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Subsequent Event | 3 Months Ended
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Mar. 31, 2020
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event The Company has elected to participate in the Paycheck Protection Program (PPP) authorized by the CARES Act, and administered by the Small Business Administration, which provides 100% federally guaranteed loans for small businesses to cover payroll, utilities, rent and interest. These small business loans may be forgiven if borrowers maintain their payrolls and satisfy certain other conditions for a period of time during the COVID-19 pandemic. As of May 7, 2020, The Company had approvals for over 750 loans, totaling approximately $102.9 million, and benefiting small businesses with over 10,000 employees. PPP provides for lender processing fees that range from 1% to 5% of the final disbursement made to individual borrowers. Based on the Company’s approved disbursements as of May 7, 2020, we estimate our loan processing fees would be approximately $3.7 million. As of May 7, 2020, the Company had approved 197 loan modifications with payment deferrals on outstanding loan balances of $321.3 million in connection with the COVID-19 relief provided by the CARES Act. Of these 197 payment deferrals, 63 were principal deferrals totaling $135.1 million, and 134 were principal and interest deferrals totaling $186.2 million. These deferrals were generally no longer than three months in duration and were not considered TDRs based on interagency guidance issued in March 2020. Loans in deferment status (“COVID-19 Modified Loans”) will continue to accrue interest during the deferment period unless otherwise classified as nonperforming. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. For loans given relief of interest, the deferred interest is generally to be paid back over a period not to exceed 18 months. Principal deferrals may be brought current or recast into outstanding principal at time of rate reset or repaid at the end of the loan's contractual term. COVID-19 Modified Loan agreements generally also include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. In addition, the Company has received 139 requests, or had inquiries about relief, totaling $143.5 million, for COVID-19 payment relief. The Company is in the process of evaluating these requests. As of May 7, 2020, COVID-19 Modified Loans and requests for COVID-19 payment relief (excluding PCI loans) totaled approximately 13.3% of total loans.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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