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Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Nature of Operations and Summary of Significant Accounting Policies [Abstract]

Impact of ASC 326 on Allowance for Credit Losses on Loans

The following table illustrates the impact of ASC 326 on the allowance for credit losses on the Company’s loans as of January 1, 2023 (dollars in thousands).

		January 1, 2023
		As Reported Under ASC 326				Pre ASC 326 Adoption				Impact of ASC 326 Adoption
Construction & development		$	1,933			$	1,889			$	44
1 - 4 family real estate			752				890				(138	)
Commercial real estate - other			4,912				5,080				(168	)
Total commercial real estate		$	7,597			$	7,859			$	(262	)
Commercial & industrial			6,653				5,937				716
Agricultural			616				765				(149	)
Consumer			118				173				(55	)
Allowance for credit losses on loans		$	14,984			$	14,734			$	250
Allowance for credit losses on off-balance sheet credit exposures (unfunded commitments), see Note (6) and Note (17)			500				-				500
Total Impact		$	15,484			$	14,734			$	750

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

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