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Troubled Debt Restructurings | 9 Months Ended
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Sep. 30, 2020
Troubled Debt Restructurings [Abstract] |
Troubled Debt Restructurings | NOTE 5 – Troubled Debt Restructurings At September 30, 2020, the Company had 22 loans totaling $9.5 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. A restructuring that results in only a delay in payments that is insignificant is not considered an economic concession. In accordance with the CARES Act, the Company implemented loan modification programs in response to the COVID-19 pandemic, and the Company elected the accounting policy in the CARES Act to not apply TDR accounting to loans modified for borrowers impacted by the COVID-19 pandemic. The Company granted short-term loan deferrals to five client relationships, with loans totaling $3.5 million, which were considered TDRs due to the client experiencing financial difficulty before 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 nine months ended September 30, 2020 and 2019. New TDRs for the three months ended September 30, 2020 and 2019 were not material.
|  | For the nine months ended September 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 |  |  |  | 647 |  |  |  | 647 |
Home equity |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 1,852 |  |  |  | 1,852 |
Total loans |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6 |  |  | $ | 3,536 |  |  | $ | 3,536 |
|  | For the nine months ended September 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 September 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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