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Troubled Debt Restructurings

3 Months Ended

Mar. 31, 2020

Troubled Debt Restructurings [Abstract]

NOTE 5 – Troubled Debt Restructurings

At March 31, 2020, the Company had 24 loans totaling $12.1 million compared to 19 loans totaling $9.3 million at December 31, 2019, which were considered as TDRs. The Company considers a loan to be a TDR when the debtor experiences financial difficulties and the Company grants a concession to the debtor that it would not normally consider. Concessions can relate to the contractual interest rate, maturity date, or payment structure of the note. As part of the workout plan for individual loan relationships, the Company may restructure loan terms to assist borrowers facing financial challenges in the current economic environment. In accordance with interagency guidance, short term deferrals granted due to the COVID-19 pandemic are not considered TDRs unless the borrower was experiencing financial difficulty prior to the pandemic; however, three client relationships, with loans totaling $2.9 million, were granted short-term loan modifications which were considered TDRs due to the client experiencing financial difficulty prior to the pandemic.

The following table summarizes the concession at the time of modification and the recorded investment in the Company’s TDRs before and after their modification for the three months ended March 31, 2020. There were no loans determined to be a TDR during the three months ended March 31, 2019.


				For the three months ended March 31, 2020
						Pre-		Post-
						modification		modification
	Renewals	Reduced	Converted	Maturity	Total	outstanding		outstanding
	deemed a	or deferred	to interest	date	Number	recorded		recorded
(dollars in thousands)	concession	payments	only	extensions	of loans	investment		investment
Commercial
Business	1				1	$	1,037	$	1,037
Consumer
Real estate	1				1		322		322
Home equity	3	-	-	-	3		1,522		1,522
Total loans	5	-	-	-	5	$	2,881	$	2,881

As of March 31, 2020 and 2019, there were no loans modified as a TDR for which there was a payment default (60 days past due) within 12 months of the restructuring date.