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Loans and Allowance for Loan Losses | 12 Months Ended
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Dec. 31, 2020
Receivables [Abstract] |
Loans and Allowance for Loan Losses | (5) Loans and Allowance for Loan Losses Loans consisted of the following: Schedule of Loans
|  | As of December 31, |
(Dollars in thousands) |  | 2020 |  |  | 2019 |
One-to-four family residential real estate loans |  | $ | 157,984 |  |  | $ | 146,505 |
Construction and land loans |  |  | 26,106 |  |  |  | 22,459 |
Commercial real estate loans |  |  | 172,307 |  |  |  | 133,501 |
Commercial loans |  |  | 134,047 |  |  |  | 109,612 |
Paycheck protection program loans |  |  | 100,084 |  |  |  | - |
Agriculture loans |  |  | 96,532 |  |  |  | 98,558 |
Municipal loans |  |  | 2,332 |  |  |  | 2,656 |
Consumer loans |  |  | 24,122 |  |  |  | 25,101 |
Total gross loans |  |  | 713,514 |  |  |  | 538,392 |
Net deferred loan (fees) costs and loans in process |  |  | (1,957 | ) |  |  | 255 |
Allowance for loan losses |  |  | (8,775 | ) |  |  | (6,467 | )
Loans, net |  | $ | 702,782 |  |  | $ | 532,180 |
The following tables provide information on the Company’s allowance for loan losses by loan class and allowance methodology: Schedule of Allowance for Credit Losses on Financing Receivables
(Dollars in thousands) |  |  |
|  | Year ended December 31, 2020 |
|  | One-to-four family residential real estate loans |  |  | Construction and land loans |  |  | Commercial real estate loans |  |  | Commercial loans |  |  | Paycheck protection loans |  |  | Agriculture loans |  |  | Municipal loans |  |  | Consumer loans |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 |  | $ | 501 |  |  | $ | 271 |  |  | $ | 1,386 |  |  | $ | 1,815 |  |  | $ | - |  |  | $ | 2,347 |  |  | $ | 7 |  |  | $ | 140 |  |  | $ | 6,467 |
Charge-offs |  |  | (251 | ) |  |  | (191 | ) |  |  | (131 | ) |  |  | (292 | ) |  |  | - |  |  |  | (3 | ) |  |  | - |  |  |  | (248 | ) |  |  | (1,116 | )
Recoveries |  |  | - |  |  |  | - |  |  |  | 13 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 6 |  |  |  | 102 |  |  |  | 124 |
Provision for loan losses |  |  | 609 |  |  |  | 101 |  |  |  | 1,214 |  |  |  | 862 |  |  |  | - |  |  |  | 346 |  |  |  | (7 | ) |  |  | 175 |  |  |  | 3,300 |
Balance at December 31, 2020 |  | $ | 859 |  |  | $ | 181 |  |  | $ | 2,482 |  |  | $ | 2,388 |  |  | $ | - |  |  | $ | 2,690 |  |  | $ | 6 |  |  | $ | 169 |  |  | $ | 8,775 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  | $ | - |  |  | $ | - |  |  | $ | 177 |  |  | $ | 22 |  |  | $ | - |  |  | $ | 67 |  |  | $ | - |  |  | $ | - |  |  | $ | 266 |
Collectively evaluated for loss |  |  | 859 |  |  |  | 181 |  |  |  | 2,305 |  |  |  | 2,366 |  |  |  | - |  |  |  | 2,623 |  |  |  | 6 |  |  |  | 169 |  |  |  | 8,509 |
Total |  | $ | 859 |  |  | $ | 181 |  |  | $ | 2,482 |  |  | $ | 2,388 |  |  | $ | - |  |  | $ | 2,690 |  |  | $ | 6 |  |  | $ | 169 |  |  | $ | 8,775 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  | $ | 914 |  |  | $ | 1,137 |  |  | $ | 8,119 |  |  | $ | 1,639 |  |  | $ | - |  |  | $ | 614 |  |  | $ | 36 |  |  | $ | 3 |  |  | $ | 12,462 |
Collectively evaluated for loss |  |  | 157,070 |  |  |  | 24,969 |  |  |  | 164,188 |  |  |  | 132,408 |  |  |  | 100,084 |  |  |  | 95,918 |  |  |  | 2,296 |  |  |  | 24,119 |  |  |  | 701,052 |
Total |  | $ | 157,984 |  |  | $ | 26,106 |  |  | $ | 172,307 |  |  | $ | 134,047 |  |  | $ | 100,084 |  |  | $ | 96,532 |  |  | $ | 2,332 |  |  | $ | 24,122 |  |  | $ | 713,514 |
(Dollars in thousands) |  |  |
|  | Year ended December 31, 2019 |
|  | One-to-four family residential real estate |  |  | Construction and land |  |  | Commercial real estate |  |  | Commercial loans |  |  | Agriculture loans |  |  | Municipal loans |  |  | Consumer loans |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2019 |  | $ | 449 |  |  | $ | 168 |  |  | $ | 1,686 |  |  | $ | 1,051 |  |  | $ | 2,238 |  |  | $ | 7 |  |  | $ | 166 |  |  | $ | 5,765 |
Charge-offs |  |  | (56 | ) |  |  | (31 | ) |  |  | - |  |  |  | (453 | ) |  |  | - |  |  |  | - |  |  |  | (285 | ) |  |  | (825 | )
Recoveries |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | 53 |  |  |  | - |  |  |  | 6 |  |  |  | 67 |  |  |  | 127 |
Provision for loan losses |  |  | 107 |  |  |  | 134 |  |  |  | (300 | ) |  |  | 1,164 |  |  |  | 109 |  |  |  | (6 | ) |  |  | 192 |  |  |  | 1,400 |
Balance at December 31, 2019 |  | $ | 501 |  |  | $ | 271 |  |  | $ | 1,386 |  |  | $ | 1,815 |  |  | $ | 2,347 |  |  | $ | 7 |  |  | $ | 140 |  |  | $ | 6,467 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  | $ | 129 |  |  | $ | 191 |  |  | $ | 103 |  |  | $ | 204 |  |  | $ | 106 |  |  | $ | - |  |  | $ | - |  |  | $ | 733 |
Collectively evaluated for loss |  |  | 372 |  |  |  | 80 |  |  |  | 1,283 |  |  |  | 1,611 |  |  |  | 2,241 |  |  |  | 7 |  |  |  | 140 |  |  |  | 5,734 |
Total |  | $ | 501 |  |  | $ | 271 |  |  | $ | 1,386 |  |  | $ | 1,815 |  |  | $ | 2,347 |  |  | $ | 7 |  |  | $ | 140 |  |  |  | 6,467 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  | $ | 1,256 |  |  | $ | 1,479 |  |  | $ | 3,461 |  |  | $ | 1,298 |  |  | $ | 1,124 |  |  | $ | 58 |  |  | $ | 4 |  |  | $ | 8,680 |
Collectively evaluated for loss |  |  | 145,249 |  |  |  | 20,980 |  |  |  | 130,040 |  |  |  | 108,314 |  |  |  | 97,434 |  |  |  | 2,598 |  |  |  | 25,097 |  |  |  | 529,712 |
Total |  | $ | 146,505 |  |  | $ | 22,459 |  |  | $ | 133,501 |  |  | $ | 109,612 |  |  | $ | 98,558 |  |  | $ | 2,656 |  |  | $ | 25,101 |  |  | $ | 538,392 |
(Dollars in thousands) |  |  |
|  | Year ended December 31, 2018 |
|  | One-to-four family residential real estate |  |  | Construction and land |  |  | Commercial real estate |  |  | Commercial loans |  |  | Agriculture loans |  |  | Municipal loans |  |  | Consumer loans |  |  | Total |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2018 |  | $ | 542 |  |  | $ | 181 |  |  | $ | 1,540 |  |  | $ | 1,226 |  |  | $ | 1,812 |  |  | $ | 8 |  |  | $ | 150 |  |  | $ | 5,459 |
Charge-offs |  |  | (32 | ) |  |  | - |  |  |  | - |  |  |  | (950 | ) |  |  | - |  |  |  | - |  |  |  | (178 | ) |  |  | (1,160 | )
Recoveries |  |  | 4 |  |  |  | - |  |  |  | 1 |  |  |  | 22 |  |  |  | 1 |  |  |  | 2 |  |  |  | 36 |  |  |  | 66 |
Provision for loan losses |  |  | (65 | ) |  |  | (13 | ) |  |  | 145 |  |  |  | 753 |  |  |  | 425 |  |  |  | (3 | ) |  |  | 158 |  |  |  | 1,400 |
Balance at December 31, 2018 |  | $ | 449 |  |  | $ | 168 |  |  | $ | 1,686 |  |  | $ | 1,051 |  |  | $ | 2,238 |  |  | $ | 7 |  |  | $ | 166 |  |  | $ | 5,765 |
Allowance for loan losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  | $ | 100 |  |  | $ | 103 |  |  | $ | 67 |  |  | $ | 27 |  |  | $ | 13 |  |  | $ | - |  |  | $ | - |  |  | $ | 310 |
Collectively evaluated for loss |  |  | 349 |  |  |  | 65 |  |  |  | 1,619 |  |  |  | 1,024 |  |  |  | 2,225 |  |  |  | 7 |  |  |  | 166 |  |  |  | 5,455 |
Total |  | $ | 449 |  |  | $ | 168 |  |  | $ | 1,686 |  |  | $ | 1,051 |  |  | $ | 2,238 |  |  | $ | 7 |  |  | $ | 166 |  |  |  | 5,765 |
Loan balances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for loss |  | $ | 623 |  |  | $ | 1,808 |  |  | $ | 3,912 |  |  | $ | 1,528 |  |  | $ | 717 |  |  | $ | 58 |  |  | $ | 45 |  |  | $ | 8,691 |
Collectively evaluated for loss |  |  | 136,272 |  |  |  | 18,275 |  |  |  | 135,055 |  |  |  | 72,761 |  |  |  | 95,915 |  |  |  | 2,895 |  |  |  | 25,383 |  |  |  | 486,556 |
Total |  | $ | 136,895 |  |  | $ | 20,083 |  |  | $ | 138,967 |  |  | $ | 74,289 |  |  | $ | 96,632 |  |  | $ | 2,953 |  |  | $ | 25,428 |  |  | $ | 495,247 |
The Company’s impaired loans increased $3.8 million from $8.7 million at December 31, 2019 to $12.5 million at December 31, 2020. The difference between the unpaid contractual principal and the impaired loan balance is a result of charge-offs recorded against impaired loans. The difference in the Company’s non-accrual loan balances and impaired loan balances at December 31, 2020 and December 31, 2019 was related to TDRs that are current and accruing interest, but still classified as impaired. Interest income recognized on a cash basis for impaired loans was immaterial during the years 2020, 2019 and 2018. The following tables present information on impaired loans: Schedule of Impaired Financing Receivables
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2020 |
|  | Unpaid contractual principal |  |  | Impaired loan balance |  |  | Impaired loans without an allowance |  |  | Impaired loans with an allowance |  |  | Related allowance recorded |  |  | Year-to-date average loan balance |  |  | Year-to-date interest income recognized |
One-to-four family residential real estate loans |  | $ | 914 |  |  | $ | 914 |  |  | $ | 914 |  |  | $ | - |  |  | $ | - |  |  | $ | 925 |  |  | $ | 3 |
Construction and land loans |  |  | 2,872 |  |  |  | 1,137 |  |  |  | 1,137 |  |  |  | - |  |  |  | - |  |  |  | 1,211 |  |  |  | 26 |
Commercial real estate loans |  |  | 8,119 |  |  |  | 8,119 |  |  |  | 4,302 |  |  |  | 3,817 |  |  |  | 177 |  |  |  | 8,152 |  |  |  | 8 |
Commercial loans |  |  | 1,990 |  |  |  | 1,639 |  |  |  | 1,543 |  |  |  | 96 |  |  |  | 22 |  |  |  | 1,984 |  |  |  | 43 |
Agriculture loans |  |  | 829 |  |  |  | 614 |  |  |  | 538 |  |  |  | 76 |  |  |  | 67 |  |  |  | 618 |  |  |  | 67 |
Municipal loans |  |  | 36 |  |  |  | 36 |  |  |  | 36 |  |  |  | - |  |  |  | - |  |  |  | 54 |  |  |  | 1 |
Consumer loans |  |  | 3 |  |  |  | 3 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | - |
Total impaired loans |  | $ | 14,763 |  |  | $ | 12,462 |  |  | $ | 8,473 |  |  | $ | 3,989 |  |  | $ | 266 |  |  | $ | 12,948 |  |  | $ | 148 |
|  | As of December 31, 2019 |
|  | Unpaid contractual principal |  |  | Impaired loan balance |  |  | Impaired loans without an allowance |  |  | Impaired loans with an allowance |  |  | Related allowance recorded |  |  | Year-to-date average loan balance |  |  | Year-to-date interest income recognized |
One-to-four family residential real estate loans |  | $ | 1,297 |  |  | $ | 1,256 |  |  | $ | 887 |  |  | $ | 369 |  |  | $ | 129 |  |  | $ | 1,291 |  |  | $ | 10 |
Construction and land loans |  |  | 3,214 |  |  |  | 1,479 |  |  |  | 1,288 |  |  |  | 191 |  |  |  | 191 |  |  |  | 1,631 |  |  |  | 36 |
Commercial real estate loans |  |  | 3,461 |  |  |  | 3,461 |  |  |  | 3,258 |  |  |  | 203 |  |  |  | 103 |  |  |  | 3,489 |  |  |  | 478 |
Commercial loans |  |  | 1,427 |  |  |  | 1,298 |  |  |  | 416 |  |  |  | 882 |  |  |  | 204 |  |  |  | 1,464 |  |  |  | 11 |
Agriculture loans |  |  | 1,339 |  |  |  | 1,124 |  |  |  | 613 |  |  |  | 511 |  |  |  | 106 |  |  |  | 1,166 |  |  |  | 48 |
Municipal loans |  |  | 58 |  |  |  | 58 |  |  |  | 58 |  |  |  | - |  |  |  | - |  |  |  | 58 |  |  |  | 1 |
Consumer loans |  |  | 4 |  |  |  | 4 |  |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | - |
Total impaired loans |  | $ | 10,800 |  |  | $ | 8,680 |  |  | $ | 6,524 |  |  | $ | 2,156 |  |  | $ | 733 |  |  | $ | 9,104 |  |  | $ | 584 |
|  | As of December 31, 2018 |
|  | Unpaid contractual principal |  |  | Impaired loan balance |  |  | Impaired loans without an allowance |  |  | Impaired loans with an allowance |  |  | Related allowance recorded |  |  | Year-to-date average loan balance |  |  | Year-to-date interest income recognized |
One-to-four family residential real estate loans |  | $ | 623 |  |  | $ | 623 |  |  | $ | 413 |  |  | $ | 210 |  |  | $ | 100 |  |  | $ | 640 |  |  | $ | 10 |
Construction and land loans |  |  | 3,543 |  |  |  | 1,808 |  |  |  | 1,383 |  |  |  | 425 |  |  |  | 103 |  |  |  | 2,689 |  |  |  | 53 |
Commercial real estate loans |  |  | 3,912 |  |  |  | 3,912 |  |  |  | 2,120 |  |  |  | 1,792 |  |  |  | 67 |  |  |  | 3,928 |  |  |  | 487 |
Commercial loans |  |  | 1,528 |  |  |  | 1,528 |  |  |  | 1,446 |  |  |  | 82 |  |  |  | 27 |  |  |  | 1,537 |  |  |  | - |
Agriculture loans |  |  | 932 |  |  |  | 717 |  |  |  | 529 |  |  |  | 188 |  |  |  | 13 |  |  |  | 844 |  |  |  | 52 |
Municipal loans |  |  | 58 |  |  |  | 58 |  |  |  | 58 |  |  |  | - |  |  |  | - |  |  |  | 58 |  |  |  | 1 |
Consumer loans |  |  | 45 |  |  |  | 45 |  |  |  | 45 |  |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | - |
Total impaired loans |  | $ | 10,641 |  |  | $ | 8,691 |  |  | $ | 5,994 |  |  | $ | 2,697 |  |  | $ | 310 |  |  | $ | 9,745 |  |  | $ | 603 |
The Company’s key credit quality indicator is a loan’s performance status, defined as accruing or non-accruing. Performing loans are considered to have a lower risk of loss. Non-accrual loans are those which the Company believes have a higher risk of loss. The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of principal or interest is considered doubtful. There were no loans ninety days delinquent and accruing interest at December 31, 2020 or December 31, 2019. The following tables present information on the Company’s past due and non-accrual loans by loan class: Schedule of Past Due Financing Receivables
(Dollars in thousands) |  |  |
|  | As of December 31, 2020 |
|  | 30-59 days delinquent and accruing |  |  | 60-89 days delinquent and accruing |  |  | 90 days or more delinquent and accruing |  |  | Total past due loans accruing |  |  | Non-accrual loans |  |  | Total past due and non-accrual loans |  |  | Total loans not past due |
One-to-four family residential real estate loans |  | $ | 262 |  |  | $ | 185 |  |  | $ | - |  |  | $ | 447 |  |  | $ | 749 |  |  | $ | 1,196 |  |  | $ | 156,788 |
Construction and land loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 694 |  |  |  | 694 |  |  |  | 25,412 |
Commercial real estate loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,119 |  |  |  | 8,119 |  |  |  | 164,188 |
Commercial loans |  |  | 832 |  |  |  | - |  |  |  | - |  |  |  | 832 |  |  |  | 874 |  |  |  | 1,706 |  |  |  | 132,341 |
Paycheck protection program loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,084 |
Agriculture loans |  |  | 206 |  |  |  | 29 |  |  |  | - |  |  |  | 235 |  |  |  | 76 |  |  |  | 311 |  |  |  | 96,221 |
Municipal loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,332 |
Consumer loans |  |  | 15 |  |  |  | 1 |  |  |  | - |  |  |  | 16 |  |  |  | 3 |  |  |  | 19 |  |  |  | 24,103 |
Total |  | $ | 1,315 |  |  | $ | 215 |  |  | $ | - |  |  | $ | 1,530 |  |  | $ | 10,515 |  |  | $ | 12,045 |  |  | $ | 701,469 |
Percent of gross loans |  |  | 0.19 | % |  |  | 0.03 | % |  |  | 0.00 | % |  |  | 0.22 | % |  |  | 1.47 | % |  |  | 1.69 | % |  |  | 98.31 | %
|  | As of December 31, 2019 |
|  | 30-59 days delinquent and accruing |  |  | 60-89 days delinquent and accruing |  |  | 90 days or more delinquent and accruing |  |  | Total past due loans accruing |  |  | Non-accrual loans |  |  | Total past due and non-accrual loans |  |  | Total loans not past due |
One-to-four family residential real estate loans |  | $ | 79 |  |  | $ | 593 |  |  | $ | - |  |  | $ | 672 |  |  | $ | 1,088 |  |  | $ | 1,760 |  |  | $ | 144,745 |
Construction and land loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 898 |  |  |  | 898 |  |  |  | 21,561 |
Commercial real estate loans |  |  | 1,137 |  |  |  | 707 |  |  |  | - |  |  |  | 1,844 |  |  |  | 1,440 |  |  |  | 3,284 |  |  |  | 130,217 |
Commercial loans |  |  | 510 |  |  |  | 68 |  |  |  | - |  |  |  | 578 |  |  |  | 1,270 |  |  |  | 1,848 |  |  |  | 107,764 |
Agriculture loans |  |  | 316 |  |  |  | - |  |  |  | - |  |  |  | 316 |  |  |  | 846 |  |  |  | 1,162 |  |  |  | 97,396 |
Municipal loans |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,656 |
Consumer loans |  |  | 27 |  |  |  | - |  |  |  | - |  |  |  | 27 |  |  |  | 4 |  |  |  | 31 |  |  |  | 25,070 |
Total |  | $ | 2,069 |  |  | $ | 1,368 |  |  | $ | - |  |  | $ | 3,437 |  |  | $ | 5,546 |  |  | $ | 8,983 |  |  | $ | 529,409 |
Percent of gross loans |  |  | 0.39 | % |  |  | 0.25 | % |  |  | 0.00 | % |  |  | 0.64 | % |  |  | 1.03 | % |  |  | 1.67 | % |  |  | 98.33 | %
Under the original terms of the Company’s non-accrual loans, interest earned on such loans for the years 2020, 2019 and 2018, would have increased interest income by $380,000, $230,000 and $254,000, respectively. No interest income related to non-accrual loans was included in interest income for the years ended December 31, 2020, 2019 and 2018. The Company also categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. Non-classified loans generally include those loans that are expected to be repaid in accordance with contractual loan terms. Classified loans are those that are assigned a special mention, substandard or doubtful risk rating using the following definitions: Special Mention: Loans are currently protected by the current net worth and paying capacity of the obligor or of the collateral pledged but potentially weak. These loans constitute an undue and unwarranted credit risk, but not to the point of justifying a classification of substandard. The credit risk may be relatively minor, yet constitutes an unwarranted risk in light of the circumstances surrounding a specific asset. Substandard: Loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The following table provides information on the Company’s risk categories by loan class: Schedule of Risk Categories by Loan Class
|  | As of December 31, 2020 |  |  | As of December 31, 2019 |
(Dollars in thousands) |  | Nonclassified |  |  | Classified |  |  | Nonclassified |  |  | Classified |
One-to-four family residential real estate loans |  | $ | 154,985 |  |  | $ | 2,999 |  |  | $ | 145,311 |  |  | $ | 1,194 |
Construction and land loans |  |  | 25,412 |  |  |  | 694 |  |  |  | 21,560 |  |  |  | 899 |
Commercial real estate loans |  |  | 161,661 |  |  |  | 10,646 |  |  |  | 130,714 |  |  |  | 2,787 |
Commercial loans |  |  | 132,023 |  |  |  | 2,024 |  |  |  | 101,678 |  |  |  | 7,934 |
Paycheck protection program loans |  |  | 100,084 |  |  |  | - |  |  |  | - |  |  |  | - |
Agriculture loans |  |  | 87,662 |  |  |  | 8,870 |  |  |  | 93,259 |  |  |  | 5,299 |
Municipal loans |  |  | 2,332 |  |  |  | - |  |  |  | 2,656 |  |  |  | - |
Consumer loans |  |  | 24,119 |  |  |  | 3 |  |  |  | 25,097 |  |  |  | 4 |
Total |  | $ | 688,278 |  |  | $ | 25,236 |  |  | $ | 520,275 |  |  | $ | 18,117 |
At December 31, 2020, the Company had nine loan relationships consisting of 21 outstanding loans totaling $3.9 million that were classified as TDRs compared to nine relationships consisting of thirteen outstanding loans totaling $3.6 million that were classified as TDRs at December 31, 2019. During 2020, the Company modified the payment terms on an agriculture loan totaling $156,000 and classified the restructuring as a TDR. The loans related to a $1.6 million loan relationship, consisting of two one-to-our family loans, one construction and land loan, two commercial real estate loans and one commercial loan, were classified as TDRs during 2020 after negotiating restructuring agreements with the borrowers. The restructuring included a charge-off of $50,000. The loans related to one commercial loan relationship, with five loans totaling $742,000, were classified as TDRs during 2020, after the payments were modified to interest only. All of the loans classified as TDRs were experiencing financial difficulties prior to the COVID-19 pandemic. An agriculture loan, a commercial real estate loan and a one-to-four family residential real estate loan previously classified as TDRs in 2017, 2015 and 2016, respectively, paid off during 2020. The Company did not classify any loans as TDRs during 2019. A commercial real estate loan previously classified as a TDR in 2014 paid off during 2019. During 2018, the Company classified an agriculture loan totaling $64,000 as a TDR after originating a loan to an existing loan relationship that was classified as a TDR in 2016. As part of the restructuring the borrower paid off three loans previously classified as TDRs. Since the agriculture loan relationship was adequately secured, no impairments were recorded against the principal as of December 31, 2020. The Company also classified a $36,000 commercial loan as a TDR after extending the maturity of the loan during 2018. The commercial loan had a $8,000 impairment recorded against the principal balance as of December 31, 2020. An agriculture loan relationship consisting of two loans that were originally classified as TDRs during 2015 and a municipal loan that was classified as a TDR in 2010 were both paid off in 2018. Subsequently, the Company evaluates each TDR individually and returns the loan to accrual status when a payment history is established after the restructuring and future payments are reasonably assured. There were no loans modified as TDRs for which there was a payment default within 12 months of modification as of December 31, 2020, 2019 and 2018. At December 31, 2020, there was a commitment of $10,000 to lend additional funds on one construction and land loan classified as a TDR. The Company did not record any charge-offs against loans classified as TDRs during 2020 and recorded a credit provision for loan loss of $1,000 against TDRs during 2020. The Company did not record any charge-offs against loans classified as TDRs during 2019 and recorded a credit provision for loan loss of $1,000 against TDRs during 2019. The Company did not record any charge-offs against loans classified as TDRs during 2018 and recorded a credit provision for loan loss of $117,000 against TDRs during 2018. The Company allocated $8,000 and $9,000 of the allowance for loan losses recorded against loans classified as TDRs at December 31, 2020 and 2019, respectively. The following table presents information on loans that were classified as TDRs: Schedule of Troubled Debt Restructurings On Financing Receivables
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2020 |  |  | As of December 31, 2019 |
|  | Number of loans |  |  | Non-accrual balance |  |  | Accruing balance |  |  | Number of loans |  |  | Non-accrual balance |  |  | Accruing balance |
One-to-four family residential real estate loans |  |  | 2 |  |  | $ | - |  |  | $ | 165 |  |  |  | 2 |  |  | $ | - |  |  | $ | 168 |
Construction and land loans |  |  | 5 |  |  |  | 693 |  |  |  | 443 |  |  |  | 4 |  |  |  | 510 |  |  |  | 581 |
Commercial real estate loans |  |  | 2 |  |  |  | 1,227 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 2,021 |
Commercial loans |  |  | 7 |  |  |  | 33 |  |  |  | 765 |  |  |  | 1 |  |  |  | - |  |  |  | 28 |
Agriculture |  |  | 4 |  |  |  | - |  |  |  | 538 |  |  |  | 4 |  |  |  | - |  |  |  | 278 |
Municipal loans |  |  | 1 |  |  |  | - |  |  |  | 36 |  |  |  | 1 |  |  |  | - |  |  |  | 58 |
Total troubled debt restructurings |  |  | 21 |  |  | $ | 1,953 |  |  | $ | 1,947 |  |  |  | 13 |  |  | $ | 510 |  |  | $ | 3,134 |
As of December 31, 2020, the Company had 6 loan modifications on outstanding loan balances of $7.2 million in connection with the COVID-19 pandemic that had not yet returned to contractual terms that, per regulatory guidance, are not deemed to be TDRs. These modifications consisted of payment deferrals that were applied to either the full loan payment or just the principal component. One commercial real estate loan totaling $3.7 million that was modified was also on non-accrual status as of December 31, 2020. Consistent with the CARES Act and Joint Interagency Regulatory Guidance, the Company also entered into short-term forbearance plans and short-term repayment plans on three one-to-four family residential mortgage loans totaling $366,000 as of December 31, 2020, which were not classified as TDRs. The Company had loans and unfunded commitments to directors and officers, and to affiliated parties, at December 31, 2020 and 2019. A summary of such loans is as follows: Schedule of Loan to Directors Officers and Affiliated Parties
(Dollars in thousands) |  | 2020 |
Balance at December 31, 2019 |  | $ | 14,203 |
New loans |  |  | 12,872 |
Repayments |  |  | (10,981 | )
Balance at December 31, 2020 |  | $ | 16,094 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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