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LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | NOTE 3 - LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table summarizes the Company’s loan portfolio by type of loan as of:
|  | March 31, 2020 |  |  | December 31, 2019 |
Commercial and industrial |  | $ | 297,163 |  |  | $ | 279,583 |
Real estate: |  |  |  |  |  |  |  |
Construction and development |  |  | 263,973 |  |  |  | 280,498 |
Commercial real estate |  |  | 584,883 |  |  |  | 567,360 |
Farmland |  |  | 78,635 |  |  |  | 57,476 |
1-4 family residential |  |  | 400,605 |  |  |  | 412,166 |
Multi-family residential |  |  | 20,430 |  |  |  | 37,379 |
Consumer |  |  | 52,996 |  |  |  | 53,245 |
Agricultural |  |  | 19,314 |  |  |  | 18,359 |
Overdrafts |  |  | 354 |  |  |  | 329 |
Total loans(1) |  |  | 1,718,353 |  |  |  | 1,706,395 |
Net of: |  |  |  |  |  |  |  |
Deferred loan costs, net |  |  | 456 |  |  |  | 601 |
Allowance for credit losses |  |  | (21,948 | ) |  |  | (16,202 | )
Total net loans(1) |  | $ | 1,696,861 |  |  | $ | 1,690,794 |
(1) Excludes accrued interest receivable on loans of $6.8 million as of March 31, 2020 and December 31, 2019, which is presented on the consolidated balance sheets. |
The Company’s estimate of the allowance for credit losses (“ACL”) reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected troubled debt restructuring. The following tables present the activity in the ACL by class of loans for the three months ended March 31, 2020, and the activity in the allowance for loan loss by portfolio segment for the year ended December 31, 2019 and for the three months ended March 31, 2019:
For the Three Months Ended March 31, 2020 |  | Commercial and industrial |  |  | Construction and development |  |  | Commercial real estate |  |  | Farmland |  |  | 1-4 family residential |  |  | Multi-family residential |  |  | Consumer |  |  | Agricultural |  |  | Overdrafts |  |  | Unallocated COVID-19 reserve |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASC 326 |  | $ | 2,056 |  |  | $ | 2,378 |  |  | $ | 6,853 |  |  | $ | 570 |  |  | $ | 3,125 |  |  | $ | 409 |  |  | $ | 602 |  |  | $ | 197 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 16,202 |
Impact of adopting ASC 326 |  |  | 546 |  |  |  | 323 |  |  |  | 2,228 |  |  |  | 26 |  |  |  | 1,339 |  |  |  | (50 | ) |  |  | 72 |  |  |  | 73 |  |  |  | (9 | ) |  |  | — |  |  |  | 4,548 |
Provision for credit losses |  |  | 365 |  |  |  | (229 | ) |  |  | 447 |  |  |  | 193 |  |  |  | (250 | ) |  |  | (170 | ) |  |  | 85 |  |  |  | 11 |  |  |  | 35 |  |  |  | — |  |  |  | 487 |
Provision for credit losses - COVID-19 |  |  | — |  |  |  | 106 |  |  |  | 233 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 571 |  |  |  | 913 |
Loans charged-off |  |  | (43 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | — |  |  |  | (73 | ) |  |  | — |  |  |  | (49 | ) |  |  | — |  |  |  | (224 | )
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 22 |
Ending balance |  | $ | 2,924 |  |  | $ | 2,578 |  |  | $ | 9,761 |  |  | $ | 792 |  |  | $ | 4,156 |  |  | $ | 189 |  |  | $ | 693 |  |  | $ | 281 |  |  | $ | 3 |  |  | $ | 571 |  |  | $ | 21,948 |
For the Year Ended December 31, 2019 |  | Commercial and industrial |  |  | Construction and development |  |  | Commercial real estate |  |  | Farmland |  |  | 1-4 family residential |  |  | Multi-family residential |  |  | Consumer |  |  | Agricultural |  |  | Overdrafts |  |  | Total |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,751 |  |  | $ | 1,920 |  |  | $ | 6,025 |  |  | $ | 643 |  |  | $ | 2,868 |  |  | $ | 631 |  |  | $ | 565 |  |  | $ | 238 |  |  | $ | 10 |  |  | $ | 14,651 |  |
Provision for loan losses |  |  | (117 | ) |  |  | 458 |  |  |  | 827 |  |  |  | (73 | ) |  |  | 268 |  |  |  | (222 | ) |  |  | (2 | ) |  |  | (41 | ) |  |  | 152 |  |  |  | 1,250 |  |
Loans charged-off |  |  | (86 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14 | ) |  |  | — |  |  |  | (72 | ) |  |  | (89 | ) |  |  | (192 | ) |  |  | (453 | ) |
Recoveries |  |  | 508 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 111 |  |  |  | 89 |  |  |  | 42 |  |  |  | 754 |  |
Ending balance |  | $ | 2,056 |  |  | $ | 2,378 |  |  | $ | 6,853 |  |  | $ | 570 |  |  | $ | 3,125 |  |  | $ | 409 |  |  | $ | 602 |  |  | $ | 197 |  |  | $ | 12 |  |  | $ | 16,202 |  |
For the Three Months Ended March 31, 2019 |  | Commercial and industrial |  |  | Construction and development |  |  | Commercial real estate |  |  | Farmland |  |  | 1-4 family residential |  |  | Multi-family residential |  |  | Consumer |  |  | Agricultural |  |  | Overdrafts |  |  | Total |  |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,751 |  |  | $ | 1,920 |  |  | $ | 6,025 |  |  | $ | 643 |  |  | $ | 2,868 |  |  | $ | 631 |  |  | $ | 565 |  |  | $ | 238 |  |  | $ | 10 |  |  | $ | 14,651 |  |
Provision for loan losses |  |  | 213 |  |  |  | 81 |  |  |  | 269 |  |  |  | 16 |  |  |  | 7 |  |  |  | (56 | ) |  |  | 46 |  |  |  | (35 | ) |  |  | 34 |  |  |  | 575 |  |
Loans charged-off |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | — |  |  |  | (17 | ) |  |  | — |  |  |  | (49 | ) |  |  | (78 | ) |
Recoveries |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 13 |  |  |  | 42 |  |
Ending balance |  | $ | 1,963 |  |  | $ | 2,001 |  |  | $ | 6,294 |  |  | $ | 659 |  |  | $ | 2,870 |  |  | $ | 575 |  |  | $ | 617 |  |  | $ | 203 |  |  | $ | 8 |  |  | $ | 15,190 |  |
The ACL as of March 31, 2020 was estimated using the current expected credit loss model. The primary reasons for the increase in required ACL were to capture the expected lifetime losses of the portfolio, which were previously measured under an incurred loss model, expectations for an economic recession during 2020, including uncertainties due to COVID-19, forecasted increases in unemployment rates, and changes in other qualitative factors used in our CECL methodology. The Company uses the weighted-average remaining maturity (WARM) method as the basis for the estimation of expected credit losses. The WARM method uses a historical average annual charge-off rate containing loss content over a historical lookback period and is used as a foundation for estimating the credit loss reserve for the remaining outstanding balances of loans in a segment at the balance sheet date. The average annual charge-off rate is applied to the contractual term, further adjusted for estimated prepayments, to determine the unadjusted historical charge-off rate. The calculation of the unadjusted historical charge-off rate is then adjusted, using qualitative factors, for current conditions and for reasonable and supportable forecast periods. Qualitative loss factors are based on the Company’s judgement of company, market, industry or business specific data, differences in loan-specific risk characteristics such as underwriting standards, portfolio mix, risk grades, delinquency level, or term. These qualitative factors serve to compensate for additional areas of uncertainty inherent in the portfolio that are not reflected in our historic loss factors. Additionally, we have adjusted for changes in expected environmental and economic conditions, such as changes in unemployment rates, property values, and other relevant factors over the next 12 to 24 months. Management adjusted the historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company’s estimate was a cumulative loss rate covering the expected contractual term of the portfolio. The ACL is measured on a collective segment basis when similar risk characteristics exist. Our loan portfolio is segmented first by regulatory call report code, and second, by internally identified risk grades for our commercial loan segments and by delinquency status for our consumer loan segments. We also have separate segments for our warehouse lines of credit, for our internally originated SBA loans and for our SBA loans acquired from Westbound Bank. Consistent forecasts of the loss drivers are used across the loan segments. For loans that do not share general risk characteristics with segments, we estimate a specific reserve on an individual basis. A reserve is recorded when the carrying amount of the loan exceeds the discounted estimated cash flows using the loan's initial effective interest rate or the fair value of collateral for collateral-dependent loans. Assets are graded “pass” when the relationship exhibits acceptable credit risk and indicates repayment ability, tolerable collateral coverage and reasonable performance history. Lending relationships exhibiting potentially significant credit risk and marginal repayment ability and/or asset protection are graded “special mention.” Assets classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. Substandard graded loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets graded “doubtful” are substandard graded loans that have added characteristics that make collection or liquidation in full improbable. In general, the loans in our portfolio have low historical credit losses. The Company closely monitors economic conditions and loan performance trends to manage and evaluate the exposure to credit risk. Key factors tracked by the Company and utilized in evaluating the credit quality of the loan portfolio include trends in delinquency ratios, the level of nonperforming assets, borrower’s repayment capacity, and collateral coverage. The projected economic impact of COVID-19 as of March 31, 2020 created the need for $913 of additional ACL, as shown in the preceding table and labeled “Provision for credit losses – COVID-19.” The following table summarizes the credit exposure in the Company’s loan portfolio, by year of origination, as of March 31, 2020:
March 31, 2020 |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Prior |  |  | Revolving Loans Amortized Cost |  |  | Total |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 89,353 |  |  | $ | 44,914 |  |  | $ | 22,360 |  |  | $ | 9,359 |  |  | $ | 9,586 |  |  | $ | 19,274 |  |  | $ | 101,608 |  |  | $ | 296,454 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | 218 |  |  |  | 21 |  |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  | 297 |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | 28 |  |  |  | — |  |  |  | 43 |  |  |  | 191 |  |  |  | 150 |  |  |  | 412 |
Total commercial and industrial loans |  | $ | 89,353 |  |  | $ | 44,914 |  |  | $ | 22,606 |  |  | $ | 9,380 |  |  | $ | 9,687 |  |  | $ | 19,465 |  |  | $ | 101,758 |  |  | $ | 297,163 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | (43 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (43 | )
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | (43 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (43 | )
Construction and development: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 29,946 |  |  | $ | 119,807 |  |  | $ | 55,942 |  |  | $ | 28,704 |  |  | $ | 10,867 |  |  | $ | 11,023 |  |  | $ | 5,886 |  |  | $ | 262,175 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | 600 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 606 |
Nonaccrual |  |  | — |  |  |  | 1,192 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,192 |
Total construction and development loans |  | $ | 29,946 |  |  | $ | 121,599 |  |  | $ | 55,948 |  |  | $ | 28,704 |  |  | $ | 10,867 |  |  | $ | 11,023 |  |  | $ | 5,886 |  |  | $ | 263,973 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Commercial real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 17,610 |  |  | $ | 106,440 |  |  | $ | 101,206 |  |  | $ | 86,620 |  |  | $ | 101,885 |  |  | $ | 137,737 |  |  | $ | 11,921 |  |  | $ | 563,419 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70 |  |  |  | — |  |  |  | 70 |
Substandard |  |  | — |  |  |  | — |  |  |  | 1,183 |  |  |  | 617 |  |  |  | — |  |  |  | 9,358 |  |  |  | — |  |  |  | 11,158 |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | 158 |  |  |  | 3,947 |  |  |  | 5,087 |  |  |  | 1,044 |  |  |  | — |  |  |  | 10,236 |
Total commercial real estate loans |  | $ | 17,610 |  |  | $ | 106,440 |  |  | $ | 102,547 |  |  | $ | 91,184 |  |  | $ | 106,972 |  |  | $ | 148,209 |  |  | $ | 11,921 |  |  | $ | 584,883 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Farmland: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 5,423 |  |  | $ | 14,614 |  |  | $ | 14,202 |  |  | $ | 8,507 |  |  | $ | 11,353 |  |  | $ | 18,649 |  |  | $ | 5,573 |  |  | $ | 78,321 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |  |  |  | — |  |  |  | 41 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | 97 |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 176 |  |  |  | — |  |  |  | 176 |
Total farmland loans |  | $ | 5,423 |  |  | $ | 14,614 |  |  | $ | 14,202 |  |  | $ | 8,507 |  |  | $ | 11,353 |  |  | $ | 18,963 |  |  | $ | 5,573 |  |  | $ | 78,635 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
March 31, 2020 |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Prior |  |  | Revolving Loans Amortized Cost |  |  | Total |
1-4 family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 12,890 |  |  | $ | 81,727 |  |  | $ | 65,493 |  |  | $ | 46,797 |  |  | $ | 53,530 |  |  | $ | 125,807 |  |  | $ | 10,237 |  |  | $ | 396,481 |
Special mention |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | 113 |  |  |  | — |  |  |  | 70 |  |  |  | — |  |  |  | 238 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | 383 |  |  |  | 446 |  |  |  | 1,031 |  |  |  | 2,026 |  |  |  | — |  |  |  | 3,886 |
Total 1-4 family residential loans |  | $ | 12,890 |  |  | $ | 81,727 |  |  | $ | 65,931 |  |  | $ | 47,356 |  |  | $ | 54,561 |  |  | $ | 127,903 |  |  | $ | 10,237 |  |  | $ | 400,605 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (59 | ) |  | $ | — |  |  | $ | (59 | )
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (58 | ) |  | $ | — |  |  | $ | (58 | )
Multi-family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,304 |  |  | $ | 4,837 |  |  | $ | 3,746 |  |  | $ | 1,515 |  |  | $ | 1,801 |  |  | $ | 6,665 |  |  | $ | 562 |  |  | $ | 20,430 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total multi-family residential loans |  | $ | 1,304 |  |  | $ | 4,837 |  |  | $ | 3,746 |  |  | $ | 1,515 |  |  | $ | 1,801 |  |  | $ | 6,665 |  |  | $ | 562 |  |  | $ | 20,430 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Consumer and overdrafts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,344 |  |  | $ | 20,857 |  |  | $ | 14,693 |  |  | $ | 3,694 |  |  | $ | 1,442 |  |  | $ | 843 |  |  | $ | 3,171 |  |  | $ | 53,044 |
Special mention |  |  | — |  |  |  | 39 |  |  |  | 35 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 77 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | 50 |  |  |  | 150 |  |  |  | 23 |  |  |  | 3 |  |  |  | 3 |  |  |  | — |  |  |  | 229 |
Total consumer loans and overdrafts |  | $ | 8,344 |  |  | $ | 20,946 |  |  | $ | 14,878 |  |  | $ | 3,720 |  |  | $ | 1,445 |  |  | $ | 846 |  |  | $ | 3,171 |  |  | $ | 53,350 |
Charge-offs |  | $ | (49 | ) |  | $ | (17 | ) |  | $ | (18 | ) |  | $ | (38 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (122 | )
Recoveries |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | 21 |
Current period net |  | $ | (35 | ) |  | $ | (17 | ) |  | $ | (18 | ) |  | $ | (34 | ) |  | $ | 1 |  |  | $ | 2 |  |  | $ | — |  |  | $ | (101 | )
Agricultural: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 1,532 |  |  | $ | 2,919 |  |  | $ | 3,357 |  |  | $ | 1,146 |  |  | $ | 432 |  |  | $ | 391 |  |  | $ | 9,276 |  |  | $ | 19,053 |
Special mention |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 70 |
Substandard |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85 |  |  |  | 5 |  |  |  | — |  |  |  | 90 |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | 69 |  |  |  | — |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 101 |
Total agricultural loans |  | $ | 1,532 |  |  | $ | 2,919 |  |  | $ | 3,426 |  |  | $ | 1,216 |  |  | $ | 549 |  |  | $ | 396 |  |  | $ | 9,276 |  |  | $ | 19,314 |
Charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Current period net |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total loans |  | $ | 166,402 |  |  | $ | 397,996 |  |  | $ | 283,284 |  |  | $ | 191,582 |  |  | $ | 197,235 |  |  | $ | 333,470 |  |  | $ | 148,384 |  |  | $ | 1,718,353 |
Charge-offs |  | $ | (49 | ) |  | $ | (17 | ) |  | $ | (61 | ) |  | $ | (38 | ) |  | $ | — |  |  | $ | (59 | ) |  | $ | — |  |  | $ | (224 | )
Recoveries |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 1 |  |  |  | 3 |  |  |  | — |  |  |  | 22 |
Total current period net charge-offs |  | $ | (35 | ) |  | $ | (17 | ) |  | $ | (61 | ) |  | $ | (34 | ) |  | $ | 1 |  |  | $ | (56 | ) |  | $ | — |  |  | $ | (202 | )
The following table summarizes the credit exposure in the Company’s loan portfolio by class as of December 31, 2019:
December 31, 2019 |  | Commercial and industrial |  |  | Construction and development |  |  | Commercial real estate |  |  | Farmland |  |  | 1-4 family residential |  |  | Multi-family residential |  |  | Consumer and Overdrafts |  |  | Agricultural |  |  | Total |
Grade: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 279,217 |  |  | $ | 278,679 |  |  | $ | 548,662 |  |  | $ | 57,152 |  |  | $ | 409,896 |  |  | $ | 37,379 |  |  | $ | 53,327 |  |  | $ | 18,101 |  |  | $ | 1,682,413 |
Special mention |  |  | 153 |  |  |  | 600 |  |  |  | 1,071 |  |  |  | 91 |  |  |  | 1,425 |  |  |  | — |  |  |  | 192 |  |  |  | 126 |  |  |  | 3,658 |
Substandard |  |  | 213 |  |  |  | 1,219 |  |  |  | 17,627 |  |  |  | 233 |  |  |  | 845 |  |  |  | — |  |  |  | 55 |  |  |  | 132 |  |  |  | 20,324 |
Total |  | $ | 279,583 |  |  | $ | 280,498 |  |  | $ | 567,360 |  |  | $ | 57,476 |  |  | $ | 412,166 |  |  | $ | 37,379 |  |  | $ | 53,574 |  |  | $ | 18,359 |  |  | $ | 1,706,395 |
There were no loans classified in the “doubtful” or “loss” risk rating categories as of the periods ended March 31, 2020 and December 31, 2019. The following table presents the amortized cost basis of individually evaluated collateral-dependent loans by class of loans, and their impact on ACL, as of March 31, 2020:
|  | Real Estate |  |  | Non-RE |  |  | Total |  |  | Allowance for Credit Losses Allocation |
Commercial and industrial |  | $ | 134 |  |  | $ | — |  |  | $ | 134 |  |  | $ | 16 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  |  | 600 |  |  |  | — |  |  |  | 600 |  |  |  | 69 |
Commercial real estate |  |  | 9,692 |  |  |  | — |  |  |  | 9,692 |  |  |  | 1,415 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | — |  |  |  | 174 |  |  |  | 174 |  |  |  | — |
Agricultural |  |  | — |  |  |  | 191 |  |  |  | 191 |  |  |  | — |
Overdrafts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 10,426 |  |  | $ | 365 |  |  | $ | 10,791 |  |  | $ | 1,500 |
The following tables summarize the payment status of loans in the Company’s total loan portfolio, including an aging of delinquent loans and loans 90 days or more past due continuing to accrue interest as of:
March 31, 2020 |  | 30 to 59 Days Past Due |  |  | 60 to 89 Days Past Due |  |  | 90 Days and Greater Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Loans |  |  | Recorded Investment > 90 Days and Accruing |
Commercial and industrial |  | $ | 73 |  |  | $ | 49 |  |  | $ | 356 |  |  | $ | 478 |  |  | $ | 296,685 |  |  | $ | 297,163 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  |  | 1,369 |  |  |  | — |  |  |  | — |  |  |  | 1,369 |  |  |  | 262,604 |  |  |  | 263,973 |  |  |  | — |
Commercial real estate |  |  | 8,285 |  |  |  | 340 |  |  |  | 9,139 |  |  |  | 17,764 |  |  |  | 567,119 |  |  |  | 584,883 |  |  |  | 150 |
Farmland |  |  | 263 |  |  |  | 238 |  |  |  | 49 |  |  |  | 550 |  |  |  | 78,085 |  |  |  | 78,635 |  |  |  | — |
1-4 family residential |  |  | 2,823 |  |  |  | 712 |  |  |  | 471 |  |  |  | 4,006 |  |  |  | 396,599 |  |  |  | 400,605 |  |  |  | — |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,430 |  |  |  | 20,430 |  |  |  | — |
Consumer |  |  | 566 |  |  |  | 103 |  |  |  | 72 |  |  |  | 741 |  |  |  | 52,255 |  |  |  | 52,996 |  |  |  | — |
Agricultural |  |  | 10 |  |  |  | 7 |  |  |  | 29 |  |  |  | 46 |  |  |  | 19,268 |  |  |  | 19,314 |  |  |  | — |
Overdrafts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 354 |  |  |  | 354 |  |  |  | — |
Total |  | $ | 13,389 |  |  | $ | 1,449 |  |  | $ | 10,116 |  |  | $ | 24,954 |  |  | $ | 1,693,399 |  |  | $ | 1,718,353 |  |  | $ | 150 |
December 31, 2019 |  | 30 to 59 Days Past Due |  |  | 60 to 89 Days Past Due |  |  | 90 Days and Greater Past Due |  |  | Total Past Due |  |  | Current |  |  | Total Loans |  |  | Recorded Investment > 90 Days and Accruing |
Commercial and industrial |  | $ | 321 |  |  | $ | 53 |  |  | $ | 15 |  |  | $ | 389 |  |  | $ | 279,194 |  |  | $ | 279,583 |  |  | $ | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  |  | 161 |  |  |  | — |  |  |  | — |  |  |  | 161 |  |  |  | 280,337 |  |  |  | 280,498 |  |  |  | — |
Commercial real estate |  |  | 1,181 |  |  |  | 49 |  |  |  | 882 |  |  |  | 2,112 |  |  |  | 565,248 |  |  |  | 567,360 |  |  |  | — |
Farmland |  |  | 103 |  |  |  | — |  |  |  | — |  |  |  | 103 |  |  |  | 57,373 |  |  |  | 57,476 |  |  |  | — |
1-4 family residential |  |  | 2,514 |  |  |  | 1,433 |  |  |  | 845 |  |  |  | 4,792 |  |  |  | 407,374 |  |  |  | 412,166 |  |  |  | — |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37,379 |  |  |  | 37,379 |  |  |  | — |
Consumer |  |  | 373 |  |  |  | 152 |  |  |  | 96 |  |  |  | 621 |  |  |  | 52,624 |  |  |  | 53,245 |  |  |  | — |
Agricultural |  |  | 51 |  |  |  | 67 |  |  |  | — |  |  |  | 118 |  |  |  | 18,241 |  |  |  | 18,359 |  |  |  | — |
Overdrafts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 329 |  |  |  | 329 |  |  |  | — |
Total |  | $ | 4,704 |  |  | $ | 1,754 |  |  | $ | 1,838 |  |  | $ | 8,296 |  |  | $ | 1,698,099 |  |  | $ | 1,706,395 |  |  | $ | — |
Troubled Debt Restructurings A troubled debt restructuring (“TDR”) is a restructuring in which a bank, for economic or legal reasons related to a borrower's financial difficulties, grants a concession to the borrower that it would not otherwise consider. The outstanding balances of TDRs are shown below:
|  | March 31, 2020 |  |  | December 31, 2019 |
Nonaccrual TDRs |  | $ | 97 |  |  | $ | 101 |
Performing TDRs |  |  | 7,220 |  |  |  | 7,240 |
Total |  | $ | 7,317 |  |  | $ | 7,341 |
Specific reserves on TDRs |  | $ | — |  |  | $ | 164 |
There were no loans modified as TDRs that occurred during the three months ended March 31, 2020 and 2019. The following table presents loans by class, modified as TDRs that occurred during the year ended December 31, 2019:
Year Ended December 31, 2019 |  | Number of Contracts |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Troubled Debt Restructurings: |  |  |  |  |  |  |  |  |  |  |  |
Commercial real estate |  |  | 4 |  |  | $ | 1,680 |  |  | $ | 1,515 |
Total |  |  | 4 |  |  | $ | 1,680 |  |  | $ | 1,515 |
There were two TDRs that subsequently defaulted during 2019 and remained on nonaccrual status as of December 31, 2019. The TDRs described above did not increase the allowance for loan losses and resulted in no charge-offs during the year ended December 31, 2019. The following table presents loans individually and collectively evaluated for impairment, and the respective allowance for loan losses as of December 31, 2019, as determined in accordance with ASC 310 prior to the adoption of ASC 326. A loan was considered impaired when, based on current information and events, it was probable that the Company would be unable to collect all amounts due from the borrower in accordance with original contractual terms of the loan. Loans with insignificant delays or insignificant short falls in the amount payments expected to be collected were not considered to be impaired. Loans defined as individually impaired included larger balance non-performing loans and TDRs.
December 31, 2019 |  | Unpaid Principal Balance |  |  | Recorded Investment |  |  | Related Allowance |  |  | Average Recorded Investment |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 289 |  |  | $ | 289 |  |  | $ | — |  |  | $ | 312 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  |  | 1,212 |  |  |  | 1,212 |  |  |  | — |  |  |  | 1,259 |
Commercial real estate |  |  | 4,612 |  |  |  | 4,612 |  |  |  | — |  |  |  | 4,244 |
Farmland |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
1-4 family residential |  |  | 2,498 |  |  |  | 2,498 |  |  |  | — |  |  |  | 1,798 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Agricultural |  |  | 62 |  |  |  | 62 |  |  |  | — |  |  |  | 190 |
Subtotal |  |  | 8,673 |  |  |  | 8,673 |  |  |  | — |  |  |  | 7,803 |
With allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 61 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction and development |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Commercial real estate |  |  | 12,871 |  |  |  | 12,871 |  |  |  | 1,587 |  |  |  | 9,111 |
Farmland |  |  | 133 |  |  |  | 133 |  |  |  | 62 |  |  |  | 135 |
1-4 family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 78 |
Multi-family residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Consumer |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Agricultural |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Subtotal |  |  | 13,004 |  |  |  | 13,004 |  |  |  | 1,649 |  |  |  | 9,385 |
Total |  | $ | 21,677 |  |  | $ | 21,677 |  |  | $ | 1,649 |  |  | $ | 17,188 |

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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