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Note 14 - Subsequent Events | 3 Months Ended
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Mar. 31, 2020
Notes to Financial Statements |
Subsequent Events [Text Block] |
14. | Subsequent Events
Management evaluated subsequent events through the date the financial statements were issued. The Company has developed programs for assisting existing clients through this uncertain time by providing loan payment deferrals and interest-only modifications. As of April 29, 2020 the Company had approved loan modifications for 88 loans totaling approximately $60 million. In accordance with recent regulatory and accounting guidance, loans modified in response to the COVID- 19 pandemic will not be considered troubled debt restructurings. In a further effort to assist both existing and new clients, the Company is participating in government loan programs through the Small Business Administration, primarily the Paycheck Protection Program. This program stemmed from the CARES, Act that was signed into law on March 27, 2020. As of April 29, 2020, the Company had funded nearly 627 loans, totaling approximately $72 million. The Company will continue to accept and process applications under the newly expanded program starting April 27, 2020. There were no other significant events or transactions occurring after March 31, 2020, but prior to May 6, 2020, that provided additional evidence about conditions that existed at March 31, 2020. There were no other significant events or transactions that provided evidence about conditions that did not exist at March 31, 2020.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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