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Troubled Debt Restructurings
3 Months Ended
Mar. 31, 2022
Troubled Debt Restructuring [Abstract]  
Troubled Debt Restructurings

NOTE 5 – Troubled Debt Restructurings

 

At March 31, 2022, the Company had 13 loans totaling $6.0 million compared to 14 loans totaling $6.3 million at December 31, 2021, 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.

 

The were no renewals or modifications to any loans considered TDRs during the three months ended March 31, 2022. For the three months ended March 31, 2021, renewals and modifications were not material.

 

As of March 31, 2022 and 2021, 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.