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Troubled Debt Restructurings | 3 Months Ended
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Mar. 31, 2021
Troubled Debt Restructurings [Abstract] |
Troubled Debt Restructurings | NOTE 5 – Troubled Debt Restructurings At March 31, 2021, the Company had 17 loans totaling $7.5 million compared to 20 loans totaling $8.4 million at December 31, 2020, 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. 20 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, 2021 and 2020.
|  | For the three months ended March 31, 2021 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  | $ | 153 |  |  | $ | 153 |
Total loans |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  | $ | 153 |  |  | $ | 153 |
|  | 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, 2021 and 2020, 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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