The Company adopted the amendments in ASU 2022-02, which eliminated accounting guidance on TDR loans for creditors and requires enhanced disclosures for loan modifications to borrowers experiencing financial difficulty that we made on or after January 1, 2023.

The following table presents the amortized cost of loans that were modified during the twelve months ended December 31, 2023 by loan portfolio segment:


	Twelve Months Ended
	December 31, 2023
	(in thousands)
	Term Extension		Total		% of Total Class of Loans
Mortgage real estate loans:
Residential First Lien - Owner Occupied	$	355	$	355		0.20	%
Total	$	355	$	355

None of the loans that were modified defaulted during the twelve months ended December 31, 2023 and the loans remained current with contractual payments as of December 31, 2023. The financial effects of the term extensions during the period added a weighted average of 1.0 years to the life of loans which reduced the payment amounts for the borrowers.

Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR.

There were twenty eight (28) troubled debt restructured loans totaling $4.6 million at December 31, 2022. Two loans, totaling $133 thousand, were in nonaccrual status at December 31, 2022.

The following tables set forth information on the Company’s troubled debt restructurings by class of loans occurring during the year ended December 31, 2022:


			Twelve Months Ended
			December 31, 2022
			(in thousands)
	Number of Contracts		Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
Commercial - Non Real Estate:
Commercial & Industrial
Commercial Real Estate
Owner Occupied		1	$	185	$	185
Non-owner occupied		1		161		161
Construction and Farmland
Commercial		1		639		639
Consumer:
Installment		1		20		21
Residential
Equity
Single family		9		1,676		1,704
Total		13	$	2,681	$	2,710

During the twelve months ended December 31, 2022, the Company restructured thirteen loans by granting a concession to the borrowers experiencing financial difficulty. The Company restructured one commercial real estate owner occupied loan by granting a refinance with new terms. The Company restructured one commercial real estate non-owner occupied loan with a twelve month renewal and rate change. The Company restructured one installment loan by granting a refinance with extended terms. The Company restructured one construction and farmland commercial loan by granting a refinance with new terms. The Company restructured nine residential single family loans by granting twelve month renewals and a rate change.

There were no payment defaults during the twelve months ended December 31, 2022 for TDRs that were restructured within the preceding twelve-month period.

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.