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Loans and Allowance for Credit Losses (Tables) | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Summary of Loans | A summary of loans at December 31, 2020 and 2019 follows (in thousands):
|  | 2020 |  |  | 2019 |
Construction and land development |  | $ | 122,853 |  |  | $ | 94,462 |
Agricultural real estate |  |  | 254,662 |  |  |  | 240,481 |
1-4 Family residential properties |  |  | 325,480 |  |  |  | 336,553 |
Multifamily residential properties |  |  | 189,265 |  |  |  | 155,132 |
Commercial real estate |  |  | 1,176,290 |  |  |  | 997,175 |
Loans secured by real estate |  |  | 2,068,550 |  |  |  | 1,823,803 |
Agricultural loans |  |  | 137,333 |  |  |  | 136,023 |
Commercial and industrial loans |  |  | 741,819 |  |  |  | 528,987 |
Consumer loans |  |  | 78,023 |  |  |  | 83,544 |
All other loans |  |  | 118,196 |  |  |  | 126,807 |
Gross loans |  |  | 3,143,921 |  |  |  | 2,699,164 |
Less: Loans held for sale |  |  | 1,924 |  |  |  | 1,820 |
|  |  | 3,141,997 |  |  |  | 2,697,344 |
Less: |  |  |  |  |  |  |  |
Net deferred loan fees, premiums and discounts |  |  | 5,502 |  |  |  | 3,817 |
Allowance for credit losses |  |  | 41,910 |  |  |  | 26,911 |
Net loans |  | $ | 3,094,585 |  |  | $ | 2,666,616 |
Allowance for Credit Losses Based on Portfolio Segment | The following tables present the balance in the allowance for credit losses and the recorded investment in loans based on portfolio segment and impairment method as of December 31, 2020, 2019 and 2018 (in thousands):
|  | 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, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance (prior to adoption of ASC 326) |  | $ | 1,146 |  |  | $ | 1,093 |  |  | $ | 1,386 |  |  | $ | 11,198 |  |  | $ | 1,386 |  |  | $ | 9,273 |  |  | $ | 1,429 |  |  | $ | 26,911 |
Impact of adopting ASC 326 |  |  | (113 | ) |  |  | 230 |  |  |  | 756 |  |  |  | 541 |  |  |  | (363 | ) |  |  | 155 |  |  |  | 466 |  |  |  | 1,672 |
Provision for credit loss expense |  |  | 646 |  |  |  | (239 | ) |  |  | 274 |  |  |  | 8,581 |  |  |  | 503 |  |  |  | 5,869 |  |  |  | 469 |  |  |  | 16,103 |
Loans charged off |  |  | 13 |  |  |  | — |  |  |  | 393 |  |  |  | 829 |  |  |  | — |  |  |  | 1,991 |  |  |  | 618 |  |  |  | 3,844 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 299 |  |  |  | 169 |  |  |  | — |  |  |  | 179 |  |  |  | 421 |  |  |  | 1,068 |
Ending balance |  | $ | 1,666 |  |  | $ | 1,084 |  |  | $ | 2,322 |  |  | $ | 19,660 |  |  | $ | 1,526 |  |  | $ | 13,485 |  |  | $ | 2,167 |  |  | $ | 41,910 |
Twelve months ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 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 |  |  | — |  |  |  | — |  |  |  | 1,478 |  |  |  | 1,743 |  |  |  | 24 |  |  |  | 1,828 |  |  |  | 1,253 |  |  |  | 6,326 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 92 |  |  |  | 12 |  |  |  | — |  |  |  | 155 |  |  |  | 356 |  |  |  | 615 |
Ending balance |  | $ | 1,146 |  |  | $ | 1,093 |  |  | $ | 1,386 |  |  | $ | 11,198 |  |  | $ | 1,386 |  |  | $ | 9,273 |  |  | $ | 1,429 |  |  | $ | 26,911 |
Twelve months ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  | $ | 1,202 |  |  | $ | 1,001 |  |  | $ | 886 |  |  | $ | 7,918 |  |  | $ | 743 |  |  | $ | 7,425 |  |  | $ | 802 |  |  | $ | 19,977 |
Provision for credit loss expense |  |  | (631 | ) |  |  | 245 |  |  |  | 1,628 |  |  |  | 3,353 |  |  |  | 301 |  |  |  | 3,155 |  |  |  | 616 |  |  |  | 8,667 |
Loans charged off |  |  | 10 |  |  |  | — |  |  |  | 1,111 |  |  |  | 170 |  |  |  | 93 |  |  |  | 832 |  |  |  | 777 |  |  |  | 2,993 |
Recoveries collected |  |  | — |  |  |  | — |  |  |  | 101 |  |  |  | 1 |  |  |  | — |  |  |  | 145 |  |  |  | 291 |  |  |  | 538 |
Ending balance |  | $ | 561 |  |  | $ | 1,246 |  |  | $ | 1,504 |  |  | $ | 11,102 |  |  | $ | 951 |  |  | $ | 9,893 |  |  | $ | 932 |  |  | $ | 26,189 |
Amortized Cost Basis of Collateral-Dependent Loans by Class of Loans Individually Evaluated | 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 December 31, 2020 (in thousands):
|  | Collateral |  |  | Allowance |
|  | Real Estate |  |  | Business Assets |  |  | Other |  |  | Total |  |  | for Credit Losses |
Construction and land development |  | $ | 516 |  |  | $ | — |  |  | $ | — |  |  | $ | 516 |  |  | $ | 246 |
1-4 Family residential properties |  |  | 2,393 |  |  |  | — |  |  |  | — |  |  |  | 2,393 |  |  |  | 158 |
Multifamily residential properties |  |  | 1,914 |  |  |  | — |  |  |  | — |  |  |  | 1,914 |  |  |  | — |
Commercial real estate |  |  | 11,527 |  |  |  | — |  |  |  | — |  |  |  | 11,527 |  |  |  | 863 |
Loans secured by real estate |  |  | 16,350 |  |  |  | — |  |  |  | — |  |  |  | 16,350 |  |  |  | 1,267 |
Commercial and industrial loans |  |  | — |  |  |  | 3,458 |  |  |  | — |  |  |  | 3,458 |  |  |  | 664 |
Consumer loans |  |  | — |  |  |  | — |  |  |  | 8 |  |  | 8 |  |  |  | — |
Total loans |  | $ | 16,350 |  |  | $ | 3,458 |  |  | $ | 8 |  |  | $ | 19,816 |  |  | $ | 1,931 |
Credit Risk Profile of Loan Portfolio Based on Rating Category and Payment Activity | The following tables present the credit risk profile of the Company’s loan portfolio based on rating category and payment activity as of December 31, 2020 (in thousands):
|  | Term Loans by Origination Year |  |  | Revolving |  |  |  |  |
Risk Rating |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Prior |  |  | Loans |  |  | Total |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction & Land Development Loans |
Pass |  | $ | 41,842 |  |  | $ | 40,989 |  |  | $ | 31,500 |  |  | $ | 2,760 |  |  | $ | 871 |  |  | $ | 3,822 |  |  | $ | — |  |  | $ | 121,784 |
Special Mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | 128 |  |  |  | — |  |  |  | 517 |  |  |  | — |  |  |  | 50 |  |  |  | — |  |  |  | 695 |
Total |  | $ | 41,842 |  |  | $ | 41,117 |  |  | $ | 31,500 |  |  | $ | 3,277 |  |  | $ | 871 |  |  | $ | 3,872 |  |  | $ | — |  |  | $ | 122,479 |
Agricultural Real Estate Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 73,630 |  |  | $ | 34,412 |  |  | $ | 37,839 |  |  | $ | 16,138 |  |  | $ | 13,559 |  |  | $ | 58,291 |  |  | $ | — |  |  | $ | 233,869 |
Special Mention |  |  | 1,845 |  |  |  | 3,970 |  |  |  | 533 |  |  |  | 469 |  |  |  | 1,106 |  |  |  | 11,232 |  |  |  | — |  |  |  | 19,155 |
Substandard |  |  | — |  |  |  | — |  |  |  | 800 |  |  |  | 208 |  |  |  | 64 |  |  |  | 245 |  |  |  | — |  |  |  | 1,317 |
Total |  | $ | 75,475 |  |  | $ | 38,382 |  |  | $ | 39,172 |  |  | $ | 16,815 |  |  | $ | 14,729 |  |  | $ | 69,768 |  |  | $ | — |  |  | $ | 254,341 |
1-4 Family Residential Property Loans |
Pass |  | $ | 81,366 |  |  | $ | 29,695 |  |  | $ | 38,163 |  |  | $ | 23,086 |  |  | $ | 26,676 |  |  | $ | 62,942 |  |  | $ | 40,363 |  |  | $ | 302,291 |
Special Mention |  |  | 192 |  |  |  | 2,142 |  |  |  | 523 |  |  |  | 2,720 |  |  |  | 247 |  |  |  | 1,578 |  |  |  | 293 |  |  |  | 7,695 |
Substandard |  |  | 296 |  |  |  | 695 |  |  |  | 1,915 |  |  |  | 1,859 |  |  |  | 1,996 |  |  |  | 7,516 |  |  |  | 1,499 |  |  |  | 15,776 |
Total |  | $ | 81,854 |  |  | $ | 32,532 |  |  | $ | 40,601 |  |  | $ | 27,665 |  |  | $ | 28,919 |  |  | $ | 72,036 |  |  | $ | 42,155 |  |  | $ | 325,762 |
Commercial Real Estate Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 368,750 |  |  | $ | 237,119 |  |  | $ | 171,591 |  |  | $ | 148,283 |  |  | $ | 143,400 |  |  | $ | 215,616 |  |  | $ | — |  |  | $ | 1,284,759 |
Special Mention |  |  | 2,469 |  |  |  | 1,300 |  |  |  | 6,108 |  |  |  | 11,262 |  |  |  | 6,741 |  |  |  | 16,947 |  |  |  | — |  |  |  | 44,827 |
Substandard |  |  | 1,863 |  |  |  | 40 |  |  |  | 7,081 |  |  |  | 2,022 |  |  |  | 4,905 |  |  |  | 18,435 |  |  |  | — |  |  |  | 34,346 |
Total |  | $ | 373,082 |  |  | $ | 238,459 |  |  | $ | 184,780 |  |  | $ | 161,567 |  |  | $ | 155,046 |  |  | $ | 250,998 |  |  | $ | — |  |  | $ | 1,363,932 |
Agricultural Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 83,377 |  |  | $ | 15,680 |  |  | $ | 5,978 |  |  | $ | 1,838 |  |  | $ | 635 |  |  | $ | 2,856 |  |  | $ | — |  |  | $ | 110,364 |
Special Mention |  |  | 21,070 |  |  |  | 4,483 |  |  |  | 694 |  |  |  | 224 |  |  |  | 148 |  |  |  | 38 |  |  |  | — |  |  |  | 26,657 |
Substandard |  |  | 68 |  |  |  | 238 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 331 |
Total |  | $ | 104,515 |  |  | $ | 20,401 |  |  | $ | 6,697 |  |  | $ | 2,062 |  |  | $ | 783 |  |  | $ | 2,894 |  |  | $ | — |  |  | $ | 137,352 |
Commercial & Industrial Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 371,683 |  |  | $ | 132,148 |  |  | $ | 70,497 |  |  | $ | 78,890 |  |  | $ | 42,439 |  |  | $ | 114,904 |  |  | $ | — |  |  | $ | 810,561 |
Special Mention |  |  | 4,116 |  |  |  | 32,130 |  |  |  | 849 |  |  |  | 489 |  |  |  | 1,101 |  |  |  | 730 |  |  |  | — |  |  |  | 39,415 |
Substandard |  |  | 889 |  |  |  | 2,360 |  |  |  | 532 |  |  |  | 1,689 |  |  |  | 136 |  |  |  | 969 |  |  |  | — |  |  |  | 6,575 |
Total |  | $ | 376,688 |  |  | $ | 166,638 |  |  | $ | 71,878 |  |  | $ | 81,068 |  |  | $ | 43,676 |  |  | $ | 116,603 |  |  | $ | — |  |  | $ | 856,551 |
Consumer Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 31,609 |  |  | $ | 21,384 |  |  | $ | 12,084 |  |  | $ | 8,279 |  |  | $ | 3,150 |  |  | $ | 1,022 |  |  | $ | — |  |  | $ | 77,528 |
Special Mention |  |  | — |  |  |  | 24 |  |  |  | 24 |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 50 |
Substandard |  |  | 15 |  |  |  | 16 |  |  |  | 111 |  |  |  | 95 |  |  |  | 67 |  |  |  | 120 |  |  |  | — |  |  |  | 424 |
Total |  | $ | 31,624 |  |  | $ | 21,424 |  |  | $ | 12,219 |  |  | $ | 8,375 |  |  | $ | 3,218 |  |  | $ | 1,142 |  |  | $ | — |  |  | $ | 78,002 |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,052,257 |  |  | $ | 511,427 |  |  | $ | 367,652 |  |  | $ | 279,274 |  |  | $ | 230,730 |  |  | $ | 459,453 |  |  | $ | 40,363 |  |  | $ | 2,941,156 |
Special Mention |  |  | 29,692 |  |  |  | 44,049 |  |  |  | 8,731 |  |  |  | 15,165 |  |  |  | 9,344 |  |  |  | 30,525 |  |  |  | 293 |  |  |  | 137,799 |
Substandard |  |  | 3,131 |  |  |  | 3,477 |  |  |  | 10,464 |  |  |  | 6,390 |  |  |  | 7,168 |  |  |  | 27,335 |  |  |  | 1,499 |  |  |  | 59,464 |
Total |  | $ | 1,085,080 |  |  | $ | 558,953 |  |  | $ | 386,847 |  |  | $ | 300,829 |  |  | $ | 247,242 |  |  | $ | 517,313 |  |  | $ | 42,155 |  |  | $ | 3,138,419 |
The following table presents the credit risk profile of the Company’s loan portfolio base on risk rating category as of December 31, 2019 (in thousands):
|  | 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 December 31, 2020 and 2019 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  |  |  |  |  |  |  |  |  | 90 Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans > 90 |
|  | 30-59 days |  |  | 60-89 days |  |  | or More |  |  | Total |  |  |  |  |  |  | Total Loans |  |  | days & |
|  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Current |  |  | Receivable |  |  | Accruing |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | — |  |  | $ | — |  |  | $ | 128 |  |  | $ | 128 |  |  | $ | 122,351 |  |  | $ | 122,479 |  |  | $ | — |
Agricultural real estate |  |  | 1,198 |  |  |  | 34 |  |  |  | — |  |  |  | 1,232 |  |  |  | 253,109 |  |  |  | 254,341 |  |  |  | — |
1-4 Family residential properties |  |  | 1,121 |  |  |  | 1,105 |  |  |  | 2,033 |  |  |  | 4,259 |  |  |  | 321,503 |  |  |  | 325,762 |  |  |  | — |
Multifamily residential properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 189,632 |  |  |  | 189,632 |  |  |  | — |
Commercial real estate |  |  | 2,618 |  |  |  | 341 |  |  |  | 794 |  |  |  | 3,753 |  |  |  | 1,170,547 |  |  |  | 1,174,300 |  |  |  | — |
Loans secured by real estate |  |  | 4,937 |  |  |  | 1,480 |  |  |  | 2,955 |  |  |  | 9,372 |  |  |  | 2,057,142 |  |  |  | 2,066,514 |  |  |  | — |
Agricultural loans |  |  | 43 |  |  |  | — |  |  |  | 236 |  |  |  | 279 |  |  |  | 137,073 |  |  |  | 137,352 |  |  |  | — |
Commercial and industrial loans |  |  | 2,426 |  |  |  | 8 |  |  |  | 1,420 |  |  |  | 3,854 |  |  |  | 734,459 |  |  |  | 738,313 |  |  |  | — |
Consumer loans |  |  | 145 |  |  |  | 50 |  |  |  | 149 |  |  |  | 344 |  |  |  | 77,658 |  |  |  | 78,002 |  |  |  | — |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 118,238 |  |  |  | 118,238 |  |  |  | — |
Total loans |  | $ | 7,551 |  |  | $ | 1,538 |  |  | $ | 4,760 |  |  | $ | 13,849 |  |  | $ | 3,124,570 |  |  | $ | 3,138,419 |  |  | $ | — |
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 December 31, 2020 and 2019 (in thousands):
|  | 2020 |  |  | 2019 |
|  |  |  |  |  | Unpaid |  |  |  |  |  |  |  |  |  |  | Unpaid |  |  |  |  |
|  | Recorded |  |  | Principal |  |  | Specific |  |  | Recorded |  |  | Principal |  |  | Specific |
|  | Balance |  |  | Balance |  |  | Allowance |  |  | Balance |  |  | Balance |  |  | Allowance |
Loans with a specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 516 |  |  | $ | 516 |  |  | $ | 246 |  |  | $ | 256 |  |  | $ | 256 |  |  | $ | — |
Agricultural real estate |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 Family residential properties |  |  | 4,005 |  |  |  | 4,157 |  |  |  | 158 |  |  |  | 5,154 |  |  |  | 5,351 |  |  |  | 182 |
Multifamily residential properties |  |  | 1,914 |  |  |  | 1,914 |  |  |  | — |  |  |  | 4,254 |  |  |  | 4,254 |  |  |  | 19 |
Commercial real estate |  |  | 11,528 |  |  |  | 11,794 |  |  |  | 863 |  |  |  | 5,904 |  |  |  | 6,408 |  |  |  | 587 |
Loans secured by real estate |  |  | 17,963 |  |  |  | 18,381 |  |  |  | 1,267 |  |  |  | 15,568 |  |  |  | 16,269 |  |  |  | 788 |
Agricultural loans |  |  | — |  |  |  | 228 |  |  |  | — |  |  |  | 85 |  |  |  | 669 |  |  |  | 8 |
Commercial and industrial loans |  |  | 3,523 |  |  |  | 4,878 |  |  |  | 664 |  |  |  | 7,653 |  |  |  | 8,789 |  |  |  | 301 |
Consumer loans |  |  | 112 |  |  |  | 114 |  |  |  | — |  |  |  | 134 |  |  |  | 134 |  |  |  | 1 |
Total loans |  | $ | 21,598 |  |  | $ | 23,601 |  |  | $ | 1,931 |  |  | $ | 23,440 |  |  | $ | 25,861 |  |  | $ | 1,098 |
Loans without a specific allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 162 |  |  | $ | 175 |  |  | $ | — |  |  | $ | 41 |  |  | $ | 41 |  |  | $ | — |
Agricultural real estate |  |  | 359 |  |  |  | 359 |  |  |  | — |  |  |  | 479 |  |  |  | 479 |  |  |  | — |
1-4 Family residential properties |  |  | 4,262 |  |  |  | 4,715 |  |  |  | — |  |  |  | 3,719 |  |  |  | 4,263 |  |  |  | — |
Multifamily residential properties |  |  | 267 |  |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial real estate |  |  | 552 |  |  |  | 581 |  |  |  | — |  |  |  | 1,721 |  |  |  | 1,724 |  |  |  | — |
Loans secured by real estate |  |  | 5,602 |  |  |  | 6,097 |  |  |  | — |  |  |  | 5,960 |  |  |  | 6,507 |  |  |  | — |
Agricultural loans |  |  | 659 |  |  |  | 431 |  |  |  | — |  |  |  | 724 |  |  |  | 140 |  |  |  | — |
Commercial and industrial loans |  |  | 907 |  |  |  | 1,331 |  |  |  | — |  |  |  | 916 |  |  |  | 3,065 |  |  |  | — |
Consumer loans |  |  | 218 |  |  |  | 313 |  |  |  | — |  |  |  | 391 |  |  |  | 713 |  |  |  | — |
Total loans |  | $ | 7,386 |  |  | $ | 8,172 |  |  | $ | — |  |  | $ | 7,991 |  |  | $ | 10,425 |  |  | $ | — |
Total loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and land development |  | $ | 678 |  |  | $ | 691 |  |  | $ | 246 |  |  | $ | 297 |  |  | $ | 297 |  |  | $ | — |
Agricultural real estate |  |  | 359 |  |  |  | 359 |  |  |  | — |  |  |  | 479 |  |  |  | 479 |  |  |  | — |
1-4 Family residential properties |  |  | 8,267 |  |  |  | 8,872 |  |  |  | 158 |  |  |  | 8,873 |  |  |  | 9,614 |  |  |  | 182 |
Multifamily residential properties |  |  | 2,181 |  |  |  | 2,181 |  |  |  | — |  |  |  | 4,254 |  |  |  | 4,254 |  |  |  | 19 |
Commercial real estate |  |  | 12,080 |  |  |  | 12,375 |  |  |  | 863 |  |  |  | 7,625 |  |  |  | 8,132 |  |  |  | 587 |
Loans secured by real estate |  |  | 23,565 |  |  |  | 24,478 |  |  |  | 1,267 |  |  |  | 21,528 |  |  |  | 22,776 |  |  |  | 788 |
Agricultural loans |  |  | 659 |  |  |  | 659 |  |  |  | — |  |  |  | 809 |  |  |  | 809 |  |  |  | 8 |
Commercial and industrial loans |  |  | 4,430 |  |  |  | 6,209 |  |  |  | 664 |  |  |  | 8,569 |  |  |  | 11,854 |  |  |  | 301 |
Consumer loans |  |  | 330 |  |  |  | 427 |  |  |  | — |  |  |  | 525 |  |  |  | 847 |  |  |  | 1 |
Total loans |  | $ | 28,984 |  |  | $ | 31,773 |  |  | $ | 1,931 |  |  | $ | 31,431 |  |  | $ | 36,286 |  |  | $ | 1,098 |
Average Recorded Investment and Interest Income Recognized on Impaired Loans | The following tables present average recorded investment and interest income recognized on impaired loans for the years ended December 31, 2020, 2019 and 2018 (in thousands):
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | Average Investment in Impaired Loans |  |  | Interest Income Recognized |  |  | Average Investment in Impaired Loans |  |  | Interest Income Recognized |  |  | Average Investment in Impaired Loans |  |  | Interest Income Recognized |
Construction and land development |  | $ | 694 |  |  | $ | 7 |  |  | $ | 622 |  |  | $ | 32 |  |  | $ | 2,558 |  |  | $ | 37 |
Farm loans |  |  | 827 |  |  |  | — |  |  |  | 1,218 |  |  |  | — |  |  |  | 415 |  |  |  | — |
1-4 Family residential properties |  |  | 8,557 |  |  |  | 17 |  |  |  | 9,659 |  |  |  | 80 |  |  |  | 6,297 |  |  |  | 144 |
Multifamily residential properties |  |  | 2,325 |  |  |  | — |  |  |  | 6,490 |  |  |  | 89 |  |  |  | 9,666 |  |  |  | 137 |
Commercial real estate |  |  | 12,387 |  |  |  | 41 |  |  |  | 12,189 |  |  |  | 234 |  |  |  | 9,818 |  |  |  | 271 |
Loans secured by real estate |  |  | 24,790 |  |  |  | 65 |  |  |  | 30,178 |  |  |  | 435 |  |  |  | 28,754 |  |  |  | 589 |
Agricultural loans |  |  | 815 |  |  |  | — |  |  |  | 808 |  |  |  | 3 |  |  |  | 727 |  |  |  | 23 |
Commercial and industrial loans |  |  | 4,941 |  |  |  | 1 |  |  |  | 10,065 |  |  |  | 9 |  |  |  | 9,003 |  |  |  | 6 |
Consumer loans |  |  | 392 |  |  |  | — |  |  |  | 649 |  |  |  | 1 |  |  |  | 131 |  |  |  | 1 |
All other loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |
Total loans |  | $ | 30,938 |  |  | $ | 66 |  |  | $ | 41,700 |  |  | $ | 448 |  |  | $ | 38,618 |  |  | $ | 619 |
Recorded Balance of Nonaccrual Loans | The following table presents the Company’s recorded balance of nonaccrual loans at December 31, 2020 and December 31, 2019 (in thousands). This table excludes performing purchased credit deteriorated loans and performing troubled debt restructurings.
|  | Nonaccrual with no Allowance for |  |  | 2020 |  |  | 2019 |
|  | Credit Loss |  |  | Nonaccrual |  |  | Nonaccrual |
Construction and land development |  | $ | 162 |  |  | $ | 162 |  |  | $ | 41 |
Agricultural real estate |  |  | 359 |  |  |  | 359 |  |  |  | 479 |
1-4 Family residential properties |  |  | 6,747 |  |  |  | 6,930 |  |  |  | 7,379 |
Multifamily residential properties |  |  | 2,181 |  |  |  | 2,181 |  |  |  | 3,137 |
Commercial real estate |  |  | 7,345 |  |  |  | 8,760 |  |  |  | 4,351 |
Loans secured by real estate |  |  | 16,794 |  |  |  | 18,392 |  |  |  | 15,387 |
Agricultural loans |  |  | 659 |  |  |  | 659 |  |  |  | 769 |
Commercial and industrial loans |  |  | 3,677 |  |  |  | 4,372 |  |  |  | 8,441 |
Consumer loans |  |  | 327 |  |  |  | 327 |  |  |  | 521 |
Total loans |  | $ | 21,457 |  |  | $ | 23,750 |  |  | $ | 25,118 |
Acquired Loans with Credit Deterioration | 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 credit 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 December 31, 2020 and 2019 (in thousands).
Troubled debt restructurings: |  | 2020 |  |  | 2019 |
1-4 Family residential properties |  | $ | 1,603 |  |  | $ | 1,905 |
Commercial real estate |  |  | 5,170 |  |  |  | 1,746 |
Loans secured by real estate |  |  | 6,773 |  |  |  | 3,651 |
Agricultural loans |  |  | 228 |  |  |  | 669 |
Commercial and industrial loans |  |  | 2,389 |  |  |  | 1,349 |
Consumer loans |  |  | 112 |  |  |  | 134 |
Total |  | $ | 9,502 |  |  | $ | 5,803 |
Performing troubled debt restructurings: |  |  |  |  |  |  |  |
1-4 Family residential properties |  | $ | 1,268 |  |  | $ | 1,382 |
Commercial real estate |  |  | 3,045 |  |  |  | 1,146 |
Loans secured by real estate |  |  | 4,313 |  |  |  | 2,528 |
Agricultural Loans |  |  | - |  |  |  | 40 |
Commercial and industrial loans |  |  | 58 |  |  |  | 128 |
Consumer loans |  |  | 2 |  |  |  | 5 |
Total |  | $ | 4,373 |  |  | $ | 2,701 |
Loans Modified as Troubled Debt Restructurings During Period | The following table presents loans modified as TDRs during the years ended December 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.
|  | December 31, 2020 |  | December 31, 2019
|  | Number of |  |  | Recorded |  |  | Type of |  | Number of |  |  | Recorded |  |  | Type of
|  | Modifications |  |  | Investment |  |  | Modifications |  | Modifications |  |  | Investment |  |  | Modifications
1-4 Family residential properties |  |  | 2 |  |  | $ | 87 |  |  |  |  |  | 3 |  |  | $ | 131 |  |  | (a)(b)(c)
Commercial real estate |  |  | 4 |  |  |  | 3,622 |  |  | (b) |  |  | 3 |  |  |  | 1,507 |  |  | (b)(d)
Loans secured by real estate |  |  | 6 |  |  |  | 3,709 |  |  |  |  |  | 6 |  |  |  | 1,638 |  |  |
Agricultural loans |  |  | 0 |  |  |  | - |  |  | (b)(c) |  |  | 1 |  |  |  | 40 |  |  | (b)
Commercial and industrial loans |  |  | 4 |  |  |  | 2,314 |  |  | (b) |  |  | 5 |  |  |  | 127 |  |  | (b)(c)
Consumer Loans |  |  | 1 |  |  |  | 8 |  |  | (b) |  |  | 1 |  |  |  | 11 |  |  | (c)
Total |  |  | 11 |  |  | $ | 6,031 |  |  |  |  |  | 13 |  |  | $ | 1,816 |  |  |
Type of modifications: (a)Reduction of stated interest rate of loan (b)Change in payment terms (c)Extension of maturity date (d)Permanent reduction of the recorded investment

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