |  | 6,557 |  |  | 406 |  |  | 944
ACL (unfunded credit commitments) |  |  | 2,833 |  |  | 852 |  |  | 1,981
Total impact of CECL adoption |  | $ | 9,390 |  | $ | 1,258 |  | $ | 2,925
| (1) | This amount represents a gross-up of the balance sheet related to nonaccretable credit marks of purchased credit-impaired loans resulting from adoption of CECL on January 1, 2021.

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