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Troubled Debt Restructurings | 6 Months Ended
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Jun. 30, 2022
Receivables [Abstract] |
Troubled Debt Restructurings | NOTE 6. Troubled Debt Restructurings All loans deemed a troubled debt restructuring (“TDR"), are considered impaired, and are evaluated for collateral and cash-flow sufficiency. A loan is considered a TDR when the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. All of the following factors are indicators that the Company has granted a concession (one or multiple items may be present):
| • | The borrower receives a reduction of the stated interest rate to a rate less than the institution is willing to accept at the time of the restructure for a new loan with comparable risk.
| • | The borrower receives an extension of the maturity date or dates at a stated interest rate lower than the current market interest rate for new debt with similar risk characteristics.
| • | The borrower receives a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement.
| • | The borrower receives a deferral of required payments (principal and/or interest) which causes more than an insignificant change in cash flow.
| • | The borrower receives a reduction of the accrued interest.
There were 21 TDR loans totaling $3.4 million at June 30, 2022. At December 31, 2021, there were 17 TDR loans totaling $2.7 million. Two TDR loans, totaling $141 thousand, were in nonaccrual status at June 30, 2022. Two TDR loans, totaling $149 thousand, were in nonaccrual status at December 31, 2021. There were no outstanding commitments to lend additional amounts to troubled debt restructured borrowers at June 30, 2022 or December 31, 2021. The following table sets forth information on the Company’s troubled debt restructurings by class of loans occurring during the three and six months ended June 30, 2022 and 2021. During the three and six months ended June 30, 2022, the Company classified 5 additional loans as troubled debt restructurings.
| Three Months Ended |
| June 30, 2022 |
| (in thousands) |
| Number of Contracts |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  | 1 |  |  | $ | 185 |  |  | $ | 185 |
Construction and Farmland: |  |  |  |  |  |  |  |  |  |  |
Residential |  | 1 |  |  |  | 639 |  |  |  | 639 |
Residential: |  |  |  |  |  |  |  |  |  |  |
Single family |  | 3 |  |  |  | 539 |  |  |  | 557 |
Total |  | 5 |  |  | $ | 1,363 |  |  | $ | 1,381 |
| Three Months Ended |
| June 30, 2021 |
| (in thousands) |
| Number of Contracts |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Installment |  | 1 |  |  | $ | 4 |  |  | $ | 4 |
Total |  | 1 |  |  | $ | 4 |  |  |  | 4 |
| Six Months Ended |
| June 30, 2022 |
| (in thousands) |
| Number of Contracts |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Commercial Real Estate: |  |  |  |  |  |  |  |  |  |  |
Owner Occupied |  | 1 |  |  | $ | 185 |  |  | $ | 185 |
Construction and Farmland: |  |  |  |  |  |  |  |  |  |  |
Residential |  | 1 |  |  |  | 639 |  |  |  | 639 |
Residential: |  |  |  |  |  |  |  |  |  |  |
Single family |  | 3 |  |  |  | 539 |  |  |  | 557 |
Total |  | 5 |  |  | $ | 1,363 |  |  | $ | 1,381 |
| Six Months Ended |
| June 30, 2021 |
| (in thousands) |
| Number of Contracts |  |  | Pre-Modification Outstanding Recorded Investment |  |  | Post-Modification Outstanding Recorded Investment |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Installment |  | 2 |  |  | $ | 15 |  |  | $ | 15 |
Residential: |  |  |  |  |  |  |  |  |  |  |
Single family |  | 1 |  |  |  | 98 |  |  |  | 98 |
Total |  | 3 |  |  | $ | 113 |  |  | $ | 113 |
During the three and six months ended June 30, 2022, the Company restructured five loans by granting concessions to the borrowers experiencing financial difficulty. Three loans were restructured renewing the loan for a twelve-month period. One loan was restructured by extending the loan for three months. One loan was restructured by refinancing the loan to extend the term. During the three and six months ended June 30, 2021, the Company restructured one and three loans, respectively, by granting a concession to borrowers experiencing financial difficulty. These loans were restructured by reducing the loan payments and extending the term. There were no payment defaults during the three and six months ended June 30, 2022 for TDRs that were restructured within the preceding twelve-month period. There were also no payment defaults during the three and six months ended June 30, 2021. Management defines default as over 30 days contractually past due under the modified terms, the foreclosure and/or repossession of the collateral, or the charge-off of the loan during the twelve-month period subsequent to the modification.

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