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Loans Receivable and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2024
Loans Receivable and Allowance for Credit Losses [Abstract] |
Loans Receivable and Allowance for Credit Losses | NOTE 4 - LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Set forth below is selected data relating to the composition of the loan portfolio (in thousands):
| December 31, 2024 |  |  | December 31, 2023 |
Real Estate: |  |  |  |  |  |  |  |  |  |  |
Residential | $ | 330,856 |  | 19.3 | % |  | $ | 316,546 |  | 19.7 | %
Commercial |  | 716,875 |  | 41.8 |  |  |  | 675,156 |  | 42.1 |
Agricultural |  | 63,488 |  | 3.7 |  |  |  | 63,859 |  | 4.0 |
Construction |  | 53,020 |  | 3.1 |  |  |  | 51,453 |  | 3.2 |
Commercial loans |  | 211,991 |  | 12.4 |  |  |  | 200,576 |  | 12.5 |
Other agricultural loans |  | 30,077 |  | 1.7 |  |  |  | 31,966 |  | 2.0 |
Consumer loans to individuals |  | 307,775 |  | 18.0 |  |  |  | 264,321 |  | 16.5 |
Total loans |  | 1,714,082 |  | 100.0 | % |  |  | 1,603,877 |  | 100.0 | %
Deferred fees, net |  | (444) |  |  |  |  |  | (259) |  |  |
Total loans receivable |  | 1,713,638 |  |  |  |  |  | 1,603,618 |  |  |
Allowance for credit losses |  | (19,843) |  |  |  |  |  | (18,968) |  |  |
Net loans receivable | $ | 1,693,795 |  |  |  |  | $ | 1,584,650 |  |  |
As of December 31, 2024 and 2023, the Company considered its concentration of credit risk to be acceptable. As of December 31, 2024, the highest concentrations are in commercial rentals and the residential rentals category, with loans outstanding of $156.2 million, or 9.1% of loans outstanding, to commercial rentals, and $114.7 million, or 6.7% of loans outstanding, to residential rentals. For the year ended December 31, 2024, the Company recognized charge offs of $0 on commercial rentals and $0 on residential rentals. For the year ended December 31, 2023, the Company recognized charge offs of $6,000 on commercial rentals and $44,000 on residential rentals. During 2024, the Company sold residential mortgage loans totaling $9,257,000. During 2023, the Company sold residential mortgage loans totaling $4,973,000. Gross realized gains and gross realized losses on sales of residential mortgage loans were $195,000 and $0, respectively, in 2024 and $63,000 and $0, respectively, in 2023. The proceeds from the sales of residential mortgage loans totaled $9,452,000 and $5,036,000 for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the outstanding value of loans serviced for others totaled $63.9 million and $59.2 million, respectively The following tables show the amount of loans in each category that were individually and collectively evaluated for credit loss under ASC 326:
| Real Estate Loans |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Commercial |  |  | Other |  | Consumer |  |  |
| Residential |  | Commercial |  |  | Agricultural |  | Construction |  | Loans |  |  | Agricultural |  | Loans |  | Total
| (In thousands)
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 940 |  | $ | 7,197 |  | $ | — |  | $ | — |  | $ | 854 |  | $ | — |  | $ | 1,031 |  | $ | 10,022
Collectively evaluated |  | 329,916 |  |  | 709,678 |  |  | 63,488 |  |  | 53,020 |  |  | 211,137 |  |  | 30,077 |  |  | 306,744 |  |  | 1,704,060
Total Loans | $ | 330,856 |  | $ | 716,875 |  | $ | 63,488 |  | $ | 53,020 |  | $ | 211,991 |  | $ | 30,077 |  | $ | 307,775 |  | $ | 1,714,082
| Real Estate Loans |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | Commercial |  |  | Other |  | Consumer |  |  |
| Residential |  | Commercial |  |  | Agricultural |  | Construction |  | Loans |  |  | Agricultural |  | Loans |  | Total
| (In thousands)
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated | $ | 432 |  | $ | 2,211 |  | $ | — |  | $ | — |  | $ | 4,264 |  | $ | — |  | $ | 715 |  | $ | 7,622
Collectively evaluated |  | 316,114 |  |  | 672,945 |  |  | 63,859 |  |  | 51,453 |  |  | 196,312 |  |  | 31,966 |  |  | 263,606 |  |  | 1,596,255
Total Loans | $ | 316,546 |  | $ | 675,156 |  | $ | 63,859 |  | $ | 51,453 |  | $ | 200,576 |  | $ | 31,966 |  | $ | 264,321 |  | $ | 1,603,877
Management uses an eight point internal risk rating system to monitor the credit quality of the overall loan portfolio. The first four categories are considered not criticized, and are aggregated as “Pass” rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are currently protected but are potentially weak, resulting in an undue and unwarranted credit risk, but not to the point of justifying a Substandard classification. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt, and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. Loans greater than 90 days past due are considered Substandard unless full payment is expected. Any portion of a loan that has been charged off is placed in the Loss category. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Company has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as nonperformance, repossession, or death occurs to raise awareness of a possible credit event. The Company’s Loan Review Department is responsible for the timely and accurate risk rating of the loans on an ongoing basis. Every credit which must be approved by Loan Committee or the Board of Directors is assigned a risk rating at time of consideration. Loan Review also annually reviews relationships of $1,500,000 and over to assign or re-affirm risk ratings. ‎ Based on the most recent analysis performed, the following tables present the recorded investment in non-homogenous pools by internal risk rating systems, under ASC 326 (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Revolving |  | Revolving |  |
|  | Term Loans Amortized Costs Basis by Origination Year |  | Loans |  | Loans |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized |  | Converted |  |
December 31, 2024 |  |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Cost Basis |  | to Term |  | Total
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 102,773 | $ | 74,242 | $ | 121,881 | $ | 104,720 | $ | 60,941 | $ | 217,435 | $ | 20,829 | $ | - | $ | 702,821
Special Mention |  |  | 5 |  | - |  | 262 |  | - |  | - |  | 2,148 |  | - |  | - |  | 2,415
Substandard |  |  | 135 |  | - |  | - |  | 2,461 |  | 1,405 |  | 7,238 |  | 400 |  | - |  | 11,639
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 102,913 | $ | 74,242 | $ | 122,143 | $ | 107,181 | $ | 62,346 | $ | 226,821 | $ | 21,229 | $ | - | $ | 716,875
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Real Estate - Agriculture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 6,257 | $ | 3,756 | $ | 12,036 | $ | 3,960 | $ | 7,148 | $ | 29,038 | $ | 336 | $ | - | $ | 62,531
Special Mention |  |  | - |  | - |  | - |  | - |  | - |  | 773 |  | 150 |  | - |  | 923
Substandard |  |  | - |  | - |  | - |  | - |  | - |  | - |  | 34 |  | - |  | 34
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 6,257 | $ | 3,756 | $ | 12,036 | $ | 3,960 | $ | 7,148 | $ | 29,811 | $ | 520 | $ | - | $ | 63,488
Real Estate - Agriculture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 57,939 | $ | 34,088 | $ | 29,465 | $ | 19,163 | $ | 10,233 | $ | 15,042 | $ | 42,906 | $ | - | $ | 208,836
Special Mention |  |  | - |  | - |  | 25 |  | - |  | - |  | 106 |  | 14 |  | - |  | 145
Substandard |  |  | - |  | 277 |  | 429 |  | 711 |  | - |  | 743 |  | 850 |  | - |  | 3,010
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 57,939 | $ | 34,365 | $ | 29,919 | $ | 19,874 | $ | 10,233 | $ | 15,891 | $ | 43,770 | $ | - | $ | 211,991
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | 11 | $ | - | $ | - | $ | 8 | $ | 51 | $ | 30 | $ | - | $ | 100
Other agricultural loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 4,358 | $ | 1,836 | $ | 3,721 | $ | 2,379 | $ | 2,134 | $ | 4,353 | $ | 9,697 | $ | - | $ | 28,478
Special Mention |  |  | - |  | - |  | - |  | - |  | - |  | 127 |  | - |  | - |  | 127
Substandard |  |  | - |  | - |  | - |  | - |  | - |  | - |  | 1,472 |  | - |  | 1,472
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 4,358 | $ | 1,836 | $ | 3,721 | $ | 2,379 | $ | 2,134 | $ | 4,480 | $ | 11,169 | $ | - | $ | 30,077
Other agricultural loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 171,327 | $ | 113,922 | $ | 167,103 | $ | 130,222 | $ | 80,456 | $ | 265,868 | $ | 73,768 | $ | - | $ | 1,002,666
Special Mention |  |  | 5 |  | - |  | 287 |  | - |  | - |  | 3,154 |  | 164 |  | - |  | 3,610
Substandard |  |  | 135 |  | 277 |  | 429 |  | 3,172 |  | 1,405 |  | 7,981 |  | 2,756 |  | - |  | 16,155
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 171,467 | $ | 114,199 | $ | 167,819 | $ | 133,394 | $ | 81,861 | $ | 277,003 | $ | 76,688 | $ | - | $ | 1,022,431
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Revolving |  | Revolving |  |
|  | Term Loans Amortized Costs Basis by Origination Year |  | Loans |  | Loans |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized |  | Converted |  |
December 31, 2023 |  |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Cost Basis |  | to Term |  | Total
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 78,496 | $ | 131,948 | $ | 112,102 | $ | 65,949 | $ | 72,480 | $ | 186,116 | $ | 13,332 | $ | - | $ | 660,423
Special Mention |  |  | 1,300 |  | 411 |  | 243 |  | 1,331 |  | - |  | 6,157 |  | 1,579 |  | - |  | 11,021
Substandard |  |  | - |  | - |  | - |  | 1,444 |  | 36 |  | 2,232 |  | - |  | - |  | 3,712
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 79,796 | $ | 132,359 | $ | 112,345 | $ | 68,724 | $ | 72,516 | $ | 194,505 | $ | 14,911 | $ | - | $ | 675,156
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | - | $ | - | $ | - | $ | 112 | $ | 42 | $ | - | $ | - | $ | 154
Real Estate - Agriculture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,635 | $ | 12,509 | $ | 5,433 | $ | 7,606 | $ | 7,746 | $ | 24,654 | $ | 522 | $ | - | $ | 61,105
Special Mention |  |  | - |  | - |  | - |  | - |  | 399 |  | 490 |  | 150 |  | - |  | 1,039
Substandard |  |  | - |  | 508 |  | - |  | 1,018 |  | - |  | 189 |  | - |  | - |  | 1,715
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 2,635 | $ | 13,017 | $ | 5,433 | $ | 8,624 | $ | 8,145 | $ | 25,333 | $ | 672 | $ | - | $ | 63,859
Real Estate - Agriculture |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 48,571 | $ | 41,863 | $ | 24,443 | $ | 13,752 | $ | 9,914 | $ | 15,384 | $ | 38,644 | $ | - | $ | 192,571
Special Mention |  |  | 553 |  | 1,412 |  | 257 |  | 134 |  | 20 |  | 188 |  | 768 |  | - |  | 3,332
Substandard |  |  | - |  | 126 |  | 342 |  | 656 |  | - |  | 49 |  | 3,500 |  | - |  | 4,673
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 49,124 | $ | 43,401 | $ | 25,042 | $ | 14,542 | $ | 9,934 | $ | 15,621 | $ | 42,912 | $ | - | $ | 200,576
Commercial loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | 32 | $ | 24 | $ | 4,856 | $ | - | $ | 41 | $ | - | $ | - | $ | 4,953
Other agricultural loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,670 | $ | 5,286 | $ | 3,251 | $ | 2,912 | $ | 2,373 | $ | 3,836 | $ | 11,091 | $ | - | $ | 31,419
Special Mention |  |  | - |  | - |  | 2 |  | 185 |  | 86 |  | - |  | 155 |  | - |  | 428
Substandard |  |  | - |  | - |  | - |  | - |  | 119 |  | - |  | - |  | - |  | 119
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 2,670 | $ | 5,286 | $ | 3,253 | $ | 3,097 | $ | 2,578 | $ | 3,836 | $ | 11,246 | $ | - | $ | 31,966
Other agricultural loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Risk Rating |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 132,372 | $ | 191,606 | $ | 145,229 | $ | 90,219 | $ | 92,513 | $ | 229,990 | $ | 63,589 | $ | - | $ | 945,518
Special Mention |  |  | 1,853 |  | 1,823 |  | 502 |  | 1,650 |  | 505 |  | 6,835 |  | 2,652 |  | - |  | 15,820
Substandard |  |  | - |  | 634 |  | 342 |  | 3,118 |  | 155 |  | 2,470 |  | 3,500 |  | - |  | 10,219
Doubtful |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  | $ | 134,225 | $ | 194,063 | $ | 146,073 | $ | 94,987 | $ | 93,173 | $ | 239,295 | $ | 69,741 | $ | - | $ | 971,557
The Company monitors the credit risk profile by payment activity for residential and consumer loan classes. Loans past due over 90 days and loans on nonaccrual status are considered nonperforming. Nonperforming loans are reviewed monthly. The following tables present the carrying value of residential and consumer loans based on payment activity (in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Revolving |  | Revolving |  |
|  |  |  |  | Term Loans Amortized Costs Basis by Origination Year |  | Loans |  | Loans |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized |  | Converted |  |
December 31, 2024 |  |  |  |  |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Cost Basis |  | to Term |  | Total
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 22,842 | $ | 41,384 | $ | 60,194 | $ | 52,712 | $ | 32,161 | $ | 89,965 | $ | 30,658 | $ | - | $ | 329,916
Nonperforming |  |  |  |  |  | - |  | 125 |  | 52 |  | 184 |  | - |  | 560 |  | 19 |  | - |  | 940
Total |  |  |  |  | $ | 22,842 | $ | 41,509 | $ | 60,246 | $ | 52,896 | $ | 32,161 | $ | 90,525 | $ | 30,677 | $ | - | $ | 330,856
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  |  |  |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 28,817 | $ | 12,986 | $ | 9,024 | $ | 431 | $ | - | $ | 144 | $ | 1,618 | $ | - | $ | 53,020
Nonperforming |  |  |  |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  |  |  |  | $ | 28,817 | $ | 12,986 | $ | 9,024 | $ | 431 | $ | - | $ | 144 | $ | 1,618 | $ | - | $ | 53,020
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  |  |  |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Consumer loans to individuals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 125,254 | $ | 93,392 | $ | 52,009 | $ | 15,679 | $ | 8,316 | $ | 11,207 | $ | 887 | $ | - | $ | 306,744
Nonperforming |  |  |  |  |  | 97 |  | 401 |  | 377 |  | 114 |  | 26 |  | 16 |  | - |  | - |  | 1,031
Total |  |  |  |  | $ | 125,351 | $ | 93,793 | $ | 52,386 | $ | 15,793 | $ | 8,342 | $ | 11,223 | $ | 887 | $ | - | $ | 307,775
Consumer loans to individuals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  |  |  |  | $ | 123 | $ | 511 | $ | 850 | $ | 203 | $ | 87 | $ | 75 | $ | - | $ | - | $ | 1,849
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 176,913 | $ | 147,762 | $ | 121,227 | $ | 68,822 | $ | 40,477 | $ | 101,316 | $ | 33,163 | $ | - | $ | 689,680
Nonperforming |  |  |  |  |  | 97 |  | 526 |  | 429 |  | 298 |  | 26 |  | 576 |  | 19 |  | - |  | 1,971
Total |  |  |  |  | $ | 177,010 | $ | 148,288 | $ | 121,656 | $ | 69,120 | $ | 40,503 | $ | 101,892 | $ | 33,182 | $ | - | $ | 691,651
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Revolving |  | Revolving |  |
|  |  |  |  | Term Loans Amortized Costs Basis by Origination Year |  | Loans |  | Loans |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Amortized |  | Converted |  |
December 31, 2023 |  |  |  |  |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Cost Basis |  | to Term |  | Total
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 27,446 | $ | 62,178 | $ | 57,691 | $ | 35,357 | $ | 16,406 | $ | 87,951 | $ | 29,085 | $ | - | $ | 316,114
Nonperforming |  |  |  |  |  | - |  | - |  | - |  | - |  | 58 |  | 324 |  | 50 |  | - |  | 432
Total |  |  |  |  | $ | 27,446 | $ | 62,178 | $ | 57,691 | $ | 35,357 | $ | 16,464 | $ | 88,275 | $ | 29,135 | $ | - | $ | 316,546
Residential real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  |  |  |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 34 | $ | - | $ | - | $ | 34
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 23,500 | $ | 14,906 | $ | 6,791 | $ | 1,599 | $ | 1,829 | $ | 624 | $ | 2,204 | $ | - | $ | 51,453
Nonperforming |  |  |  |  |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total |  |  |  |  | $ | 23,500 | $ | 14,906 | $ | 6,791 | $ | 1,599 | $ | 1,829 | $ | 624 | $ | 2,204 | $ | - | $ | 51,453
Construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  |  |  |  | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | -
Consumer loans to individuals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 127,243 | $ | 76,339 | $ | 24,584 | $ | 14,343 | $ | 10,217 | $ | 9,942 | $ | 938 | $ | - | $ | 263,606
Nonperforming |  |  |  |  |  | 111 |  | 404 |  | 118 |  | 31 |  | 41 |  | 10 |  | - |  | - |  | 715
Total |  |  |  |  | $ | 127,354 | $ | 76,743 | $ | 24,702 | $ | 14,374 | $ | 10,258 | $ | 9,952 | $ | 938 | $ | - | $ | 264,321
Consumer loans to individuals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period gross charge-offs |  |  |  |  | $ | 45 | $ | 710 | $ | 200 | $ | 35 | $ | 45 | $ | 28 | $ | 4 | $ | - | $ | 1,067
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment Performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  |  |  |  | $ | 178,189 | $ | 153,423 | $ | 89,066 | $ | 51,299 | $ | 28,452 | $ | 98,517 | $ | 32,227 | $ | - | $ | 631,173
Nonperforming |  |  |  |  |  | 111 |  | 404 |  | 118 |  | 31 |  | 99 |  | 334 |  | 50 |  | - |  | 1,147
Total |  |  |  |  | $ | 178,300 | $ | 153,827 | $ | 89,184 | $ | 51,330 | $ | 28,551 | $ | 98,851 | $ | 32,277 | $ | - | $ | 632,320
Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of December 31, 2024 and December 31, 2023 (in thousands):
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due and still accruing |  | Non-Accrual |  | Total Past Due and Non-Accrual |  | Total Loans |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | $ | 329,578 |  | $ | 70 |  | $ | 268 |  | $ | — |  | $ | 940 |  | $ | 1,278 |  | $ | 330,856 |  |  |
Commercial |  | 709,821 |  |  | 1,182 |  |  | 129 |  |  | — |  |  | 5,743 |  |  | 7,054 |  |  | 716,875 |  |  |
Agricultural |  | 63,488 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 63,488 |  |  |
Construction |  | 53,009 |  |  | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 53,020 |  |  |
Commercial loans |  | 211,520 |  |  | 194 |  |  | 117 |  |  | 33 |  |  | 127 |  |  | 471 |  |  | 211,991 |  |  |
Other agricultural loans |  | 30,028 |  |  | 49 |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | 30,077 |  |  |
Consumer loans |  | 305,676 |  |  | 805 |  |  | 263 |  |  | 121 |  |  | 910 |  |  | 2,099 |  |  | 307,775 |  |  |
Total | $ | 1,703,120 |  | $ | 2,311 |  | $ | 777 |  | $ | 154 |  | $ | 7,720 |  | $ | 10,962 |  | $ | 1,714,082 |  |  |
| Current |  | 31-60 Days Past Due |  | 61-90 Days Past Due |  | Greater than 90 Days Past Due and still accruing |  | Non-Accrual |  | Total Past Due and Non-Accrual |  | Total Loans |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | $ | 315,224 |  | $ | 877 |  | $ | 13 |  | $ | — |  | $ | 432 |  | $ | 1,322 |  | $ | 316,546 |  |  |
Commercial |  | 666,768 |  |  | 6,177 |  |  | — |  |  | — |  |  | 2,211 |  |  | 8,388 |  |  | 675,156 |  |  |
Agricultural |  | 63,732 |  |  | 127 |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 63,859 |  |  |
Construction |  | 51,435 |  |  | — |  |  | 18 |  |  | — |  |  | — |  |  | 18 |  |  | 51,453 |  |  |
Commercial loans |  | 192,988 |  |  | 3,170 |  |  | 154 |  |  | — |  |  | 4,264 |  |  | 7,588 |  |  | 200,576 |  |  |
Other agricultural loans |  | 31,959 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 31,966 |  |  |
Consumer loans |  | 262,578 |  |  | 865 |  |  | 163 |  |  | — |  |  | 715 |  |  | 1,743 |  |  | 264,321 |  |  |
Total | $ | 1,584,684 |  | $ | 11,223 |  | $ | 348 |  | $ | — |  | $ | 7,622 |  | $ | 19,193 |  | $ | 1,603,877 |  |  |
The following tables present the carrying value of loans on nonaccrual status and loans past due over 90 days still accruing interest (in thousands):
|  | Nonaccrual |  |  | Nonaccrual |  |  |  |  |  | Loans Past Due |  |  |
|  | with no |  |  | with |  |  | Total |  |  | Over 90 Days |  |  | Total
| ACL |  | ACL |  | Nonaccrual |  | Still Accruing |  | Nonperforming
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | $ | 936 |  | $ | 4 |  | $ | 940 |  | $ | - |  | $ | 940
Commercial |  | 5,739 |  |  | 4 |  |  | 5,743 |  |  | - |  |  | 5,743
Agricultural |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial loans |  | 127 |  |  | - |  |  | 127 |  |  | 33 |  |  | 160
Other agricultural loans |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Consumer loans |  | 570 |  |  | 340 |  |  | 910 |  |  | 121 |  |  | 1,031
Total | $ | 7,372 |  | $ | 348 |  | $ | 7,720 |  | $ | 154 |  | $ | 7,874
|  | Nonaccrual |  |  | Nonaccrual |  |  |  |  |  | Loans Past Due |  |  |
|  | with no |  |  | with |  |  | Total |  |  | Over 90 Days |  |  | Total
| ACL |  | ACL |  | Nonaccrual |  | Still Accruing |  | Nonperforming
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real Estate loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential | $ | 432 |  | $ | - |  | $ | 432 |  | $ | - |  | $ | 432
Commercial |  | 2,211 |  |  | - |  |  | 2,211 |  |  | - |  |  | 2,211
Agricultural |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Construction |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Commercial loans |  | 4,264 |  |  | - |  |  | 4,264 |  |  | - |  |  | 4,264
Other agricultural loans |  | - |  |  | - |  |  | - |  |  | - |  |  | -
Consumer loans |  | 162 |  |  | 553 |  |  | 715 |  |  | - |  |  | 715
Total | $ | 7,069 |  | $ | 553 |  | $ | 7,622 |  | $ | - |  | $ | 7,622
The following tables present, by class of loans and leases, the amortized cost basis of collateral-dependent nonaccrual loans and leases and type of collateral as of December 31, 2024:
| Real Estate |  | Other |  | Total
December 31, 2024 |  |  |  |  |  |  |  |
Real Estate loans |  |  |  |  |  |  |  |
Residential | $ | 940 |  | $ | - |  | $ | 940
Commercial |  | 5,743 |  |  | - |  |  | 5,743
Agricultural |  | - |  |  | - |  |  | -
Construction |  | - |  |  | - |  |  | -
Commercial loans |  | 49 |  |  | 78 |  |  | 127
Other agricultural loans |  | - |  |  | - |  |  | -
Consumer loans |  | - |  |  | 910 |  |  | 910
Total | $ | 6,732 |  | $ | 988 |  | $ | 7,720
| Real Estate |  | Other |  | Total
December 31, 2023 |  |  |  |  |  |  |  |
Real Estate loans |  |  |  |  |  |  |  |
Residential | $ | 432 |  | $ | - |  | $ | 432
Commercial |  | 2,211 |  |  | - |  |  | 2,211
Agricultural |  | - |  |  | - |  |  | -
Construction |  | - |  |  | - |  |  | -
Commercial loans |  | 49 |  |  | 4,215 |  |  | 4,264
Other agricultural loans |  | - |  |  | - |  |  | -
Consumer loans |  | - |  |  | 715 |  |  | 715
Total | $ | 2,692 |  | $ | 4,930 |  | $ | 7,622
The following tables present the allowance for credit losses by the classes of the loan portfolio under ASC 326:
(In thousands) | Residential Real Estate |  | Commercial Real Estate |  | Agricultural |  | Construction |  | Commercial |  | Other Agricultural |  | Consumer |  | Total
Beginning balance, December 31, 2023 | $ | 1,351 |  | $ | 11,871 |  | $ | 58 |  | $ | 933 |  | $ | 1,207 |  | $ | 94 |  | $ | 3,454 |  | $ | 18,968
Charge Offs |  | — |  |  | — |  |  | — |  |  | — |  |  | (100) |  |  | — |  |  | (1,849) |  |  | (1,949)
Recoveries |  | 41 |  |  | 110 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | 278
Provision for credit losses |  | (246) |  |  | (575) |  |  | (10) |  |  | (49) |  |  | 625 |  |  | 68 |  |  | 2,733 |  |  | 2,546
Ending balance, December 31, 2024 | $ | 1,146 |  | $ | 11,406 |  | $ | 48 |  | $ | 884 |  | $ | 1,732 |  | $ | 162 |  | $ | 4,465 |  | $ | 19,843
Ending balance individually evaluated | $ | 4 |  | $ | 315 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 340 |  | $ | 659
Ending balance collectively evaluated ‎ | $ | 1,142 |  | $ | 11,091 |  | $ | 48 |  | $ | 884 |  | $ | 1,732 |  | $ | 162 |  | $ | 4,125 |  | $ | 19,184
(In thousands) | Residential Real Estate |  | Commercial Real Estate |  | Agricultural |  | Construction |  | Commercial |  | Other Agricultural |  | Consumer |  | Total
Beginning balance, December 31, 2022 | $ | 2,833 |  | $ | 8,293 |  | $ | 259 |  | $ | 409 |  | $ | 2,445 |  | $ | 124 |  | $ | 2,636 |  | $ | 16,999
Impact of adopting ASC 326 |  | (1,545) |  |  | 5,527 |  |  | (200) |  |  | 388 |  |  | (1,156) |  |  | 3 |  |  | (551) |  |  | 2,466
Charge Offs |  | (34) |  |  | (154) |  |  | — |  |  | — |  |  | (4,953) |  |  | — |  |  | (1,067) |  |  | (6,208)
Recoveries |  | 6 |  |  | 15 |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 88 |  |  | 130
Provision for credit losses |  | 91 |  |  | (1,810) |  |  | (1) |  |  | 136 |  |  | 4,850 |  |  | (33) |  |  | 2,348 |  |  | 5,581
Ending balance, December 31, 2023 | $ | 1,351 |  | $ | 11,871 |  | $ | 58 |  | $ | 933 |  | $ | 1,207 |  | $ | 94 |  | $ | 3,454 |  | $ | 18,968
Ending balance individually evaluated | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 135 |  | $ | 135
Ending balance collectively evaluated ‎ | $ | 1,351 |  | $ | 11,871 |  | $ | 58 |  | $ | 933 |  | $ | 1,207 |  | $ | 94 |  | $ | 3,319 |  | $ | 18,833
The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Company’s historical loss experience and peer data. The Company chose to apply qualitative factors based on “quantitative metrics” which link the quantifiable metrics to historical changes in the qualitative factor categories. The Company also chose to apply economic projections to the model. A select group of economic indicators was utilized which was then correlated to the historical loss experience of the Company and its peers. Based on the correlation results, the economic adjustments are then weighted for relevancy and applied to the individual loan pools. During the period ended December 31, 2024, the allowance for credit losses increased from $18,968,000 to $19,843,000. This $875,000 increase in the required allowance was due primarily to loans individually evaluated, along with net charge offs for the year. During the period ended December 31, 2023, the allowance for credit losses increased from $16,999,000 to $18,968,000. This $1,969,000 increase in the required allowance was due primarily to charge-offs on one large commercial relationship. Interest income that would have been recorded on loans accounted for on a non-accrual basis under the original terms of the loans was $716,000 and $694,000 for 2024 and 2023, respectively. Occasionally, the Bank modifies loans to borrowers in financial distress by providing principal forgiveness, term extension, an other-than-insignificant payment delay or interest rate reduction. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. In some cases, the Bank provides multiple types of concessions on one loan. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. The following tables present modifications made to borrowers experiencing financial difficulty:
Loan Modifications Made to Borrowers Experiencing Financial Difficulty During the Year Ended December 31, 2024
Significant Payment Delay
|  | Amortized Cost Basis at December 31, 2024 |  |  | % of Total Class of Financing Receivable |  |  |  | Financial Effect
|  | (in thousands) |  |  |  |  |  |  |
Residential real estate loans | $ | 53 |  |  | 0.02 | % |  |  | Deferred principal for 4 months
Commercial real estate loans |  | 1,424 |  |  | 0.20 |  |  |  | Deferred principal for 2-5 months
Commercial loans |  | 875 |  |  | 0.41 |  |  |  | Deferred principal for 2-5 months
Total | $ | 2,352 |  |  |  |  |  |  |
Term Extension
|  | Amortized Cost Basis at December 31, 2024 |  |  | % of Total Class of Financing Receivable |  |  |  | Financial Effect
|  | (in thousands) |  |  |  |  |  |  |
Residential real estate loans | $ | 68 |  |  | 0.02 | % |  |  | Added a weighted-average 5.0 years to the life of loans
Commercial real estate loans |  | 540 |  |  | 0.08 |  |  |  | Added a weighted-average 9.5 months to the life of loans
Agricultural real estate loans |  | 565 |  |  | 0.89 |  |  |  | Added a weighted-average 20 years to the life of loans
Other agricultural loans |  | 300 |  |  | 1.00 |  |  |  | Added a weighted-average 1 year to the life of loans
Consumer loans to individuals |  | 51 |  |  | 0.02 |  |  |  | Added a weighted-average 1.4 years to the life of loans
Total | $ | 1,524 |  |  |  |  |  |  |
Combination -Significant Payment Delay and Term Extension
|  | Amortized Cost Basis at December 31, 2024 |  |  | % of Total Class of Financing Receivable |  |  |  | Financial Effect
Commercial real estate loans | $ | 3,779 |  |  | 0.53 | % |  |  | Deferred principal for 6 months and extended term by 4 months
Total | $ | 3,779 |  |  |  |  |  |  |
Loan Modifications Made to Borrowers Experiencing Financial Difficulty During the Year Ended December 31, 2023
Term Extension
|  | Amortized Cost Basis at December 31, 2023 |  |  | % of Total Class of Financing Receivable |  |  |  | Financial Effect
Commercial real estate loans | $ | 4,321,547 |  |  | 0.64 | % |  |  | Extended maturity date of loans by three to six months.
Total | $ | 4,321,547 |  |  |  |  |  |  |
Combination - Term Extension and Interest Rate Adjustment
|  | Amortized Cost Basis at December 31, 2023 |  |  | % of Total Class of Financing Receivable |  |  |  | Financial Effect
Consumer loans to individuals | $ | 19,225 |  |  | 0.01 | % |  |  | New loans were granted which extended terms for a weighted average of 34 months and rates were increased from a weighted average rate of 5.25% to a weighted average rate of 11.03%
Total | $ | 19,225 |  |  |  |  |  |  |
As of December 31, 2024, all loan modifications made to borrowers experiencing financial difficulty were current per the modified contractual terms.

X
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