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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Outstanding loans

Outstanding loans are summarized as follows:

Loan Type (Dollars in thousands)						June 30, 2020						% of Total Loans						December 31, 2019						% of Total Loans
Commercial:
Commercial and industrial						$	303,775					27.0		%				$	102,541					10.9		%
Agricultural production						26,419						2.3		%				23,159						2.6		%
Total commercial						330,194						29.3		%				125,700						13.5		%
Real estate:
Owner occupied						199,337						17.5		%				197,946						21.0		%
Real estate construction and other land loans						83,490						7.4		%				73,718						7.8		%
Commercial real estate						313,625						27.9		%				329,333						34.9		%
Agricultural real estate						72,994						6.4		%				76,304						8.1		%
Other real estate						32,649						2.9		%				31,241						3.3		%
Total real estate						702,095						62.1		%				708,542						75.1		%
Consumer:
Equity loans and lines of credit						58,431						5.1		%				64,841						6.9		%
Consumer and installment						39,631						3.5		%				42,782						4.5		%
Total consumer						98,062						8.6		%				107,623						11.4		%
Net deferred origination (fees) costs						(4,460)												1,515
Total gross loans						1,125,891						100.0		%				943,380						100.0		%
Allowance for credit losses						(13,937)												(9,130)
Total loans						$	1,111,954											$	934,250

Impaired loans

The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the three months ended June 30, 2020 and 2019 (in thousands).

						Three Months Ended June 30, 2020																		Three Months Ended June 30, 2019
						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized
With no related allowance recorded:
Commercial:
Commercial and industrial						$	7					$	—					$	223					$	—
Agricultural production						212						—						—						—
Total commercial						219						—						223						—
Real estate:
Owner occupied						401						—						209						—
Real estate construction and other land loans						—						—						1,058						16
Commercial real estate						848						—						1,417						12
Agricultural real estate						199						—						—						—
Total real estate						1,448						—						2,684						28
Consumer:
Equity loans and lines of credit						232						3						739						1
Total with no related allowance recorded						1,899						3						3,646						29
With an allowance recorded:
Commercial:
Commercial and industrial						11,516						171						70						—
Agricultural production						619						12						—						—
Total commercial						12,135						183						70						—
Real estate:
Real estate construction and other land loans						95						—						—						—
Commercial real estate						331						2						428						3
Agricultural real estate						28						1						44						1
Total real estate						454						3						472						4
Consumer:
Equity loans and lines of credit						957						14						1,099						14
Consumer and installment						38						—						17						—
Total consumer						995						14						1,116						14
Total with an allowance recorded						13,584						200						1,658						18
Total						$	15,483					$	203					$	5,304					$	47

The following tables present by class, information related to the average recorded investment and interest income recognized on impaired loans for the six months ended June 30, 2020 and 2019 (in thousands).

						Six Months Ended June 30, 2020																		Six Months Ended June 30, 2019
						Average Recorded Investment						Interest Income Recognized						Average Recorded Investment						Interest Income Recognized
With no related allowance recorded:
Commercial:
Commercial and industrial						$	71					$	—					$	236					$	—
Agricultural production						121						—						—						—
Total commercial						192						—						236						—
Real estate:
Owner occupied						407						—						211						—
Real estate construction and other land loans						—						—						1,715						32
Commercial real estate						959						—						1,313						25
Agricultural real estate						228						—						—						—
Total real estate						1,594						—						3,239						57
Consumer:
Equity loans and lines of credit						264						6						527						2
Consumer and installment						—						—						—						—
Total consumer						264						6						527						2
Total with no related allowance recorded						2,050						6						4,002						59
With an allowance recorded:
Commercial:
Commercial and industrial						6,589						344						77						1
Agricultural production						354						24						—						—
Total commercial						6,943						368						77						1
Real estate:
Real estate construction and other land loans						54						—						—						—
Commercial real estate						254						5						472						6
Agricultural real estate						26						1						44						1
Other real estate						—						—						—						—
Total real estate						334						6						516						7
Consumer:
Equity loans and lines of credit						1,052						28						1,102						28
Consumer and installment						24						—						9						—
Total consumer						1,076						28						1,111						28
Total with an allowance recorded						8,353						402						1,704						36
Total						$	10,403					$	408					$	5,706					$	95

Foregone interest on nonaccrual loans totaled $74,000 and $85,000 for the six month period ended June 30, 2020 and 2019, respectively. Foregone interest on nonaccrual loans totaled $55,000 and $53,000 for the three month periods ended June 30, 2020 and 2019, respectively.

Allowance for credit losses

The following table shows the summary of activities for the Allowance as of and for the three months ended June 30, 2020 and 2019 by portfolio segment (in thousands):

						Commercial						Real Estate						Consumer						Unallocated						Total
Allowance for credit losses:
Beginning balance, April 1, 2020						$	1,657					$	7,555					$	1,236					$	98					$	10,546
Provision charged to operations						7						2,834						76						83						3,000
Losses charged to allowance						—						—						(80)						—						(80)
Recoveries						423						—						48						—						471
Ending balance, June 30, 2020						$	2,087					$	10,389					$	1,280					$	181					$	13,937
Allowance for credit losses:
Beginning balance, April 1, 2019						$	1,450					$	6,709					$	895					$	64					$	9,118
(Reversal) provision charged to operations						372						(156)						7						77						300
Losses charged to allowance						(50)						—						(6)						—						(56)
Recoveries						28						—						15						—						43
Ending balance, June 30, 2019						$	1,800					$	6,553					$	911					$	141					$	9,405

The following table shows the summary of activities for the Allowance as of and for the six month ended June 30, 2020 and 2019 by portfolio segment (in thousands):

						Commercial						Real Estate						Consumer						Unallocated						Total
Allowance for credit losses:
Beginning balance, January 1, 2020						$	1,428					$	6,769					$	897					$	36					$	9,130
Provision charged to operations						233						3,620						377						145						4,375
Losses charged to allowance						(29)						—						(94)						—						(123)
Recoveries						455						—						100						—						555
Ending balance, June 30, 2020						$	2,087					$	10,389					$	1,280					$	181					$	13,937
Allowance for credit losses:
Beginning balance, January 1, 2019						$	1,671					$	6,539					$	826					$	68					$	9,104
(Reversal) provision charged to operations						120						14						68						73						275
Losses charged to allowance						(50)						—						(15)						—						(65)
Recoveries						59						—						32						—						91
Ending balance, June 30, 2019						$	1,800					$	6,553					$	911					$	141					$	9,405

        The following is a summary of the Allowance by impairment methodology and portfolio segment as of June 30, 2020 and December 31, 2019 (in thousands):

						Commercial						Real Estate						Consumer						Unallocated						Total
Allowance for credit losses:
Ending balance, June 30, 2020						$	2,087					$	10,389					$	1,280					$	181					$	13,937
Ending balance: individually evaluated for impairment						$	255					$	25					$	14					$	—					$	294
Ending balance: collectively evaluated for impairment						$	1,832					$	10,364					$	1,266					$	181					$	13,643
Ending balance, December 31, 2019						$	1,428					$	6,769					$	897					$	36					$	9,130
Ending balance: individually evaluated for impairment						$	2					$	3					$	35					$	—					$	40
Ending balance: collectively evaluated for impairment						$	1,426					$	6,766					$	862					$	36					$	9,090

Schedule of receivable by impairment methodology

						Commercial						Real Estate						Consumer						Total
Loans:
Ending balance, June 30, 2020						$	330,194					$	702,095					$	98,062					$	1,130,351
Ending balance: individually evaluated for impairment						$	11,231					$	1,819					$	1,137					$	14,187
Ending balance: collectively evaluated for impairment						$	318,963					$	700,276					$	96,925					$	1,116,164
Loans:
Ending balance, December 31, 2019						$	125,700					$	708,542					$	107,623					$	941,865
Ending balance: individually evaluated for impairment						$	187					$	2,036					$	1,511					$	3,734
Ending balance: collectively evaluated for impairment						$	125,513					$	706,506					$	106,112					$	938,131

Loan portfolio by internal risk rating

The following table shows the loan portfolio by class allocated by management’s internal risk ratings at June 30, 2020 (in thousands):

						Pass						Special Mention						Sub-Standard						Doubtful						Total
Commercial:
Commercial and industrial						$	278,630					$	12,837					$	12,308					$	—					$	303,775
Agricultural production						19,953						—						6,466						—						26,419
Real Estate:
Owner occupied						185,323						8,432						5,582						—						199,337
Real estate construction and other land loans						77,820						1,990						3,680						—						83,490
Commercial real estate						300,565						10,725						2,335						—						313,625
Agricultural real estate						64,567						1,350						7,077						—						72,994
Other real estate						32,488						161						—						—						32,649
Consumer:
Equity loans and lines of credit						56,967						240						1,224						—						58,431
Consumer and installment						39,631						—						—						—						39,631
Total						$	1,055,944					$	35,735					$	38,672					$	—					$	1,130,351

        The following table shows the loan portfolio by class allocated by management’s internally assigned risk grade ratings at December 31, 2019 (in thousands):

						Pass						Special Mention						Sub-Standard						Doubtful						Total
Commercial:
Commercial and industrial						$	86,705					$	2,635					$	13,201					$	—					$	102,541
Agricultural production						18,814						—						4,345						—						23,159
Real Estate:
Owner occupied						186,370						6,881						4,695						—						197,946
Real estate construction and other land loans						72,142						—						1,576						—						73,718
Commercial real estate						310,982						17,202						1,149						—						329,333
Agricultural real estate						68,032						946						7,326						—						76,304
Other real estate						31,241						—						—						—						31,241
Consumer:
Equity loans and lines of credit						62,776						519						1,546						—						64,841
Consumer and installment						42,782						—						—						—						42,782
Total						$	879,844					$	28,183					$	33,838					$	—					$	941,865

Loan portfolio by time past due

The following table shows an aging analysis of the loan portfolio by class and the time past due at June 30, 2020 (in thousands):

						30-59 Days Past Due						60-89 Days Past Due						Greater Than  90 Days Past Due						Total Past Due						Current						Total Loans						Recorded Investment > 90 Days Accruing						Non-accrual
Commercial:
Commercial and industrial						$	148					$	—					$	—					$	148					$	303,627					$	303,775					$	—					$	732
Agricultural production						—						—						—						—						26,419						26,419						—						—
Real estate:						—																								—
Owner occupied						—						—						—						—						199,337						199,337						—						391
Real estate construction and other land loans						—						—						190						190						83,300						83,490						—						190
Commercial real estate						514						—						—						514						313,111						313,625						—						869
Agricultural real estate						—						—						—						—						72,994						72,994						—						182
Other real estate						—						—						—						—						32,649						32,649						—						—
Consumer:																														—
Equity loans and lines of credit						—						—						—						—						58,431						58,431						—						42
Consumer and installment						1						—						—						1						39,630						39,631						—						—
Total						$	663					$	—					$	190					$	853					$	1,129,498					$	1,130,351					$	—					$	2,406

        The following table shows an aging analysis of the loan portfolio by class and the time past due at December 31, 2019 (in thousands):

						30-59 Days Past Due						60-89 Days Past Due						Greater Than  90 Days Past Due						Total Past Due						Current						Total Loans						Recorded Investment > 90 Days Accruing						Non- accrual
Commercial:
Commercial and industrial						$	17					$	—					$	—					$	17					$	102,524					$	102,541					$	—					$	187
Agricultural production						—						—						—						—						23,159						23,159						—						—
Real estate:						—
Owner occupied						—						218						—						218						197,728						197,946						—						416
Real estate construction and other land loans						—						—						—						—						73,718						73,718						—						—
Commercial real estate						—						381						—						381						328,952						329,333						—						381
Agricultural real estate						—						—						—						—						76,304						76,304						—						321
Other real estate						—						—						—						—						31,241						31,241						—						—
Consumer:
Equity loans and lines of credit						—						—						—						—						64,841						64,841						—						388
Consumer and installment						168						—						—						168						42,614						42,782						—						—
Total						$	185					$	599					$	—					$	784					$	941,081					$	941,865					$	—					$	1,693

Troubled debt restructurings

The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2020 (in thousands):

Troubled Debt Restructurings:						Number of Loans						Pre-Modification Outstanding Recorded Investment (1)						Principal Modification (2)						Post Modification Outstanding Recorded Investment (3)						Outstanding Recorded Investment
Commercial:
Commercial and industrial						1						$	12,925					$	—					$	12,925					$	9,725
Agricultural production						1						850						—						850						775
Total						2						$	13,775					$	—					$	13,775					$	10,500

(1)Amounts represent the recorded investment in loans before recognizing effects of the Troubled Debt Restructurings, if any.

(2)Principal modification includes principal forgiveness at the time of modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with zero percent contractual interest rate.

(3)Balance outstanding after principal modification, if any borrower reduction to recorded investment.

        The following table presents loans by class modified as troubled debt restructurings that occurred during the six months ended June 30, 2019 (in thousands):

Troubled Debt Restructurings:						Number of Loans						Pre-Modification Outstanding Recorded Investment (1)						Principal Modification (2)						Post Modification Outstanding Recorded Investment (3)						Outstanding Recorded Investment
Consumer:
Equity loans and lines of credit						2						$	132					$	—					$	132					$	128
Total						2						$	132					$	—					$	132					$	128

During the quarter ended June 30, 2020 no loans were modified as troubled debt restructuring.

Troubled Debt Restructuring

The following table presents loans by class modified as troubled debt restructurings that occurred during the three months ended June 30, 2019 (in thousands):

Troubled Debt Restructuring						Number of Loans						Pre-Modification Outstanding Recorded Investment (1)						Principal Modification (2)						Post Modification Outstanding Recorded Investment (3)						Outstanding Recorded Investment
Consumer:
Equity loans and lines of credit						1						$	119					$	—					$	119					$	115
Total						1						$	119					$	—					$	119					$	115

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