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Troubled Debt Restructurings | 6 Months Ended
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Jun. 30, 2020
Troubled Debt Restructurings [Abstract] |
Troubled Debt Restructurings | NOTE 5 – Troubled Debt Restructurings At June 30, 2020, the Company had 24 loans totaling $12.0 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 six months ended June 30, 2020 and 2019. New TDRs for the three months ended June 30, 2020 and 2019 were not material.
|  | For the six months ended June 30, 2020 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pre- |  |  | Post- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | modification |  |  | modification |
|  | Renewals |  |  | Reduced or |  |  | Converted |  |  | Maturity |  |  | Total |  |  | outstanding |  |  | outstanding |
|  | deemed a |  |  | 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 |  |  | 2 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2 |  |  |  | 849 |  |  |  | 849 |
Home equity |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 1,522 |  |  |  | 1,522 |
Total loans |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6 |  |  | $ | 3,408 |  |  | $ | 3,408 |
|  | For the six months ended June 30, 2019 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Pre- |  |  | Post- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | modification |  |  | modification |
|  | Renewals |  |  | Reduced or |  |  | Converted |  |  | Maturity |  |  | Total |  |  | outstanding |  |  | outstanding |
|  | deemed a |  |  | deferred |  |  | to interest |  |  | date |  |  | Number |  |  | recorded |  |  | recorded |
(dollars in thousands) |  | concession |  |  | payments |  |  | only |  |  | extensions |  |  | of loans |  |  | investment |  |  | investment |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  | $ | 832 |  |  | $ | 832 |
Total loans |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  | $ | 832 |  |  | $ | 832 |
As of June 30, 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.

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- Definition Disclosure of the accounting policy for loan agreements whose terms have been modified because of the inability of the borrower for financial reasons to comply with the terms of the original loan agreement. A creditor discloses material facts pertaining to significant modifications. + References No definition available. + Details
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- References No definition available. + Details
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