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Note 5 - Credit Quality | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Financing Receivables [Text Block] | Note 5. Credit Quality The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. Loan risk ratings may be upgraded or downgraded to reflect current information identified during the loan review process. The general characteristics of each risk grade are as follows:
| ● | Pass -- This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include capital strength, earnings stability, liquidity, leverage, and industry conditions.
| ● | Special Mention -- This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not corrected, the prospect of repayment may worsen.
| ● | Substandard -- This grade is assigned to loans that have well defined weaknesses that may make payment default, or principal exposure, possible. These loans will likely be dependent on collateral liquidation, secondary repayment sources, or events outside the normal course of business to meet repayment terms.
| ● | Doubtful -- This grade is assigned to loans that have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined.
| ● | Loss -- This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are uncertain. This risk grade does not imply that the asset has no recovery or salvage value, but simply means that it is not practical or desirable to defer writing off, either all or a portion of, the loan balance even though partial recovery may be realized in the future.
The following tables present the recorded investment of the loan portfolio, by loan class and credit quality, as of the dates indicated. Included in total loans December 31, 2020, were covered loans of $9.68 million generally reimbursable by the FDIC at the applicable loss share percentage of 80%.
|  | December 31, 2021 |
|  |  |  |  |  | Special |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Amounts in thousands) |  | Pass |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | Loss |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 64,498 |  |  | $ | 451 |  |  | $ | 857 |  |  | $ | — |  |  | $ | — |  |  | $ | 65,806 |
Commercial and industrial |  |  | 128,770 |  |  |  | 1,005 |  |  |  | 3,855 |  |  |  | — |  |  |  | — |  |  |  | 133,630 |
Multi-family residential |  |  | 98,457 |  |  |  | 1,090 |  |  |  | 855 |  |  |  | — |  |  |  | — |  |  |  | 100,402 |
Single family non-owner occupied |  |  | 186,184 |  |  |  | 3,607 |  |  |  | 8,977 |  |  |  | 10 |  |  |  | — |  |  |  | 198,778 |
Non-farm, non-residential |  |  | 665,559 |  |  |  | 25,624 |  |  |  | 16,323 |  |  |  | — |  |  |  | — |  |  |  | 707,506 |
Agricultural |  |  | 8,758 |  |  |  | 70 |  |  |  | 513 |  |  |  | — |  |  |  | — |  |  |  | 9,341 |
Farmland |  |  | 11,939 |  |  |  | 633 |  |  |  | 2,441 |  |  |  | — |  |  |  | — |  |  |  | 15,013 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 76,259 |  |  |  | 426 |  |  |  | 3,172 |  |  |  | — |  |  |  | — |  |  |  | 79,857 |
Single family owner occupied |  |  | 671,459 |  |  |  | 2,420 |  |  |  | 29,985 |  |  |  | — |  |  |  | — |  |  |  | 703,864 |
Owner occupied construction |  |  | 16,629 |  |  |  | — |  |  |  | 281 |  |  |  | — |  |  |  | — |  |  |  | 16,910 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 127,514 |  |  |  | 16 |  |  |  | 2,264 |  |  |  | — |  |  |  | — |  |  |  | 129,794 |
Other |  |  | 4,668 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,668 |
Total loans |  | $ | 2,060,694 |  |  | $ | 35,342 |  |  | $ | 69,523 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 2,165,569 |
|  | December 31, 2020 |
|  |  |  |  |  | Special |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Amounts in thousands) |  | Pass |  |  | Mention |  |  | Substandard |  |  | Doubtful |  |  | Loss |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 36,934 |  |  | $ | 4,975 |  |  | $ | 2,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,674 |
Commercial and industrial |  |  | 160,625 |  |  |  | 7,065 |  |  |  | 5,519 |  |  |  | — |  |  |  | — |  |  |  | 173,209 |
Multi-family residential |  |  | 103,291 |  |  |  | 8,586 |  |  |  | 3,284 |  |  |  | — |  |  |  | — |  |  |  | 115,161 |
Single family non-owner occupied |  |  | 165,146 |  |  |  | 9,602 |  |  |  | 12,838 |  |  |  | 12 |  |  |  | — |  |  |  | 187,598 |
Non-farm, non-residential |  |  | 568,438 |  |  |  | 125,907 |  |  |  | 40,448 |  |  |  | — |  |  |  | — |  |  |  | 734,793 |
Agricultural |  |  | 7,724 |  |  |  | 1,686 |  |  |  | 339 |  |  |  | — |  |  |  | — |  |  |  | 9,749 |
Farmland |  |  | 13,527 |  |  |  | 2,597 |  |  |  | 3,637 |  |  |  | — |  |  |  | — |  |  |  | 19,761 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Home equity lines |  |  | 91,712 |  |  |  | 1,488 |  |  |  | 3,326 |  |  |  | — |  |  |  | — |  |  |  | 96,526 |
Single family owner occupied |  |  | 623,860 |  |  |  | 3,859 |  |  |  | 33,335 |  |  |  | — |  |  |  | — |  |  |  | 661,054 |
Owner occupied construction |  |  | 17,232 |  |  |  | 201 |  |  |  | 287 |  |  |  | — |  |  |  | — |  |  |  | 17,720 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Consumer loans |  |  | 118,134 |  |  |  | 28 |  |  |  | 2,211 |  |  |  | — |  |  |  | — |  |  |  | 120,373 |
Other |  |  | 6,014 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,014 |
Total loans |  | $ | 1,912,637 |  |  | $ | 165,994 |  |  | $ | 107,989 |  |  | $ | 12 |  |  | $ | - |  |  | $ | 2,186,632 |
The following tables present the amortized cost basis of the loan portfolio, by year of origination, loan class, and credit quality, as of the date indicated:
(Amounts in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Revolving |  |  | Total |
Construction, development |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and other land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 40,207 |  |  | $ | 10,127 |  |  | $ | 3,081 |  |  | $ | 3,704 |  |  | $ | 1,308 |  |  | $ | 5,717 |  |  | $ | 354 |  |  | $ | 64,498 |
Special Mention |  |  | - |  |  |  | 266 |  |  |  | - |  |  |  | 128 |  |  |  | - |  |  |  | 21 |  |  |  | 36 |  |  |  | 451 |
Substandard |  |  | - |  |  |  | - |  |  |  | 128 |  |  |  | 11 |  |  |  | 291 |  |  |  | 427 |  |  |  | - |  |  |  | 857 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total construction, development, and other land |  | $ | 40,207 |  |  | $ | 10,393 |  |  | $ | 3,209 |  |  | $ | 3,843 |  |  | $ | 1,599 |  |  | $ | 6,165 |  |  | $ | 390 |  |  | $ | 65,806 |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 34,539 |  |  | $ | 18,887 |  |  | $ | 13,679 |  |  | $ | 13,772 |  |  | $ | 4,817 |  |  | $ | 5,890 |  |  | $ | 16,544 |  |  | $ | 108,128 |
Special Mention |  |  | 32 |  |  |  | 60 |  |  |  | 597 |  |  |  | 192 |  |  |  | 28 |  |  |  | - |  |  |  | 96 |  |  |  | 1,005 |
Substandard |  |  | 184 |  |  |  | 355 |  |  |  | 706 |  |  |  | 384 |  |  |  | 842 |  |  |  | 866 |  |  |  | 518 |  |  |  | 3,855 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total commercial and industrial |  | $ | 34,755 |  |  | $ | 19,302 |  |  | $ | 14,982 |  |  | $ | 14,348 |  |  | $ | 5,687 |  |  | $ | 6,756 |  |  | $ | 17,158 |  |  | $ | 112,988 |
Paycheck Protection Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 16,482 |  |  | $ | 4,160 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 20,642 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total Paycheck Protection Loans |  | $ | 16,482 |  |  | $ | 4,160 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 20,642 |
Multi-family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 11,307 |  |  | $ | 24,299 |  |  | $ | 4,644 |  |  | $ | 1,897 |  |  | $ | 8,413 |  |  | $ | 46,962 |  |  | $ | 935 |  |  | $ | 98,457 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,090 |  |  |  | - |  |  |  | 1,090 |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 855 |  |  |  | - |  |  |  | 855 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total multi-family residential |  | $ | 11,307 |  |  | $ | 24,299 |  |  | $ | 4,644 |  |  | $ | 1,897 |  |  | $ | 8,413 |  |  | $ | 48,907 |  |  | $ | 935 |  |  | $ | 100,402 |
Non-farm, non-residential |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 147,978 |  |  | $ | 146,381 |  |  | $ | 62,651 |  |  | $ | 50,943 |  |  | $ | 43,776 |  |  | $ | 199,812 |  |  | $ | 14,018 |  |  | $ | 665,559 |
Special Mention |  |  | 397 |  |  |  | 3,334 |  |  |  | 823 |  |  |  | 2,595 |  |  |  | 9,190 |  |  |  | 9,135 |  |  |  | 150 |  |  |  | 25,624 |
Substandard |  |  | 1,161 |  |  |  | 711 |  |  |  | 2,508 |  |  |  | 2,531 |  |  |  | 3,232 |  |  |  | 5,953 |  |  |  | 227 |  |  |  | 16,323 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total non-farm, non-residential |  | $ | 149,536 |  |  | $ | 150,426 |  |  | $ | 65,982 |  |  | $ | 56,069 |  |  | $ | 56,198 |  |  | $ | 214,900 |  |  | $ | 14,395 |  |  | $ | 707,506 |
Agricultural |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,564 |  |  | $ | 1,548 |  |  | $ | 998 |  |  | $ | 534 |  |  | $ | 346 |  |  | $ | 335 |  |  | $ | 433 |  |  | $ | 8,758 |
Special Mention |  |  | 43 |  |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 70 |
Substandard |  |  | 44 |  |  |  | 11 |  |  |  | 282 |  |  |  | 39 |  |  |  | 17 |  |  |  | 120 |  |  |  | - |  |  |  | 513 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total agricultural |  | $ | 4,651 |  |  | $ | 1,586 |  |  | $ | 1,280 |  |  | $ | 573 |  |  | $ | 363 |  |  | $ | 455 |  |  | $ | 433 |  |  | $ | 9,341 |
Farmland |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 428 |  |  | $ | 1,047 |  |  | $ | 82 |  |  | $ | 1,125 |  |  | $ | 887 |  |  | $ | 6,835 |  |  | $ | 1,535 |  |  | $ | 11,939 |
Special Mention |  |  | 189 |  |  |  | - |  |  |  | - |  |  |  | 240 |  |  |  | 5 |  |  |  | 199 |  |  |  | - |  |  |  | 633 |
Substandard |  |  | - |  |  |  | 14 |  |  |  | 519 |  |  |  | 249 |  |  |  | 264 |  |  |  | 1,395 |  |  |  | - |  |  |  | 2,441 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total farmland |  | $ | 617 |  |  | $ | 1,061 |  |  | $ | 601 |  |  | $ | 1,614 |  |  | $ | 1,156 |  |  | $ | 8,429 |  |  | $ | 1,535 |  |  | $ | 15,013 |
(Amounts in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Revolving |  |  | Total |
Home equity lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 115 |  |  | $ | 59 |  |  | $ | - |  |  | $ | 25 |  |  | $ | 2 |  |  | $ | 2,168 |  |  | $ | 73,890 |  |  | $ | 76,259 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 426 |  |  |  | 426 |
Substandard |  |  | - |  |  |  | - |  |  |  | 28 |  |  |  | 249 |  |  |  | 128 |  |  |  | 1,316 |  |  |  | 1,451 |  |  |  | 3,172 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total home equity lines |  | $ | 115 |  |  | $ | 59 |  |  | $ | 28 |  |  | $ | 274 |  |  | $ | 130 |  |  | $ | 3,484 |  |  | $ | 75,767 |  |  | $ | 79,857 |
Single family Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 239,917 |  |  | $ | 225,294 |  |  | $ | 61,925 |  |  | $ | 46,716 |  |  | $ | 41,757 |  |  | $ | 240,845 |  |  | $ | 1,189 |  |  | $ | 857,643 |
Special Mention |  |  | 399 |  |  |  | 510 |  |  |  | 937 |  |  |  | 269 |  |  |  | 137 |  |  |  | 3,775 |  |  |  | - |  |  |  | 6,027 |
Substandard |  |  | 1,213 |  |  |  | 799 |  |  |  | 1,475 |  |  |  | 1,668 |  |  |  | 1,878 |  |  |  | 31,929 |  |  |  | - |  |  |  | 38,962 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total single family owner and non-owner occupied |  | $ | 241,529 |  |  | $ | 226,603 |  |  | $ | 64,337 |  |  | $ | 48,653 |  |  | $ | 43,772 |  |  | $ | 276,559 |  |  | $ | 1,189 |  |  | $ | 902,642 |
Owner occupied construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 9,689 |  |  | $ | 4,729 |  |  | $ | 178 |  |  | $ | 22 |  |  | $ | 428 |  |  | $ | 1,583 |  |  | $ | - |  |  | $ | 16,629 |
Special Mention |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Substandard |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 281 |  |  |  | - |  |  |  | 281 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total owner occupied construction |  | $ | 9,689 |  |  | $ | 4,729 |  |  | $ | 178 |  |  | $ | 22 |  |  | $ | 428 |  |  | $ | 1,864 |  |  | $ | - |  |  | $ | 16,910 |
Consumer loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 65,018 |  |  | $ | 31,065 |  |  | $ | 16,548 |  |  | $ | 4,980 |  |  | $ | 2,306 |  |  | $ | 10,040 |  |  | $ | 2,225 |  |  | $ | 132,182 |
Special Mention |  |  | - |  |  |  | - |  |  |  | 16 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 16 |
Substandard |  |  | 328 |  |  |  | 663 |  |  |  | 824 |  |  |  | 107 |  |  |  | 78 |  |  |  | 186 |  |  |  | 78 |  |  |  | 2,264 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total consumer loans |  | $ | 65,346 |  |  | $ | 31,728 |  |  | $ | 17,388 |  |  | $ | 5,087 |  |  | $ | 2,384 |  |  | $ | 10,226 |  |  | $ | 2,303 |  |  | $ | 134,462 |
(Amounts in thousands) |  | Term Loans Amortized Cost Basis by Origination Year |  |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Prior |  |  | Revolving |  |  | Total |
Total Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 570,244 |  |  | $ | 467,596 |  |  | $ | 163,786 |  |  | $ | 123,718 |  |  | $ | 104,040 |  |  | $ | 520,187 |  |  | $ | 111,123 |  |  | $ | 2,060,694 |
Special Mention |  |  | 1,060 |  |  |  | 4,197 |  |  |  | 2,373 |  |  |  | 3,424 |  |  |  | 9,360 |  |  |  | 14,220 |  |  |  | 708 |  |  |  | 35,342 |
Substandard |  |  | 2,930 |  |  |  | 2,553 |  |  |  | 6,470 |  |  |  | 5,238 |  |  |  | 6,730 |  |  |  | 43,328 |  |  |  | 2,274 |  |  |  | 69,523 |
Doubtful |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 10 |
Loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total loans |  | $ | 574,234 |  |  | $ | 474,346 |  |  | $ | 172,629 |  |  | $ | 132,380 |  |  | $ | 120,130 |  |  | $ | 577,745 |  |  | $ | 114,105 |  |  | $ | 2,165,569 |
Prior to the adoption of ASU 2016-13, the Company identified loans for potential impairment through a variety of means, including, but not limited to, ongoing loan review, renewal processes, delinquency data, market communications, and public information. When the Company determined that it was probable all principal and interest amounts contractually due would not be collected, the loan was generally deemed impaired. The following table presents the recorded investment, unpaid principal balance, and related allowance for loan losses for impaired loans, excluding PCI loans, as of the date indicated prior to the adoption of ASU 2016-13:
|  | December 31, 2020 |
|  |  |  |  |  | Unpaid |  |  |  |  |
|  | Recorded |  |  | Principal |  |  | Related |
(Amounts in thousands) |  | Investment |  |  | Balance |  |  | Allowance |
Impaired loans with no related allowance |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 616 |  |  | $ | 891 |  |  | $ | — |
Commercial and industrial |  |  | 2,341 |  |  |  | 2,392 |  |  |  | — |
Multi-family residential |  |  | 946 |  |  |  | 1,593 |  |  |  | — |
Single family non-owner occupied |  |  | 4,816 |  |  |  | 5,785 |  |  |  | — |
Non-farm, non-residential |  |  | 8,238 |  |  |  | 9,467 |  |  |  | — |
Agricultural |  |  | 218 |  |  |  | 226 |  |  |  | — |
Farmland |  |  | 1,228 |  |  |  | 1,311 |  |  |  | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 1,604 |  |  |  | 1,772 |  |  |  | — |
Single family owner occupied |  |  | 16,778 |  |  |  | 19,361 |  |  |  | — |
Owner occupied construction |  |  | 216 |  |  |  | 216 |  |  |  | — |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 818 |  |  |  | 833 |  |  |  | — |
Total impaired loans with no allowance |  |  | 37,819 |  |  |  | 43,847 |  |  |  | — |
Impaired loans with a related allowance |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |
Non-farm, non-residential |  |  | 1,068 |  |  |  | 1,121 |  |  |  | 319 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 338 |  |  |  | 338 |  |  |  | 108 |
Total impaired loans with an allowance |  |  | 1,406 |  |  |  | 1,459 |  |  |  | 427 |
Total impaired loans(1) |  | $ | 39,225 |  |  | $ | 45,306 |  |  | $ | 427 |
(1) | Total recorded investment of impaired loans include loans totaling $31.18 million as of December 31, 2020, that do not meet the Company's evaluation threshold of $500 thousand for individual impairment and are therefore collectively evaluated for impairment.
Prior to the adoption of ASU 2016-13, the Company presented the average recorded investment and interest income recognized on impaired loans, excluding PCI loans, for the periods indicated:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
(Amounts in thousands) |  | Interest Income Recognized |  |  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Average Recorded Investment |
Impaired loans with no related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 25 |  |  | $ | 935 |  |  | $ | 22 |  |  | $ | 704 |
Commercial and industrial |  |  | 155 |  |  |  | 2,749 |  |  |  | 34 |  |  |  | 363 |
Multi-family residential |  |  | 19 |  |  |  | 808 |  |  |  | 24 |  |  |  | 1,356 |
Single family non-owner occupied |  |  | 189 |  |  |  | 4,890 |  |  |  | 123 |  |  |  | 2,979 |
Non-farm, non-residential |  |  | 295 |  |  |  | 7,450 |  |  |  | 123 |  |  |  | 4,683 |
Agricultural |  |  | 9 |  |  |  | 241 |  |  |  | 9 |  |  |  | 121 |
Farmland |  |  | 63 |  |  |  | 1,569 |  |  |  | 55 |  |  |  | 1,469 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 51 |  |  |  | 1,594 |  |  |  | 46 |  |  |  | 1,439 |
Single family owner occupied |  |  | 578 |  |  |  | 17,044 |  |  |  | 599 |  |  |  | 16,058 |
Owner occupied construction |  |  | 10 |  |  |  | 407 |  |  |  | 29 |  |  |  | 308 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 42 |  |  |  | 543 |  |  |  | 13 |  |  |  | 213 |
Total impaired loans with no related allowance |  |  | 1,436 |  |  |  | 38,230 |  |  |  | 1,077 |  |  |  | 29,693 |
Impaired loans with a related allowance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Multi-family residential |  |  | — |  |  |  | 707 |  |  |  | — |  |  |  | — |
Single family non-owner occupied |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Non-farm, non-residential |  |  | 17 |  |  |  | 1,524 |  |  |  | 48 |  |  |  | 766 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Single family owner occupied |  |  | 29 |  |  |  | 1,196 |  |  |  | 46 |  |  |  | 1,947 |
Total impaired loans with a related allowance |  |  | 46 |  |  |  | 3,427 |  |  |  | 94 |  |  |  | 2,713 |
Total impaired loans |  | $ | 1,482 |  |  | $ | 41,657 |  |  | $ | 1,171 |  |  | $ | 32,406 |
The Company generally places a loan on nonaccrual status when it is 90 days or more past due. The following table presents nonaccrual loans, by loan class, as of the date indicated:
|  | December 31, 2021 |
(Amounts in thousands) |  | No Allowance |  |  | With an Allowance |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 409 |  |  | $ | — |  |  | $ | 409 |
Commercial and industrial |  |  | 1,734 |  |  |  | — |  |  |  | 1,734 |
Multi-family residential |  |  | 208 |  |  |  | — |  |  |  | 208 |
Single family non-owner occupied |  |  | 2,304 |  |  |  | — |  |  |  | 2,304 |
Non-farm, non-residential |  |  | 3,439 |  |  |  | 1,100 |  |  |  | 4,539 |
Agricultural |  |  | 136 |  |  |  | — |  |  |  | 136 |
Farmland |  |  | 222 |  |  |  | — |  |  |  | 222 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  | — |
Home equity lines |  |  | 767 |  |  |  | — |  |  |  | 767 |
Single family owner occupied |  |  | 8,957 |  |  |  | — |  |  |  | 8,957 |
Owner occupied construction |  |  | — |  |  |  | — |  |  |  | — |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  | — |
Consumer loans |  |  | 1,492 |  |  |  | — |  |  |  | 1,492 |
Total nonaccrual loans |  | $ | 19,668 |  |  | $ | 1,100 |  |  | $ | 20,768 |
During 2021, $72 thousand in nonaccrual loan interest was recognized. The following table presents nonaccrual loans prior to the adoption of ASU 2016-13. PCI loans were generally not classified as nonaccrual due to the accrual of interest income under the accretion method of accounting. Covered nonaccrual loans totaled $297 thousand at December 31, 2020; the total was comprised of consumer real estate loans. The following table presents nonaccrual loans, by loan class, as of the date indicated:
(Amounts in thousands) |  | December 31, 2020 |
Commercial loans |  |  |  |
Construction, development, and other land |  | $ | 244 |
Commercial and industrial |  |  | 895 |
Multi-family residential |  |  | 946 |
Single family non-owner occupied |  |  | 2,990 |
Non-farm, non-residential |  |  | 6,343 |
Agricultural |  |  | 217 |
Farmland |  |  | 489 |
Consumer real estate loans |  |  |  |
Home equity lines |  |  | 1,122 |
Single family owner occupied |  |  | 7,976 |
Owner occupied construction |  |  | — |
Consumer and other loans |  |  |  |
Consumer loans |  |  | 781 |
Total nonaccrual loans |  | $ | 22,003 |
The following table presents the aging of past due loans, by loan class, as of the date indicated. Nonaccrual loans 30 days or more past due are included in the applicable delinquency category.
|  | December 31, 2021 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized Cost of |
|  | 30 - 59 Days |  |  | 60 - 89 Days |  |  | 90+ Days |  |  | Total |  |  | Current |  |  | Total |  |  | >90 Days Accruing |
(Amounts in thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Loans |  |  | Loans |  |  | No Allowance |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 52 |  |  | $ | — |  |  | $ | 120 |  |  | $ | 172 |  |  | $ | 65,634 |  |  | $ | 65,806 |  |  | $ | — |
Commercial and industrial |  |  | 325 |  |  |  | 35 |  |  |  | 1,394 |  |  |  | 1,754 |  |  |  | 131,876 |  |  |  | 133,630 |  |  |  | — |
Multi-family residential |  |  | 97 |  |  |  | — |  |  |  | — |  |  |  | 97 |  |  |  | 100,305 |  |  |  | 100,402 |  |  |  | — |
Single family non-owner occupied |  |  | 1,210 |  |  |  | 583 |  |  |  | 795 |  |  |  | 2,588 |  |  |  | 196,190 |  |  |  | 198,778 |  |  |  | — |
Non-farm, non-residential |  |  | 1,002 |  |  |  | 441 |  |  |  | 2,333 |  |  |  | 3,776 |  |  |  | 703,730 |  |  |  | 707,506 |  |  |  | — |
Agricultural |  |  | 73 |  |  |  | 7 |  |  |  | 101 |  |  |  | 181 |  |  |  | 9,160 |  |  |  | 9,341 |  |  |  | — |
Farmland |  |  | 52 |  |  |  | — |  |  |  | 222 |  |  |  | 274 |  |  |  | 14,739 |  |  |  | 15,013 |  |  |  | — |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 275 |  |  |  | 388 |  |  |  | 333 |  |  |  | 996 |  |  |  | 78,861 |  |  |  | 79,857 |  |  |  | — |
Single family owner occupied |  |  | 4,740 |  |  |  | 2,584 |  |  |  | 3,880 |  |  |  | 11,204 |  |  |  | 692,660 |  |  |  | 703,864 |  |  |  | — |
Owner occupied construction |  |  | 139 |  |  |  | — |  |  |  | — |  |  |  | 139 |  |  |  | 16,771 |  |  |  | 16,910 |  |  |  | — |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 3,469 |  |  |  | 1,182 |  |  |  | 1,049 |  |  |  | 5,700 |  |  |  | 124,094 |  |  |  | 129,794 |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,668 |  |  |  | 4,668 |  |  |  | — |
Total loans |  | $ | 11,434 |  |  | $ | 5,220 |  |  | $ | 10,227 |  |  | $ | 26,881 |  |  | $ | 2,138,688 |  |  | $ | 2,165,569 |  |  | $ | — |
The following table presents the aging of past due loans, by loan class, as of the date indicated prior to the adoption of ASU 2016-13. Nonaccrual loans 30 days or more past due are included in the applicable delinquency category. Loans acquired with credit deterioration, with a discount, continue to accrue interest based on expected cash flows; therefore, PCI loans are not generally considered nonaccrual. Accruing loans contractually past due 90 days or more totaled $295 thousand as of December 31, 2020.
|  | December 31, 2020 |
|  | 30 - 59 Days |  |  | 60 - 89 Days |  |  | 90+ Days |  |  | Total |  |  | Current |  |  | Total |
(Amounts in thousands) |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Past Due |  |  | Loans |  |  | Loans |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land |  | $ | 1,039 |  |  | $ | — |  |  | $ | 235 |  |  | $ | 1,274 |  |  | $ | 43,400 |  |  | $ | 44,674 |
Commercial and industrial |  |  | 669 |  |  |  | 230 |  |  |  | 700 |  |  |  | 1,599 |  |  |  | 171,425 |  |  |  | 173,024 |
Multi-family residential |  |  | 103 |  |  |  | — |  |  |  | 946 |  |  |  | 1,049 |  |  |  | 114,112 |  |  |  | 115,161 |
Single family non-owner occupied |  |  | 925 |  |  |  | 488 |  |  |  | 2,144 |  |  |  | 3,557 |  |  |  | 184,226 |  |  |  | 187,783 |
Non-farm, non-residential |  |  | 601 |  |  |  | 296 |  |  |  | 3,368 |  |  |  | 4,265 |  |  |  | 730,528 |  |  |  | 734,793 |
Agricultural |  |  | 70 |  |  |  | 189 |  |  |  | 88 |  |  |  | 347 |  |  |  | 9,402 |  |  |  | 9,749 |
Farmland |  |  | 43 |  |  |  | — |  |  |  | 457 |  |  |  | 500 |  |  |  | 19,261 |  |  |  | 19,761 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | 649 |  |  |  | 380 |  |  |  | 425 |  |  |  | 1,454 |  |  |  | 95,072 |  |  |  | 96,526 |
Single family owner occupied |  |  | 5,317 |  |  |  | 2,265 |  |  |  | 3,891 |  |  |  | 11,473 |  |  |  | 649,581 |  |  |  | 661,054 |
Owner occupied construction |  |  | 82 |  |  |  | — |  |  |  | — |  |  |  | 82 |  |  |  | 17,638 |  |  |  | 17,720 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer loans |  |  | 2,637 |  |  |  | 746 |  |  |  | 651 |  |  |  | 4,034 |  |  |  | 116,339 |  |  |  | 120,373 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,014 |  |  |  | 6,014 |
Total loans |  | $ | 12,135 |  |  | $ | 4,594 |  |  | $ | 12,905 |  |  | $ | 29,634 |  |  | $ | 2,156,998 |  |  | $ | 2,186,632 |
ASC 326 prescribes that when an entity determines foreclosure is probable, the expected credit loss is required to be measured based on the fair value of the collateral. As a practical expedient, an entity may use the fiar value as of the reporting date when recording the net carrying amount of the asset. For the collateral dependent asset ("CDA") a credit loss expense is recorded for loan amounts in excess of fair value of the collateral. The table below summarizes collateral dependent loans, where foreclosure is possible, by type of collateral, and the extent to which they are collateralized during the period.
|  | December 31, 2021 |
(Amounts in thousands) |  |  | Balance |  |  |  | Collateral Coverage |  |  |  | Coverage Ratio |
Commercial Real Estate |  |  |  |  |  |  |  |  |  |  |  |
Hotel |  | $ | - |  |  | $ | - |  |  |  | - |
Office |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | 2,216 |  |  |  | 2,312 |  |  |  | 104.33 | %
Retail |  |  | - |  |  |  | - |  |  |  | - |
Multi-Family |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  |  | - |  |  |  | - |  |  |  | - |
Office |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | - |  |  |  | - |  |  |  | - |
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |
Industrial |  |  | - |  |  |  | - |  |  |  | - |
Other |  |  | - |  |  |  | - |  |  |  | - |
Home equity loans |  |  | - |  |  |  | - |  |  |  | - |
Consumer owner occupied |  |  | - |  |  |  | - |  |  |  | - |
Consumer |  |  | - |  |  |  | - |  |  |  | - |
Total collateral dependent loans |  | $ | 2,216 |  |  | $ | 2,312 |  |  |  | 104.33 | %
The Company may make concessions in interest rates, loan terms and/or amortization terms when restructuring loans for borrowers experiencing financial difficulty. Certain TDRs are classified as nonperforming at the time of restructuring and are returned to performing status after six months of satisfactory payment performance; however, these loans remain identified as impaired until full payment or other satisfaction of the obligation occurs. The CARES Act included a provision allowing banks to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 made between March 1, 2020 and the earlier of (i) December 31, 2020, or (ii) 60 days after the end of the COVID-19 national emergency. The relief can only be applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. The Company elected to adopt this provision of the CARES Act. From March, 2020, through December 31, 2021, the Company modified a total of 4,066 loans with principal balances totaling $475.82 million related to COVID-19 relief. Those modifications were generally short-term payment deferrals and are not considered TDRs based on the CARES Act. The Company’s policy is to downgrade commercial loans modified for COVID-19 to Special Mention due to a higher-than-usual level of risk, which caused the significant increase in loans in that rating. Subsequent upgrade or downgrade will be on a case by case basis. The Company upgrades these loans back to pass once the modification period has ended and timely contractual payments resume. Further downgrade would be based on a number of factors, including but not limited to additional modifications, payment performance and current underwriting. As of December 31, 2021, total COVID-19 loan deferrals stood at $2.92 million. The following table presents loans modified as TDRs, by loan class and accrual status, as of the dates indicated:
|  | December 31, |
|  | 2021 |  |  | 2020 |
(Amounts in thousands) |  | Nonaccrual(1) |  |  | Accruing |  |  | Total |  |  | Nonaccrual(1) |  |  | Accruing |  |  | Total |
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 396 |  |  | $ | 470 |  |  | $ | 866 |  |  | $ | — |  |  | $ | 1,326 |  |  | $ | 1,326 |
Single family non-owner occupied |  |  | 857 |  |  |  | 1,100 |  |  |  | 1,957 |  |  |  | 1,585 |  |  |  | 1,265 |  |  |  | 2,850 |
Non-farm, non-residential |  |  | — |  |  |  | 2,021 |  |  |  | 2,021 |  |  |  | — |  |  |  | 2,407 |  |  |  | 2,407 |
Consumer real estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines |  |  | — |  |  |  | 67 |  |  |  | 67 |  |  |  | — |  |  |  | 77 |  |  |  | 77 |
Single family owner occupied |  |  | 1,266 |  |  |  | 4,755 |  |  |  | 6,021 |  |  |  | 229 |  |  |  | 4,927 |  |  |  | 5,156 |
Owner occupied construction |  |  | — |  |  |  | 212 |  |  |  | 212 |  |  |  | — |  |  |  | 216 |  |  |  | 216 |
Consumer and other loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |
Consumer loans |  |  | — |  |  |  | 27 |  |  |  | 27 |  |  |  | — |  |  |  | 30 |  |  |  | 30 |
Total TDRs |  | $ | 2,519 |  |  | $ | 8,652 |  |  | $ | 11,171 |  |  | $ | 1,814 |  |  | $ | 10,248 |  |  | $ | 12,062 |
Allowance for credit/loan losses related to TDRs |  |  |  |  |  |  |  |  |  | $ | — |  |  |  |  |  |  |  |  |  |  | $ | — |
(1) | Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above.
The following table presents interest income recognized on TDRs for the periods indicated:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Interest income recognized |  | $ | 422 |  |  | $ | 473 |  |  | $ | 277 |
The following table presents loans modified as TDRs, by type of concession made and loan class, that were restructured during the periods indicated.
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
(Amounts in thousands) |  | Total Contracts |  |  | Pre-modification Recorded Investment |  |  | Post modification Recorded Investment(1) |  |  | Total Contracts |  |  | Pre-modification Recorded Investment |  |  | Post modification Recorded Investment(1) |
Below market interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 50 |  |  | $ | 50 |
Below market interest rate and extended payment term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family non-owner occupied |  |  | 1 |  |  |  | 165 |  |  |  | 165 |  |  |  | — |  |  |  | — |  |  |  | — |
Single family owner occupied |  |  | 4 |  |  |  | 402 |  |  |  | 402 |  |  |  | — |  |  |  | — |  |  |  | — |
Total below market interest rate and extended payment term |  |  | 5 |  |  |  | 567 |  |  |  | 567 |  |  |  | — |  |  |  | — |  |  |  | — |
Principal deferral |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, development, and other land development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 1,708 |  |  |  | 1,708 |
Non-farm, non-residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 2,115 |  |  |  | 2,115 |
Home equity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Single family non-owner occupied |  |  | 1 |  |  |  | 753 |  |  |  | 753 |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | 1 |  |  |  | 41 |  |  |  | 41 |  |  |  | 5 |  |  |  | 4,908 |  |  |  | 4,877 |
Total principal deferral |  |  | 2 |  |  |  | 794 |  |  |  | 794 |  |  |  | 11 |  |  |  | 4,908 |  |  |  | 4,877 |
Total |  |  | 7 |  |  | $ | 1,361 |  |  | $ | 1,361 |  |  |  | 12 |  |  | $ | 4,958 |  |  | $ | 4,927 |
(1) | Represents the loan balance immediately following modification
The following table presents loans modified as TDRs, by loan class, that were restructured within the previous 12 months for which there was a payment default during the periods indicated
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
|  | Total |  |  | Recorded |  |  | Total |  |  | Recorded |
|  | Contracts |  |  | Investment |  |  | Contracts |  |  | Investment |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Single family owner occupied |  |  | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 53 |
Total |  |  | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 53 |
The following table provides information about OREO, which consists of properties acquired through foreclosure, as of the dates indicated:
|  | December 31, 2021 |  |  | December 31, 2020 |
(Amounts in thousands) |  |  |  |  |  |  |  |
Total OREO |  | $ | 1,015 |  |  | $ | 2,083 |
OREO secured by residential real estate |  | $ | 337 |  |  | $ | 769 |
Residential real estate loans in the foreclosure process(1) |  | $ | 2,210 |  |  | $ | 4,141 |
(1) | The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
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