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Troubled Debt Restructurings | 12 Months Ended
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Dec. 31, 2022
Troubled Debt Restructuring [Abstract] |
Troubled Debt Restructurings | NOTE 5 – Troubled Debt Restructurings At December 31, 2022, our TDRs included 13 loans totaling $6.3 million with a specific allowance for credit losses of $1.2 million. At December 31, 2021 we had 14 loans totaling $6.3 million which we 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 our workout plan for individual loan relationships, we may restructure loan terms to assist borrowers facing challenges in the current economic environment. There were three loans considered new TDRs during the twelve months ended December 31, 2022. There was one consumer real estate loan with a pre-modification and post-modification balance of $885,000, and there were two commercial business loans with a pre-modification and post-modification balance totaling $1.1 million. For the twelve months ended December 31, 2021, there were two consumer real estate loans with a pre-modification balance of $259,000 and a post-modification balance of $262,000, and there was one consumer home equity loan with a pre-modification and post-modification balance of $181,000 that were renewed and considered TDRs at the time of renewal. As of December 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. As permitted by the CARES Act, we do not consider loan modifications to borrowers affected by COVID-19 to be TDRs unless the borrower was 30 days or more past due as of December 31, 2019, (ii) the modifications were related to COVID-19, and (iii) the modification occurred between March 1, 2020 and January 1, 2022. Under the CARES Act, the Company granted short-term loan deferrals to 864 loan clients, of which all had returned to normal payments as of December 31, 2021.

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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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