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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events |
8. Subsequent Events | (8) Subsequent Events The Company has reviewed and evaluated subsequent events and transactions for material subsequent events through the date the financial statements are issued. The SBA has continued to forgive the Bank’s PPP loans. The outstanding balance of PPP loans was $33.1 million at July 31, 2021, as compared to $35.7 million at June 30, 2021. The decrease from June 30, 2021 to July 31, 2021 was primarily due to PPP loans being forgiven by the SBA. The Bank closed its West Lincoln branch location on June 11, 2021. The West Lincoln branch property was sold on July 1, 2021 for a net gain of $107,000 that will be recognized in the third quarter of 2021. The $408,000 net book value of the West Lincoln branch property at June 30, 2021 was classified as held for sale at June 30, 2021 and is reflected in “Accrued interest receivable and other assets” on the Company’s June 30, 2021 consolidated balance sheets.

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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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