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v3.20.1

Loans and Allowance for Loan Losses (Tables) | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Summary of Loans | A summary of loans at March 31, 2020 and December 31, 2019 follows (in thousands):
| March 31, 2020 |  | December 31, 2019
Construction and land development | $ | 123,346 |  |  | $ | 94,462 |
Agricultural real estate | 242,541 |  |  | 240,481 |
1-4 Family residential properties | 325,146 |  |  | 336,553 |
Multifamily residential properties | 140,536 |  |  | 155,132 |
Commercial real estate | 1,003,021 |  |  | 997,175 |
Loans secured by real estate | 1,834,590 |  |  | 1,823,803 |
Agricultural loans | 139,014 |  |  | 136,023 |
Commercial and industrial loans | 565,714 |  |  | 528,987 |
Consumer loans | 82,330 |  |  | 83,544 |
All other loans | 123,482 |  |  | 126,807 |
Total Gross loans | 2,745,130 |  |  | 2,699,164 |
Less: Loans held for sale | 1,251 |  |  | 1,820 |
| 2,743,879 |  |  | 2,697,344 |
Less: |  |  |  |  |
Net deferred loan fees, premiums and discounts | 832 |  |  | 3,817 |
Allowance for credit losses | 32,876 |  |  | 26,911 |
Net loans | $ | 2,710,171 |  |  | $ | 2,666,616 |
Allowance for Loan Losses and Recorded Investment in Loans | The following tables present the activity in the allowance for credit losses based on portfolio segment for the three-months ended March 31, 2020 (in thousands):
|  | Construction & Land Development |  | Agricultural Real Estate |  | 1-4 Family Residential Properties |  | Commercial Real Estate |  | Agricultural Loans |  | Commercial & Industrial |  | Consumer Loans |  | Total
Three months ended March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance (prior to adoption of ASU 2016-13) |  | $ | 1,146 |  |  | $ | 1,093 |  |  | $ | 1,386 |  |  | $ | 11,198 |  |  | $ | 1,386 |  |  | $ | 9,273 |  |  | $ | 1,429 |  |  | $ | 26,911 |
Impact of adopting ASU 2016-13 |  | (113 | ) |  | 230 |  |  | 756 |  |  | 541 |  |  | (363 | ) |  | 155 |  |  | 466 |  |  | 1,672 |
Provision for credit loss expense |  | 587 |  |  | 12 |  |  | (77 | ) |  | 1,961 |  |  | 41 |  |  | 2,815 |  |  | 142 |  |  | 5,481 |
Loans charged off |  | — |  |  | — |  |  | 196 |  |  | 84 |  |  | — |  |  | 972 |  |  | 171 |  |  | 1,423 |
Recoveries collected |  | — |  |  | — |  |  | 62 |  |  | 5 |  |  | — |  |  | 23 |  |  | 145 |  |  | 235 |
Ending balance |  | $ | 1,620 |  |  | $ | 1,335 |  |  | $ | 1,931 |  |  | $ | 13,621 |  |  | $ | 1,064 |  |  | $ | 11,294 |  |  | $ | 2,011 |  |  | $ | 32,876 |
Prior to the adoption of ASU 2016-13, the appropriate level of the allowance for loan losses for all non-impaired loans was based on a migration analysis of net losses over a rolling twelve quarter period by loan segment. A weighted average of the net losses was determined by assigning more weight to the most recent quarters in order to recognize current risk factors influencing the various segments of the loan portfolio more prominently than past periods. Due to weakened economic conditions during historical years, the Company established qualitative factor adjustments for each of the loan segments at levels above the historical net loss averages. Some of the economic factors included the potential for reduced cash flow for commercial operating loans from reduction in sales or increased operating costs, decreased occupancy rates for commercial buildings, reduced levels of home sales for commercial land developments, the uncertainty regarding grain prices and increased operating costs for farmers, and increased levels of unemployment and bankruptcy impacting consumer’s ability to pay. Each of these economic uncertainties was taken into consideration in developing the level of the allowance for loan losses. The following tables present the activity in the allowance for credit losses based on portfolio segment for the three-months ended March 31, 2019 and for the year ended December 31, 2019 (in thousands):
|  | Construction & Land Development |  | Agricultural Real Estate |  | 1-4 Family Residential Properties |  | Commercial Real Estate |  | Agricultural Loans |  | Commercial & Industrial |  | Consumer Loans |  | Total
Three months ended March 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance (prior to adoption of ASU 2016-13) |  | $ | 561 |  |  | $ | 1,246 |  |  | $ | 1,504 |  |  | $ | 11,102 |  |  | $ | 951 |  |  | $ | 9,893 |  |  | $ | 932 |  |  | $ | 26,189 |
Provision for credit loss expense |  | (9 | ) |  | 36 |  |  | (41 | ) |  | (481 | ) |  | 188 |  |  | 1,013 |  |  | 241 |  |  | 947 |
Loans charged off |  | — |  |  | — |  |  | 130 |  |  | 56 |  |  | 9 |  |  | 104 |  |  | 269 |  |  | 568 |
Recoveries collected |  | — |  |  | — |  |  | 8 |  |  | — |  |  | — |  |  | 28 |  |  | 100 |  |  | 136 |
Ending balance |  | $ | 552 |  |  | $ | 1,282 |  |  | $ | 1,341 |  |  | $ | 10,565 |  |  | $ | 1,130 |  |  | $ | 10,830 |  |  | $ | 1,004 |  |  | $ | 26,704 |
|  | Construction & Land Development |  | Agricultural Real Estate |  | 1-4 Family Residential Properties |  | Commercial Real Estate |  | Agricultural Loans |  | Commercial & Industrial |  | Consumer Loans |  | Total
Twelve months ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance (prior to adoption of ASU 2016-13) |  | $ | 561 |  |  | $ | 1,246 |  |  | $ | 1,504 |  |  | $ | 11,102 |  |  | $ | 951 |  |  | $ | 9,893 |  |  | $ | 932 |  |  | $ | 26,189 |
Provision for credit loss expense |  | 585 |  |  | (153 | ) |  | 1,268 |  |  | 1,827 |  |  | 459 |  |  | 1,053 |  |  | 1,394 |  |  | 6,433 |
Loans charged off |  | — |  |  | — |  |  | 1,477 |  |  | 1,743 |  |  | 24 |  |  | 1,828 |  |  | 1,254 |  |  | 6,326 |
Recoveries collected |  | — |  |  | — |  |  | 91 |  |  | 12 |  |  | — |  |  | 155 |  |  | 357 |  |  | 615 |
Ending balance |  | $ | 1,146 |  |  | $ | 1,093 |  |  | $ | 1,386 |  |  | $ | 11,198 |  |  | $ | 1,386 |  |  | $ | 9,273 |  |  | $ | 1,429 |  |  | $ | 26,911 |
Financing Receivable, Individually Evaluated, Collateral Dependent [Table Text Block] | The following table presents the amortized cost basis of collateral-dependent loans by class of loans that were individually evaluated to determine expected credit losses, and the related allowance for credit losses, as of March 31, 2020 (in thousands):
|  | Collateral |  | Allowance for Credit Losses
|  | Real Estate |  | Business Assets |  | Other |  | Total |
Construction and land development |  | $ | 540 |  |  | $ | — |  |  | $ | — |  |  | $ | 540 |  |  | $ | 269 |
Agricultural real estate |  | 150 |  |  | — |  |  | — |  |  | 150 |  |  | — |
1-4 Family residential properties |  | 3,875 |  |  | — |  |  | — |  |  | 3,875 |  |  | 203 |
Multifamily residential properties |  | 3,060 |  |  | — |  |  | — |  |  | 3,060 |  |  | 17 |
Commercial real estate |  | 6,494 |  |  | — |  |  | — |  |  | 6,494 |  |  | 1,029 |
Loans secured by real estate |  | 14,119 |  |  | — |  |  | — |  |  | 14,119 |  |  | 1,518 |
Agricultural loans |  | 239 |  |  | 40 |  |  | — |  |  | 279 |  |  | — |
Commercial and industrial loans |  | 327 |  |  | 3,788 |  |  | 19 |  |  | 4,134 |  |  | 312 |
Consumer loans |  | — |  |  | — |  |  | 11 |  |  | 11 |  |  | 1 |
Total loans |  | $ | 14,685 |  |  | $ | 3,828 |  |  | $ | 30 |  |  | $ | 18,543 |  |  | $ | 1,831 |
Credit Risk Profile of the Company's Loan Portfolio | The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and year of origination as of March 31, 2020 (in thousands):
Risk Rating |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolving Loans |  | Total
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & Land Development Loans |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 47,279 |  |  | $ | 57,767 |  |  | $ | 4,912 |  |  | $ | 2,931 |  |  | $ | 604 |  |  | $ | 6,722 |  |  | $ | — |  |  | $ | 120,215 |
Special Mention |  | — |  |  | 309 |  |  | 1,796 |  |  | — |  |  | 393 |  |  | 15 |  |  | — |  |  | 2,513 |
Substandard |  | — |  |  | — |  |  | — |  |  | 540 |  |  | — |  |  | 58 |  |  | — |  |  | 598 |
Total |  | $ | 47,279 |  |  | $ | 58,076 |  |  | $ | 6,708 |  |  | $ | 3,471 |  |  | $ | 997 |  |  | $ | 6,795 |  |  | $ | — |  |  | $ | 123,326 |
Agricultural Real Estate Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 12,868 |  |  | $ | 44,321 |  |  | $ | 48,157 |  |  | $ | 20,904 |  |  | $ | 16,689 |  |  | $ | 87,879 |  |  | $ | — |  |  | $ | 230,818 |
Special Mention |  | 275 |  |  | 3,008 |  |  | 2,512 |  |  | — |  |  | 1,088 |  |  | 3,444 |  |  | — |  |  | 10,327 |
Substandard |  | — |  |  | 150 |  |  | 859 |  |  | 197 |  |  | 31 |  |  | 509 |  |  | — |  |  | 1,746 |
Total |  | $ | 13,143 |  |  | $ | 47,479 |  |  | $ | 51,528 |  |  | $ | 21,101 |  |  | $ | 17,808 |  |  | $ | 91,832 |  |  | $ | — |  |  | $ | 242,891 |
1-4 Family Residential Property Loans |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 9,125 |  |  | $ | 32,088 |  |  | $ | 33,208 |  |  | $ | 28,598 |  |  | $ | 29,270 |  |  | $ | 128,255 |  |  | $ | 44,251 |  |  | $ | 304,795 |
Watch |  | 154 |  |  | 335 |  |  | 325 |  |  | 1,055 |  |  | 254 |  |  | 1,929 |  |  | 256 |  |  | 4,308 |
Substandard |  | 56 |  |  | 374 |  |  | 2,075 |  |  | 2,091 |  |  | 2,053 |  |  | 8,138 |  |  | 1,238 |  |  | 16,025 |
Total |  | $ | 9,335 |  |  | $ | 32,797 |  |  | $ | 35,608 |  |  | $ | 31,744 |  |  | $ | 31,577 |  |  | $ | 138,322 |  |  | $ | 45,745 |  |  | $ | 325,128 |
Commercial Real Estate Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 49,604 |  |  | $ | 208,865 |  |  | $ | 178,757 |  |  | $ | 208,454 |  |  | $ | 179,026 |  |  | $ | 271,285 |  |  | $ | — |  |  | $ | 1,095,991 |
Special Mention |  | 61 |  |  | 24 |  |  | 2,857 |  |  | 1,795 |  |  | 4,912 |  |  | 4,109 |  |  | — |  |  | 13,758 |
Substandard |  | 1,257 |  |  | 127 |  |  | 1,406 |  |  | 4,287 |  |  | 4,573 |  |  | 21,203 |  |  | — |  |  | 32,853 |
Total |  | $ | 50,922 |  |  | $ | 209,016 |  |  | $ | 183,020 |  |  | $ | 214,536 |  |  | $ | 188,511 |  |  | $ | 296,597 |  |  | $ | — |  |  | $ | 1,142,602 |
Agricultural Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 32,007 |  |  | $ | 79,071 |  |  | $ | 11,469 |  |  | $ | 3,914 |  |  | $ | 1,732 |  |  | $ | 4,780 |  |  | $ | — |  |  | $ | 132,973 |
Special Mention |  | 838 |  |  | 3,320 |  |  | 364 |  |  | — |  |  | 81 |  |  | 274 |  |  | — |  |  | 4,877 |
Substandard |  | 232 |  |  | 205 |  |  | 213 |  |  | 513 |  |  | — |  |  | 123 |  |  | — |  |  | 1,286 |
Total |  | $ | 33,077 |  |  | $ | 82,596 |  |  | $ | 12,046 |  |  | $ | 4,427 |  |  | $ | 1,813 |  |  | $ | 5,177 |  |  | $ | — |  |  | $ | 139,136 |
Commercial & Industrial Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 83,001 |  |  | $ | 165,672 |  |  | $ | 113,733 |  |  | $ | 92,434 |  |  | $ | 52,819 |  |  | $ | 131,520 |  |  | $ | — |  |  | $ | 639,179 |
Special Mention |  | 10 |  |  | 33,495 |  |  | 257 |  |  | 241 |  |  | 2,054 |  |  | 4,984 |  |  | — |  |  | 41,041 |
Substandard |  | 329 |  |  | 2,339 |  |  | 463 |  |  | 1,475 |  |  | 430 |  |  | 3,855 |  |  | — |  |  | 8,891 |
Total |  | $ | 83,340 |  |  | $ | 201,506 |  |  | $ | 114,453 |  |  | $ | 94,150 |  |  | $ | 55,303 |  |  | $ | 140,359 |  |  | $ | — |  |  | $ | 689,111 |
Consumer Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,211 |  |  | $ | 31,924 |  |  | $ | 20,386 |  |  | $ | 12,441 |  |  | $ | 5,878 |  |  | $ | 2,236 |  |  | $ | — |  |  | $ | 81,076 |
Special Mention |  | 27 |  |  | 68 |  |  | 50 |  |  | 10 |  |  | 57 |  |  | 22 |  |  | — |  |  | 234 |
Substandard |  | — |  |  | 47 |  |  | 184 |  |  | 185 |  |  | 179 |  |  | 199 |  |  | — |  |  | 794 |
Total |  | $ | 8,238 |  |  | $ | 32,039 |  |  | $ | 20,620 |  |  | $ | 12,636 |  |  | $ | 6,114 |  |  | $ | 2,457 |  |  | $ | — |  |  | $ | 82,104 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 242,095 |  |  | $ | 619,708 |  |  | $ | 410,622 |  |  | $ | 369,676 |  | $ | — |  | $ | 286,018 |  |  | $ | 632,677 |  |  | $ | 44,251 |  |  | $ | 2,605,047 |
Special Mention |  | 1,365 |  |  | 40,559 |  |  | 8,161 |  |  | 3,101 |  |  | 8,839 |  |  | 14,777 |  |  | 256 |  |  | 77,058 |
Substandard |  | 1,874 |  |  | 3,242 |  |  | 5,200 |  |  | 9,288 |  |  | 7,266 |  |  | 34,085 |  |  | 1,238 |  |  | 62,193 |
Total |  | $ | 245,334 |  |  | $ | 663,509 |  |  | $ | 423,983 |  |  | $ | 382,065 |  |  | $ | 302,123 |  |  | $ | 681,539 |  |  | $ | 45,745 |  |  | $ | 2,744,298 |
The following tables present the credit risk profile of the Company’s loan portfolio based on risk rating category and year of origination as of December 31, 2019 (in thousands):
December 31, 2019 | Pass |  | Special Mention |  | Substandard |  | Total
Construction & land development | $ | 93,413 |  |  | $ | 413 |  |  | $ | 316 |  |  | $ | 94,142 |
Agricultural real estate | 231,227 |  |  | 6,902 |  |  | 2,112 |  |  | 240,241 |
1-4 Family residential property loans | 314,999 |  |  | 5,743 |  |  | 15,685 |  |  | 336,427 |
Commercial real estate | 1,103,543 |  |  | 14,156 |  |  | 31,951 |  |  | 1,149,650 |
Loans secured by real estate | 1,743,182 |  |  | 27,214 |  |  | 50,064 |  |  | 1,820,460 |
Agricultural loans | 129,811 |  |  | 3,862 |  |  | 2,451 |  |  | 136,124 |
Commercial & industrial loans | 603,047 |  |  | 40,395 |  |  | 12,138 |  |  | 655,580 |
Consumer loans | 82,117 |  |  | 140 |  |  | 926 |  |  | 83,183 |
Total loans | $ | 2,558,157 |  |  | $ | 71,611 |  |  | $ | 65,579 |  |  | $ | 2,695,347 |
Loan Portfolio Aging Analysis | The following table presents the Company’s loan portfolio aging analysis at March 31, 2020 and December 31, 2019 (in thousands):
| 30-59 Days Past Due |  | 60-89 Days Past Due |  | 90 Days or More Past Due |  | Total Past Due |  | Current |  | Total Loans Receivable |  | Total Loans > 90 Days & Accruing
March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 123,326 |  |  | $ | 123,326 |  |  | $ | — |
Agricultural real estate | 841 |  |  | 476 |  |  | 213 |  |  | 1,530 |  |  | 241,361 |  |  | 242,891 |  |  | — |
1-4 Family residential properties | 5,617 |  |  | 1,526 |  |  | 2,148 |  |  | 9,291 |  |  | 315,837 |  |  | 325,128 |  |  | — |
Multifamily residential properties | — |  |  | 875 |  |  | — |  |  | 875 |  |  | 138,859 |  |  | 139,734 |  |  | — |
Commercial real estate | 15,443 |  |  | 129 |  |  | 3,163 |  |  | 18,735 |  |  | 984,133 |  |  | 1,002,868 |  |  | — |
Loans secured by real estate | 21,901 |  |  | 3,006 |  |  | 5,524 |  |  | 30,431 |  |  | 1,803,516 |  |  | 1,833,947 |  |  | — |
Agricultural loans | 407 |  |  | 100 |  |  | 11 |  |  | 518 |  |  | 138,618 |  |  | 139,136 |  |  | — |
Commercial and industrial loans | 1,631 |  |  | 562 |  |  | 5,358 |  |  | 7,551 |  |  | 558,238 |  |  | 565,789 |  |  | — |
Consumer loans | 472 |  |  | 99 |  |  | 126 |  |  | 697 |  |  | 81,407 |  |  | 82,104 |  |  | — |
All other loans | — |  |  | — |  |  | — |  |  | — |  |  | 123,322 |  |  | 123,322 |  |  | — |
Total loans | $ | 24,411 |  |  | $ | 3,767 |  |  | $ | 11,019 |  |  | $ | 39,197 |  |  | $ | 2,705,101 |  |  | $ | 2,744,298 |  |  | $ | — |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 235 |  |  | $ | — |  |  | $ | — |  |  | $ | 235 |  |  | $ | 93,907 |  |  | $ | 94,142 |  |  | $ | — |
Agricultural real estate | 1,595 |  |  | — |  |  | 47 |  |  | 1,642 |  |  | 238,599 |  |  | 240,241 |  |  | — |
1-4 Family residential properties | 3,834 |  |  | 2,288 |  |  | 4,713 |  |  | 10,835 |  |  | 325,592 |  |  | 336,427 |  |  | — |
Multifamily residential properties | 1,348 |  |  | 46 |  |  | 1,131 |  |  | 2,525 |  |  | 151,423 |  |  | 153,948 |  |  | — |
Commercial real estate | 602 |  |  | 495 |  |  | 2,241 |  |  | 3,338 |  |  | 992,364 |  |  | 995,702 |  |  | — |
Loans secured by real estate | 7,614 |  |  | 2,829 |  |  | 8,132 |  |  | 18,575 |  |  | 1,801,885 |  |  | 1,820,460 |  |  | — |
Agricultural loans | 300 |  |  | — |  |  | 307 |  |  | 607 |  |  | 135,517 |  |  | 136,124 |  |  | — |
Commercial and industrial loans | 767 |  |  | 855 |  |  | 5,989 |  |  | 7,611 |  |  | 521,362 |  |  | 528,973 |  |  | — |
Consumer loans | 454 |  |  | 196 |  |  | 150 |  |  | 800 |  |  | 82,383 |  |  | 83,183 |  |  | — |
All other loans | — |  |  | — |  |  | — |  |  | — |  |  | 126,607 |  |  | 126,607 |  |  | — |
Total loans | $ | 9,135 |  |  | $ | 3,880 |  |  | $ | 14,578 |  |  | $ | 27,593 |  |  | $ | 2,667,754 |  |  | $ | 2,695,347 |  |  | $ | — |
Impaired Loans | The following tables present impaired loans as of March 31, 2020 and December 31, 2019 (in thousands):
| March 31, 2020 |  | December 31, 2019
| Recorded Balance |  | Unpaid Principal Balance |  | Specific Allowance |  | Recorded Balance |  | Unpaid Principal Balance |  | Specific Allowance
Loans with a specific allowance: |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 540 |  |  | $ | 540 |  |  | $ | 269 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | — |
Agricultural real estate | 150 |  |  | 150 |  |  | — |  |  | — |  |  | — |  |  | — |
1-4 Family residential properties | 5,449 |  |  | 5,668 |  |  | 203 |  |  | 5,154 |  |  | 5,351 |  |  | 182 |
Multifamily residential properties | 3,133 |  |  | 3,133 |  |  | 17 |  |  | 4,254 |  |  | 4,254 |  |  | 19 |
Commercial real estate | 6,494 |  |  | 6,998 |  |  | 1,029 |  |  | 5,904 |  |  | 6,408 |  |  | 587 |
Loans secured by real estate | 15,766 |  |  | 16,489 |  |  | 1,518 |  |  | 15,568 |  |  | 16,269 |  |  | 788 |
Agricultural loans | 279 |  |  | 852 |  |  | — |  |  | 85 |  |  | 669 |  |  | 8 |
Commercial and industrial loans | 4,205 |  |  | 6,182 |  |  | 312 |  |  | 7,653 |  |  | 8,789 |  |  | 301 |
Consumer loans | 139 |  |  | 139 |  |  | 1 |  |  | 134 |  |  | 134 |  |  | 1 |
Total loans | $ | 20,389 |  |  | $ | 23,662 |  |  | $ | 1,831 |  |  | $ | 23,440 |  |  | $ | 25,861 |  |  | $ | 1,098 |
Loans without a specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 41 |  |  | $ | 41 |  |  | $ | — |
Agricultural real estate | 419 |  |  | 419 |  |  | — |  |  | 479 |  |  | 479 |  |  | — |
1-4 Family residential properties | 3,333 |  |  | 4,001 |  |  | — |  |  | 3,719 |  |  | 4,263 |  |  | — |
Multifamily residential properties | 44 |  |  | 44 |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial real estate | 1,463 |  |  | 1,540 |  |  | — |  |  | 1,721 |  |  | 1,724 |  |  | — |
Loans secured by real estate | 5,298 |  |  | 6,043 |  |  | — |  |  | 5,960 |  |  | 6,507 |  |  | — |
Agricultural loans | 583 |  |  | 10 |  |  | — |  |  | 724 |  |  | 140 |  |  | — |
Commercial and industrial loans | 914 |  |  | 3,076 |  |  | — |  |  | 916 |  |  | 3,065 |  |  | — |
Consumer loans | 357 |  |  | 784 |  |  | — |  |  | 391 |  |  | 713 |  |  | — |
Total loans | $ | 7,152 |  |  | $ | 9,913 |  |  | $ | — |  |  | $ | 7,991 |  |  | $ | 10,425 |  |  | $ | — |
Total loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development | $ | 579 |  |  | $ | 579 |  |  | $ | 269 |  |  | $ | 297 |  |  | $ | 297 |  |  | $ | — |
Agricultural real estate | 569 |  |  | 569 |  |  | — |  |  | 479 |  |  | 479 |  |  | — |
1-4 Family residential properties | 8,782 |  |  | 9,669 |  |  | 203 |  |  | 8,873 |  |  | 9,614 |  |  | 182 |
Multifamily residential properties | 3,177 |  |  | 3,177 |  |  | 17 |  |  | 4,254 |  |  | 4,254 |  |  | 19 |
Commercial real estate | 7,957 |  |  | 8,538 |  |  | 1,029 |  |  | 7,625 |  |  | 8,132 |  |  | 587 |
Loans secured by real estate | 21,064 |  |  | 22,532 |  |  | 1,518 |  |  | 21,528 |  |  | 22,776 |  |  | 788 |
Agricultural loans | 862 |  |  | 862 |  |  | — |  |  | 809 |  |  | 809 |  |  | 8 |
Commercial and industrial loans | 5,119 |  |  | 9,258 |  |  | 312 |  |  | 8,569 |  |  | 11,854 |  |  | 301 |
Consumer loans | 496 |  |  | 923 |  |  | 1 |  |  | 525 |  |  | 847 |  |  | 1 |
Total loans | $ | 27,541 |  |  | $ | 33,575 |  |  | $ | 1,831 |  |  | $ | 31,431 |  |  | $ | 36,286 |  |  | $ | 1,098 |
Impaired loans by portfolio class | The following tables present average recorded investment and interest income recognized on impaired loans for the three-month periods ended March 31, 2020 and 2019 (in thousands):
| For the three months ended
| March 31, 2020 |  | March 31, 2019
| Average Investment in Impaired Loans |  | Interest Income Recognized |  | Average Investment in Impaired Loans |  | Interest Income Recognized
Construction and land development | $ | 600 |  |  | $ | 8 |  |  | $ | 813 |  |  | $ | — |
Agricultural real estate | 1,202 |  |  | — |  |  | 1,239 |  |  | — |
1-4 Family residential properties | 8,997 |  |  | 18 |  |  | 8,690 |  |  | 23 |
Multifamily residential properties | 3,323 |  |  | 1 |  |  | 1,718 |  |  | — |
Commercial real estate | 8,266 |  |  | 42 |  |  | 10,359 |  |  | 6 |
Loans secured by real estate | 22,388 |  |  | 69 |  |  | 22,819 |  |  | 29 |
Agricultural loans | 960 |  |  | — |  |  | 664 |  |  | — |
Commercial and industrial loans | 7,402 |  |  | 2 |  |  | 6,698 |  |  | 1 |
Consumer loans | 544 |  |  | — |  |  | 744 |  |  | — |
All other loans | — |  |  | — |  |  | — |  |  | — |
Total loans | $ | 31,294 |  |  | $ | 71 |  |  | $ | 30,925 |  |  | $ | 30 |
Nonaccrual Loans | The following table presents the amortized cost basis of loans on nonaccrual status and of nonaccrual loans individually evaluated for which no allowance was recorded as of March 31, 2020 and December 31, 2019 (in thousands). There were no loans past due over eighty-nine days that were still accruing.
| March 31, 2020 |  | December 31, 2019
| Nonaccrual with no Allowance for Credit Loss |  | Nonaccrual |  | Nonaccrual
Construction and land development | $ | — |  |  | $ | 39 |  |  | $ | 41 |
Agricultural real estate | 150 |  |  | 569 |  |  | 479 |
1-4 Family residential properties | 3,478 |  |  | 7,416 |  |  | 7,379 |
Multifamily residential properties | 2,260 |  |  | 3,104 |  |  | 3,137 |
Commercial real estate | 1,273 |  |  | 4,351 |  |  | 4,351 |
Loans secured by real estate | 7,161 |  |  | 15,479 |  |  | 15,387 |
Agricultural loans | 812 |  |  | 822 |  |  | 769 |
Commercial and industrial loans | 3,824 |  |  | 4,994 |  |  | 8,441 |
Consumer loans | 125 |  |  | 492 |  |  | 521 |
Total loans | $ | 11,922 |  |  | $ | 21,787 |  |  | $ | 25,118 |
Schedule of Acquired Receivables With Credit Deterioration [Table Text Block] | The amount of these loans at December 31, 2019 was as follows (in thousands):
| December 31, 2019
Construction and land development | $ | 256 |
Agricultural real estate | — |
1-4 Family residential properties | 371 |
Multifamily residential properties | 2,077 |
Commercial real estate | 2,247 |
Loans secured by real estate | 4,951 |
Agricultural loans | — |
Commercial and industrial loans | — |
Consumer loans | — |
Carrying amount | 4,951 |
Allowance for loan losses | (365 | )
Carrying amount, net of allowance | $ | 4,586 |
Recorded Balance of Troubled Debt Restructurings | The following table presents the Company’s recorded balance of troubled debt restructurings at March 31, 2020 and December 31, 2019 (in thousands).
Troubled debt restructurings: | March 31, 2020 |  | December 31, 2019
1-4 Family residential properties | $ | 1,882 |  |  | $ | 1,905 |
Commercial real estate | 2,008 |  |  | 1,746 |
Loans secured by real estate | 3,890 |  |  | 3,651 |
Agricultural loans | 553 |  |  | 669 |
Commercial and industrial loans | 1,017 |  |  | 1,349 |
Consumer loans | 139 |  |  | 134 |
Total | $ | 5,599 |  |  | $ | 5,803 |
Performing troubled debt restructurings: |  |  |  |  |
1-4 Family residential properties | $ | 1,366 |  |  | $ | 1,382 |
Commercial real estate | 1,140 |  |  | 1,146 |
Loans secured by real estate | 2,506 |  |  | 2,528 |
Agricultural Loans | 41 |  |  | 40 |
Commercial and industrial loans | 125 |  |  | 128 |
Consumer loans | 4 |  |  | 5 |
Total | $ | 2,676 |  |  | $ | 2,701 |
Financing Receivables,Troubled Debt Restructurings during period [Table Text Block] | following table presents loans modified as TDRs during the three months ended March 31, 2020 and 2019, as a result of various modified loan factors (in thousands). The change in the recorded investment from pre-modification to post-modification was not material.
| March 31, 2020 |  | March 31, 2019
| Number of Modifications |  | Recorded Investment |  | Type of Modifications |  | Number of Modifications |  | Recorded Investment |  | Type of Modifications
1-4 Family residential properties | — |  |  | $ | — |  |  |  |  | 1 |  |  | $ | 46 |  |  | (b)(c)
Commercial real estate | 1 |  |  | 305 |  |  | (b) |  | 1 |  |  | 483 |  |  | (b)(c)
Loans secured by real estate | 1 |  |  | 305 |  |  |  |  | 2 |  |  | 529 |  |  |
Commercial and industrial loans | 1 |  |  | 7 |  |  | (b) |  | 2 |  |  | 72 |  |  | (b)(c)
Consumer Loans | 1 |  |  | 11 |  |  | (b) |  | 1 |  |  | 14 |  |  | (b)(c)
Total | 3 |  |  | $ | 323 |  |  |  |  | 5 |  |  | $ | 615 |  |  |

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