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COVID-19 | 12 Months Ended
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Dec. 31, 2021
Significant Event [Abstract] |
COVID-19 | 3. COVID-19 Paycheck Protection Program (“PPP”) ​ The Corporation continued to actively participate in the PPP administered by the Small Business Administration (the “SBA”). On January 19, 2021, the SBA implemented a third round of funding for PPP loans. During 2020, a total of $148.9 million in PPP loans were originated under the first two rounds of funding, consisting of 1,174 loans with an average loan size of $162 thousand. During 2021, a total of $66.1 million in PPP loans were originated under the third round of funding, consisting of 870 loans with an average loan size of $80 thousand. Net fees recognized in 2021 were $4.0 million due to amortization and forgiveness, compared to $2.0 million in 2020. During 2020, 290 loans, totaling $34.5 million were forgiven, resulting in 884 loans with a remaining balance of $114.0 million at December 31, 2020. During 2021, an additional 1,631 loans with an aggregate principal balance of $172.6 million, were forgiven, resulting in 65 loans with a remaining balance of $7.7 million at December 31, 2021. Of the 2,044 PPP loans originated by the Bank since the PPP’s inception, 1,978 loans, totaling $207.5 million, have been forgiven through December 31, 2021 representing 97% of the number of loans originated and 96% of originated principal balances. COVID Modifications ​ While the COVID-19 pandemic has had an impact on most industries, some have been more affected than others. In accordance with Section 4013 of the Coronavirus Aid, Relief, and Economic Security Act and related regulatory pronouncements, we have not accounted for modifications of loans affected by the pandemic as troubled debt restructurings nor have we designated them as past due or nonaccrual. ​ As of December 31, 2021, total loan modifications of $9.4 million were performed in accordance with the CARES Act. This amount included 13 commercial loans related to real estate rental, food services and health care sectors. These loans are scheduled to return to contractual payment terms within the first quarter of 2022.

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