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Note 13 - Coronavirus (Covid-19) Outbreak / Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Coronavirus (Covid-19) Outbreak [Text Block] | 1 3 . CORONAVIRUS (COVID- 19 ) OUTBREAK/SUBSEQUENT EVENT In December 2019, a coronavirus (COVID- 19 ) was reported in China, and, in March 2020, the World Health Organization declared it a pandemic. Since first being reported in China, the coronavirus has spread to additional countries including the United States. In response, many state and local governments, including the Commonwealth of Pennsylvania, have instituted emergency restrictions that have substantially limited the operation of non-essential businesses and the activities of individuals. These restrictions have resulted in significant adverse effects for many businesses and have resulted in a significant number of layoffs and furloughs of employees nationwide and in the regions in which the Corporation operates. The Corporation’s Pandemic Committee has instituted measures to protect the health of employees and clients, including temporarily operating branch locations on a drive-through only basis and transitioning a significant portion of the Corporation’s employees to remote work. The ultimate effect of COVID- 19 on the local or broader economy is not known nor is the ultimate length of the restrictions described and any accompanying effects. In the first quarter 2020, the Corporation increased the allowance for loan losses $402,000 based on an increase in qualitative factors related to potential deterioration in economic conditions. Because of the significant uncertainties related to the ultimate duration of the COVID- 19 pandemic and its economic impact, there can be no assurances as to how the crisis may ultimately affect the Corporation’s loan portfolio. To work with clients impacted by COVID- 19, the Corporation is offering short-term (typically 90 -day) loan modifications on a case-by-case basis to borrowers who were current in their payments at the inception of the loan modification program. These efforts have been designed to assist borrowers as they deal with the current crisis and help the Corporation mitigate credit risk. For loans subject to the program, each borrower is required to resume making regularly scheduled loan payments at the end of the modification period and the deferred amounts will be moved to the end of the loan term. The loans will not be reported as past due or as TDRs during the deferral period. The quantity and balances of modifications under the program through March 31, 2020 and April 30, 2020 are as follows:
|  | Through March 31, 2020 |  |  | Through April 30 2020 |
|  | Number |  |  |  |  |  |  | Number |  |  |  |  |
(Dollars in Thousands) |  | of |  |  | Recorded |  |  | of |  |  | Recorded |
|  | Loans |  |  | Investment |  |  | Loans |  |  | Investment |
COVID-19-related loan modifications: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  | 79 |  |  | $ | 8,999 |  |  |  | 311 |  |  | $ | 43,532 |
Consumer |  |  | 18 |  |  |  | 258 |  |  |  | 47 |  |  |  | 599 |
Commercial |  |  | 100 |  |  |  | 40,825 |  |  |  | 244 |  |  |  | 136,047 |
Total |  |  | 197 |  |  | $ | 50,082 |  |  |  | 602 |  |  | $ | 180,178 |
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act is a $2 trillion stimulus package designed to provide relief to U.S. businesses and consumers struggling as a result of the pandemic. A provision in the CARES Act includes creation of the Paycheck Protection Program (“PPP”) through the Small Business Administration (SBA) and Treasury Department. Under the PPP, the Corporation, as an SBA-certified lender, provides SBA-guaranteed loans to small businesses to pay their employees, rent, mortgage interest, and utilities. PPP loans will be forgiven subject to clients’ providing documentation evidencing their compliant use of funds and otherwise complying with the terms of the program. The maximum term of PPP loans is two years, and the Corporation will be repaid sooner to the extent the loans are forgiven. The interest rate on PPP loans is 1%, and the Corporation will receive fees ranging between 1% and 5% per loan, depending on the size of the loan. Fees on PPP loans, net of origination costs, will be recognized in interest income as a yield adjustment over the term of the loans. The Corporation began accepting and processing applications for loans under the PPP on April 3, 2020. As of April 30, 2020, the outstanding balance of PPP loans was $84,478,000, and the Corporation had received conditional approval from the SBA for an additional $11,709,000 of PPP loans expected to be funded in May 2020. Fees to be received on PPP loans originated through April 30, 2020 total $3,106,000. Management believes the Corporation has ample availability of funding sources available for PPP loans, including unused borrowing capacity with the FHLB-Pittsburgh. In April 2020, the Federal Reserve instituted the Paycheck Protection Program Liquidity Facility (“PPPLF”), which is intended to facilitate PPP lending. The Corporation is in the process of evaluating whether it will participate in the PPPLF.

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