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Loans Receivable and Allowance for Loan Losses (Tables)

9 Months Ended

Sep. 30, 2020

Loans Receivable and Allowance for Loan Losses [Abstract]

Composition of the Loan Portfolio

	September 30, 2020						December 31, 2019
Real Estate Loans:
Residential	$	263,404		18.6	%		$	229,781		24.9	%
Commercial		574,123		40.5				391,327		42.3
Agricultural		68,340		4.8				—		—
Construction		20,797		1.5				17,732		1.9
Commercial loans		285,295		20.1				134,150		14.5
Other agricultural loans		42,297		3.0				—		—
Consumer loans to individuals		162,217		11.5				151,686		16.4
Total loans		1,416,473		100.0	%			924,676		100.0	%
Deferred fees, net		(1,811)						(95)
Total loans receivable		1,414,662						924,581
Allowance for loan losses		(11,674)						(8,509)
Net loans receivable	$	1,402,988					$	916,072

Information Regarding Loans Acquired and Accounted for in Accordance With ASC 310-30

	September 30, 2020			December 31, 2019
Outstanding Balance	$	15,344		$	793
Carrying Amount	$	8,586		$	696

Changes in the Accretable Yield for Purchased Credit-impaired Loans

	2020			2019
Balance at beginning of period	$	97		$	168
Additions		1,724			—
Accretion		(179)			(29)
Reclassification and other		(96)			—
Balance at end of period	$	1,546		$	139

Components Of Purchase Accounting Adjustments Related To Purchased Credit-impaired Loans Acquired

(In Thousands)	July 7, 2020
Contractually required principal and interest	$	15,410
Non-accretable discount		(5,213)
Expected cash flows		10,197
Accretable discount		(1,724)
Estimated fair value	$	8,473

Summary of Amount of Loans in Each Category that were Individually and Collectively Evaluated for Impairment

	Real Estate Loans
													Commercial				Other		Consumer
	Residential			Commercial				Agricultural		Construction			Loans				Agricultural		Loans			Total
September 30, 2020	(In thousands)
Individually evaluated for impairment	$	—		$	1,654		$	—		$	—		$	—		$	—		$	—		$	1,654
Loans acquired with deteriorated credit quality		122			3,771			2,078			190			245			2,180			—			8,586
Collectively evaluated for impairment		263,282			568,698			66,262			20,607			285,050			40,117			162,217			1,406,233
Total Loans	$	263,404		$	574,123		$	68,340		$	20,797		$	285,295		$	42,297		$	162,217		$	1,416,473

	Real Estate Loans
										Commercial			Consumer
	Residential			Commercial			Construction			Loans			Loans			Total
December 31, 2019	(In thousands)
Individually evaluated for impairment	$	-		$	2,144		$	-		$	-		$	-		$	2,144
Loans acquired with deteriorated credit quality		476			220			-			-			-			696
Collectively evaluated for impairment		229,305			388,963			17,732			134,150			151,686			921,836
Total Loans	$	229,781		$	391,327		$	17,732		$	134,150		$	151,686		$	924,676

Impaired Loans and Related Interest Income by Loan Portfolio Class

The following table includes the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount, if applicable.

				Unpaid
	Recorded			Principal			Associated
	Investment			Balance			Allowance
September 30, 2020					(in thousands)
With no related allowance recorded:
Real Estate Loans:
Commercial	$	1,654		$	2,287			—
Total Impaired Loans	$	1,654		$	2,287			—

				Unpaid
	Recorded			Principal			Associated
	Investment			Balance			Allowance
December 31, 2019					(in thousands)
With no related allowance recorded:
Real Estate Loans:
Commercial	$	143		$	394		$	—
Subtotal		143			394			—
With an allowance recorded:
Real Estate Loans
Commercial		2,001			2,001			417
Subtotal		2,001			2,001			417
Total:
Real Estate Loans:
Commercial		2,144			2,395			417
Total Impaired Loans	$	2,144		$	2,395		$	417

The following table presents the average recorded investment in impaired loans and the related amount of interest income recognized during the three-month periods ended September 30, 2020 and 2019, respectively (in thousands):

	Average Recorded						Interest Income
	Investment						Recognized
	2020			2019			2020			2019
Real Estate Loans:
Commercial		1,874			633			2			—
Total	$	1,874		$	633		$	2		$	—

The following table presents the average recorded investment in impaired loans and the related amount of interest income recognized during the nine-month periods ended September 30, 2020 and 2019, respectively (in thousands):

	Average Recorded						Interest Income
	Investment						Recognized
	2020			2019			2020			2019
Real Estate Loans:
Commercial		1,986			759			8			24
Total	$	1,986		$	759		$	8		$	24

Classes of the Loan Portfolio Summarized by the Aggregate Risk Rating

				Special						Doubtful
	Pass			Mention			Substandard			or Loss			Total
September 30, 2020
Commercial real estate loans	$	558,137		$	10,341		$	5,645		$	—		$	574,123
Agricultural real estate loans		—			5,554			3,529			—			68,340
Commercial loans		284,625			275			395			—			285,295
Other agricultural loans		—			2,595			2,270			—			42,297
Total	$	842,762		$	18,765		$	11,839		$	—		$	970,055

				Special						Doubtful
	Pass			Mention			Substandard			or Loss			Total
December 31, 2019
Commercial real estate loans	$	376,109		$	12,268		$	2,950		$	—		$	391,327
Commercial loans		133,695			248			207			—			134,150
Total	$	509,804		$	12,516		$	3,157		$	—		$	525,477

For residential real estate loans, construction loans and consumer loans, the Company evaluates credit quality based on the performance of the individual credits. The following table presents the recorded investment in the loan classes based on payment activity as of September 30, 2020 and December 31, 2019 (in thousands):

	Performing			Nonperforming			Total
September 30, 2020
Residential real estate loans	$	262,741		$	663		$	263,404
Construction		20,797			—			20,797
Consumer loans		162,078			139			162,217
Total	$	445,616		$	802		$	446,418

	Performing			Nonperforming			Total
December 31, 2019
Residential real estate loans	$	229,214		$	567		$	229,781
Construction		17,732			—			17,732
Consumer loans		151,607			79			151,686
Total	$	398,553		$	646		$	399,199

Loan Portfolio Summarized by the Past Due Status

	Current			31-60 Days Past Due			61-90 Days Past Due			Greater than 90 Days Past Due and still accruing			Nonaccrual			Total Past Due and Non-Accrual			Purchased Credit-Impaired			Total Loans
September 30, 2020
Real Estate loans
Residential	$	261,906		$	443		$	270		$	-		$	663		$	1,376		$	122		$	263,404
Commercial		568,601			420			51			-			1,280			1,751			3,771			574,123
Agricultural		65,557			29									676			705			2,078			68,340
Construction		20,607			-			-			-			-			-			190			20,797
Commercial loans		283,130			878			19			1,000			23			1,920			245			285,295
Other agricultural loans		39,844			10									263			273			2,180			42,297
Consumer loans		161,682			346			50			-			139			535			-			162,217
Total	$	1,401,327		$	2,126		$	390		$	1,000		$	3,044		$	6,560		$	8,586		$	1,416,473

	Current			31-60 Days Past Due			61-90 Days Past Due			Greater than 90 Days Past Due and still accruing			Nonaccrual			Total Past Due and Non-Accrual			Purchased Credit-Impaired			Total Loans
December 31, 2019
Real Estate loans
Residential	$	227,766		$	727		$	245		$	-		$	567		$	1,539	-	$	476		$	229,781
Commercial		387,897			176			2,935			-			99			3,210	-		220			391,327
Construction		17,695			-			37			-			-			37	-		-			17,732
Commercial loans		134,018			82			-			-			50			132	-		-			134,150
Consumer loans		151,309			233			65			-			79			377	-		-			151,686
Total	$	918,685		$	1,218		$	3,282		$	-		$	795		$	5,295	-	$	696		$	924,676

Allowance for Loan Losses and Recorded Investment in Financing Receivables

(In thousands)	Residential Real Estate			Commercial Real Estate			Construction			Commercial			Consumer			Total
Beginning balance, December 31, 2019	$	1,552		$	4,687		$	95		$	949		$	1,226		$	8,509
Charge Offs		(41)			(433)			—			(18)			(275)			(767)
Recoveries		5			10			—			36			31			82
Provision for loan losses		162			2,904			30			242			512			3,850
Ending balance, September 30, 2020	$	1,678		$	7,168		$	125		$	1,209		$	1,494		$	11,674
Ending balance individually evaluated ‎for impairment	$	—		$	—		$	—		$	—		$	—		$	—
Ending balance collectively evaluated ‎for impairment	$	1,678		$	7,168		$	125		$	1,209		$	1,494		$	11,674

(In thousands)	Residential Real Estate			Commercial Real Estate			Construction			Commercial			Consumer			Total
Beginning balance, June 30, 2020	$	1,652		$	6,079		$	86		$	1,076		$	1,419		$	10,312
Charge Offs		(40)			(400)			-			-			(83)			(523)
Recoveries		2			4			-			18			11			35
Provision for loan losses		64			1,485			39			115			147			1,850
Ending balance, September 30, 2020	$	1,678		$	7,168		$	125		$	1,209		$	1,494		$	11,674

(In thousands)	Residential Real Estate			Commercial Real Estate			Construction			Commercial			Consumer			Total
Beginning balance, December 31, 2018	$	1,328		$	5,455		$	93		$	712		$	864		$	8,452
Charge Offs		(90)			(615)			—			(254)			(246)			(1,205)
Recoveries		20			18			—			31			39			108
Provision for loan losses		310			(292)			14			454			564			1,050
Ending balance, September 30, 2019	$	1,568		$	4,566		$	107		$	943		$	1,221		$	8,405
Ending balance individually evaluated ‎for impairment	$	—		$	—		$	—		$	—		$	—		$	—
Ending balance collectively evaluated ‎for impairment	$	1,568		$	4,566		$	107		$	943		$	1,221		$	8,405

(In thousands)	Residential Real Estate			Commercial Real Estate			Construction			Commercial			Consumer			Total
Beginning balance, June 30, 2019	$	1,447		$	4,694		$	112		$	896		$	1,079		$	8,228
Charge Offs		(15)			—			—			(20)			(111)			(146)
Recoveries		5			4			—			10			4			23
Provision for loan losses		131			(132)			(5)			57			249			300
Ending balance, September 30, 2019	$	1,568		$	4,566		$	107		$	943		$	1,221		$	8,405

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