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Loans and Allowance for Loan and Lease Losses (Tables) | 12 Months Ended
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Dec. 31, 2021
Allowance For Loan And Lease Losses Writeoffs Net [Abstract] |
Schedule of Loan Portfolio | As of December 31, 2021 and 2020, the composition of the loan portfolio by reporting segment and portfolio segment was as follows:
|  | December 31, 2021 |
|  | Bank |  |  | ALC |  |  | Total |
|  | (Dollars in Thousands) |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | 67,048 |  |  | $ | — |  |  | $ | 67,048 |
Secured by 1-4 family residential properties |  |  | 70,439 |  |  |  | 2,288 |  |  |  | 72,727 |
Secured by multi-family residential properties |  |  | 46,000 |  |  |  | — |  |  |  | 46,000 |
Secured by non-farm, non-residential properties |  |  | 197,901 |  |  |  | — |  |  |  | 197,901 |
Commercial and industrial loans (1) |  |  | 73,947 |  |  |  | — |  |  |  | 73,947 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |
Direct consumer |  |  | 5,972 |  |  |  | 15,717 |  |  |  | 21,689 |
Branch retail |  |  | — |  |  |  | 25,692 |  |  |  | 25,692 |
Indirect sales |  |  | 205,940 |  |  |  | — |  |  |  | 205,940 |
Total loans |  |  | 667,247 |  |  |  | 43,697 |  |  |  | 710,944 |
Less: Unearned interest, fees and deferred cost |  |  | (324 | ) |  |  | 2,918 |  |  |  | 2,594 |
Allowance for loan losses |  |  | 7,038 |  |  |  | 1,282 |  |  |  | 8,320 |
Net loans |  | $ | 660,533 |  |  | $ | 39,497 |  |  | $ | 700,030 |
|  | December 31, 2020 |
|  | Bank |  |  | ALC |  |  | Total |
|  | (Dollars in Thousands) |
Real estate loans: |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | 37,282 |  |  | $ | — |  |  | $ | 37,282 |
Secured by 1-4 family residential properties |  |  | 85,271 |  |  |  | 3,585 |  |  |  | 88,856 |
Secured by multi-family residential properties |  |  | 54,326 |  |  |  | — |  |  |  | 54,326 |
Secured by non-farm, non-residential properties |  |  | 184,528 |  |  |  | — |  |  |  | 184,528 |
Commercial and industrial loans (1) |  |  | 81,735 |  |  |  | — |  |  |  | 81,735 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |
Direct consumer |  |  | 6,344 |  |  |  | 23,444 |  |  |  | 29,788 |
Branch retail |  |  | — |  |  |  | 32,094 |  |  |  | 32,094 |
Indirect sales |  |  | 141,514 |  |  |  | — |  |  |  | 141,514 |
Total loans |  |  | 591,000 |  |  |  | 59,123 |  |  |  | 650,123 |
Less: Unearned interest, fees and deferred cost |  |  | (213 | ) |  |  | 4,492 |  |  |  | 4,279 |
Allowance for loan losses |  |  | 5,917 |  |  |  | 1,553 |  |  |  | 7,470 |
Net loans |  | $ | 585,296 |  |  | $ | 53,078 |  |  | $ | 638,374 |
| (1) | Includes equipment financing leases and PPP loans. As of December 31, 2021 and 2020, equipment financing leases totaled $11.0 million and $7.0 million, respectively. As of December 31, 2021 and 2020, PPP loans totaled $1.7 and $11.9 million, respectively.
Allowance for Loan Losses | The following tables present changes in the allowance for loan and lease losses during the years ended December 31, 2021 and 2020 and the related loan balances by loan type as of December 31, 2021 and 2020:
|  | As of and for the Year Ended December 31, 2021 |
|  | Construction, Land Development, and Other |  |  | 1-4 Family |  |  | Real Estate Multi- Family |  |  | Non- Farm Non- Residential |  |  | Commercial and Industrial |  |  | Direct Consumer |  |  | Branch Retail |  |  | Indirect Sales |  |  | Total |
|  | (Dollars in Thousands) |  |  |  |  |
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 393 |  |  | $ | 639 |  |  | $ | 577 |  |  | $ | 1,566 |  |  | $ | 1,008 |  |  | $ | 1,202 |  |  | $ | 373 |  |  | $ | 1,712 |  |  | $ | 7,470 |
Charge-offs |  |  | (23 | ) |  |  | (12 | ) |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | (1,230 | ) |  |  | (377 | ) |  |  | (483 | ) |  |  | (2,131 | )
Recoveries |  |  | 22 |  |  |  | 14 |  |  |  | — |  |  |  | 5 |  |  |  | 21 |  |  |  | 626 |  |  |  | 215 |  |  |  | 68 |  |  |  | 971 |
Provision |  |  | 236 |  |  |  | 49 |  |  |  | (140 | ) |  |  | 387 |  |  |  | (163 | ) |  |  | 406 |  |  |  | 93 |  |  |  | 1,142 |  |  |  | 2,010 |
Ending balance |  | $ | 628 |  |  | $ | 690 |  |  | $ | 437 |  |  | $ | 1,958 |  |  | $ | 860 |  |  | $ | 1,004 |  |  | $ | 304 |  |  | $ | 2,439 |  |  | $ | 8,320 |
Ending balance of allowance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 57 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 67 |
Collectively evaluated for impairment |  |  | 628 |  |  |  | 680 |  |  |  | 437 |  |  |  | 1,958 |  |  |  | 803 |  |  |  | 1,004 |  |  |  | 304 |  |  |  | 2,439 |  |  |  | 8,253 |
Total allowance for loan and lease losses |  | $ | 628 |  |  | $ | 690 |  |  | $ | 437 |  |  | $ | 1,958 |  |  | $ | 860 |  |  | $ | 1,004 |  |  | $ | 304 |  |  | $ | 2,439 |  |  | $ | 8,320 |
Ending balance of loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | 646 |  |  | $ | — |  |  | $ | 1,051 |  |  | $ | 880 |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,598 |
Collectively evaluated for impairment |  |  | 67,048 |  |  |  | 72,081 |  |  |  | 46,000 |  |  |  | 196,850 |  |  |  | 73,067 |  |  |  | 21,668 |  |  |  | 25,692 |  |  |  | 205,940 |  |  |  | 708,346 |
Total loans receivable |  | $ | 67,048 |  |  | $ | 72,727 |  |  | $ | 46,000 |  |  | $ | 197,901 |  |  | $ | 73,947 |  |  | $ | 21,689 |  |  | $ | 25,692 |  |  | $ | 205,940 |  |  | $ | 710,944 |
|  | As of and for the Year Ended December 31, 2020 |
|  | Construction, Land Development, and Other |  |  | 1-4 Family |  |  | Real Estate Multi- Family |  |  | Non- Farm Non- Residential |  |  | Commercial and Industrial |  |  | Direct Consumer |  |  | Branch Retail |  |  | Indirect Sales |  |  | Total |
|  | (Dollars in Thousands) |
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 197 |  |  | $ | 466 |  |  | $ | 422 |  |  | $ | 964 |  |  | $ | 1,377 |  |  | $ | 1,625 |  |  | $ | 395 |  |  | $ | 316 |  |  | $ | 5,762 |
Charge-offs |  |  | — |  |  |  | (61 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,621 | ) |  |  | (374 | ) |  |  | (152 | ) |  |  | (2,208 | )
Recoveries |  |  | — |  |  |  | 22 |  |  |  | — |  |  |  | 14 |  |  |  | 10 |  |  |  | 725 |  |  |  | 186 |  |  |  | 14 |  |  |  | 971 |
Provision |  |  | 196 |  |  |  | 212 |  |  |  | 155 |  |  |  | 588 |  |  |  | (379 | ) |  |  | 473 |  |  |  | 166 |  |  |  | 1,534 |  |  |  | 2,945 |
Ending balance |  | $ | 393 |  |  | $ | 639 |  |  | $ | 577 |  |  | $ | 1,566 |  |  | $ | 1,008 |  |  | $ | 1,202 |  |  | $ | 373 |  |  | $ | 1,712 |  |  | $ | 7,470 |
Ending balance of allowance attributable to loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 61 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 74 |
Collectively evaluated for impairment |  |  | 393 |  |  |  | 627 |  |  |  | 577 |  |  |  | 1,566 |  |  |  | 947 |  |  |  | 1,201 |  |  |  | 373 |  |  |  | 1,712 |  |  |  | 7,396 |
Total allowance for loan and lease losses |  | $ | 393 |  |  | $ | 639 |  |  | $ | 577 |  |  | $ | 1,566 |  |  | $ | 1,008 |  |  | $ | 1,202 |  |  | $ | 373 |  |  | $ | 1,712 |  |  | $ | 7,470 |
Ending balance of loans receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment |  | $ | — |  |  | $ | 743 |  |  | $ | — |  |  | $ | 5,594 |  |  | $ | 590 |  |  | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,951 |
Collectively evaluated for impairment |  |  | 37,282 |  |  |  | 87,953 |  |  |  | 54,326 |  |  |  | 178,934 |  |  |  | 81,145 |  |  |  | 29,764 |  |  |  | 32,094 |  |  |  | 141,514 |  |  |  | 643,012 |
Loans acquired with deteriorated credit quality |  |  | — |  |  |  | 160 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 160 |
Total loans receivable |  | $ | 37,282 |  |  | $ | 88,856 |  |  | $ | 54,326 |  |  | $ | 184,528 |  |  | $ | 81,735 |  |  | $ | 29,788 |  |  | $ | 32,094 |  |  | $ | 141,514 |  |  | $ | 650,123 |
Loans By Credit Quality Indicators | The tables below illustrate the carrying amount of loans by credit quality indicator as of December 31, 2021:
|  | December 31, 2021 |
|  | Pass 1-5 |  |  | Special Mention 6 |  |  | Substandard 7 |  |  | Total |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | 67,046 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 67,048 |
Secured by multi-family residential properties |  |  | 43,472 |  |  |  | 2,528 |  |  |  | — |  |  |  | 46,000 |
Secured by non-farm, non-residential properties |  |  | 189,425 |  |  |  | 7,442 |  |  |  | 1,034 |  |  |  | 197,901 |
Commercial and industrial loans |  |  | 72,116 |  |  |  | 333 |  |  |  | 1,498 |  |  |  | 73,947 |
Total |  | $ | 372,059 |  |  | $ | 10,303 |  |  | $ | 2,534 |  |  | $ | 384,896 |
As a percentage of total loans |  |  | 96.66 | % |  |  | 2.68 | % |  |  | 0.66 | % |  |  | 100.00 | %
|  | December 31, 2021 |
|  | Performing |  |  | Nonperforming |  |  | Total |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |
Secured by 1-4 family residential properties |  | $ | 71,526 |  |  | $ | 1,201 |  |  | $ | 72,727 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |
Direct consumer |  |  | 20,939 |  |  |  | 750 |  |  |  | 21,689 |
Branch retail |  |  | 25,486 |  |  |  | 206 |  |  |  | 25,692 |
Indirect sales |  |  | 205,940 |  |  |  | — |  |  |  | 205,940 |
Total |  | $ | 323,891 |  |  | $ | 2,157 |  |  | $ | 326,048 |
As a percentage of total loans |  |  | 99.34 | % |  |  | 0.66 | % |  |  | 100.00 | %
The tables below illustrate the carrying amount of loans by credit quality indicator as of December 31, 2020:
|  | December 31, 2020 |
|  | Pass 1-5 |  |  | Special Mention 6 |  |  | Substandard 7 |  |  | Total |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | 36,719 |  |  | $ | 558 |  |  | $ | 5 |  |  | $ | 37,282 |
Secured by multi-family residential properties |  |  | 54,326 |  |  |  | — |  |  |  | — |  |  |  | 54,326 |
Secured by non-farm, non-residential properties |  |  | 170,338 |  |  |  | 8,572 |  |  |  | 5,618 |  |  |  | 184,528 |
Commercial and industrial loans |  |  | 79,754 |  |  |  | 542 |  |  |  | 1,439 |  |  |  | 81,735 |
Total |  | $ | 341,137 |  |  | $ | 9,672 |  |  | $ | 7,062 |  |  | $ | 357,871 |
As a percentage of total loans |  |  | 95.33 | % |  |  | 2.70 | % |  |  | 1.97 | % |  |  | 100.00 | %
|  | December 31, 2020 |
|  | Performing |  |  | Nonperforming |  |  | Total |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |
Secured by 1-4 family residential properties |  | $ | 86,665 |  |  | $ | 2,191 |  |  | $ | 88,856 |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |
Direct consumer |  |  | 29,679 |  |  |  | 109 |  |  |  | 29,788 |
Branch retail |  |  | 31,816 |  |  |  | 278 |  |  |  | 32,094 |
Indirect sales |  |  | 141,514 |  |  |  | — |  |  |  | 141,514 |
Total |  | $ | 289,674 |  |  | $ | 2,578 |  |  | $ | 292,252 |
As a percentage of total loans |  |  | 99.12 | % |  |  | 0.88 | % |  |  | 100.00 | %
Aging Analysis of Past Due Loans | The following table provides an aging analysis of past due loans by class as of December 31, 2021:
|  | As of December 31, 2021 |
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days Or Greater |  |  | Total Past Due |  |  | Current |  |  | Total Loans |  |  | Recorded Investment > 90 Days And Accruing |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 67,048 |  |  | $ | 67,048 |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 349 |  |  |  | 23 |  |  |  | 20 |  |  |  | 392 |  |  |  | 72,335 |  |  |  | 72,727 |  |  |  | — |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 46,000 |  |  |  | 46,000 |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 403 |  |  |  | — |  |  |  | — |  |  |  | 403 |  |  |  | 197,498 |  |  |  | 197,901 |  |  |  | — |
Commercial and industrial loans |  |  | 54 |  |  |  | — |  |  |  | 234 |  |  |  | 288 |  |  |  | 73,659 |  |  |  | 73,947 |  |  |  | — |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct consumer |  |  | 652 |  |  |  | 589 |  |  |  | 730 |  |  |  | 1,971 |  |  |  | 19,718 |  |  |  | 21,689 |  |  |  | — |
Branch retail |  |  | 377 |  |  |  | 182 |  |  |  | 206 |  |  |  | 765 |  |  |  | 24,927 |  |  |  | 25,692 |  |  |  |  |
Indirect sales |  |  | 43 |  |  |  | 14 |  |  |  | — |  |  |  | 57 |  |  |  | 205,883 |  |  |  | 205,940 |  |  |  | — |
Total |  | $ | 1,878 |  |  | $ | 808 |  |  | $ | 1,190 |  |  | $ | 3,876 |  |  | $ | 707,068 |  |  | $ | 710,944 |  |  | $ | — |
As a percentage of total loans |  |  | 0.27 | % |  |  | 0.11 | % |  |  | 0.17 | % |  |  | 0.55 | % |  |  | 99.45 | % |  |  | 100.00 | % |  |  |  |
The following table provides an aging analysis of past due loans by class as of December 31, 2020:
|  | As of December 31, 2020 |
|  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90 Days Or Greater |  |  | Total Past Due |  |  | Current |  |  | Total Loans |  |  | Recorded Investment > 90 Days And Accruing |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 37,282 |  |  | $ | 37,282 |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 799 |  |  |  | 244 |  |  |  | 72 |  |  |  | 1,115 |  |  |  | 87,741 |  |  |  | 88,856 |  |  |  | — |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 54,326 |  |  |  | 54,326 |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 287 |  |  |  | — |  |  |  | 1,337 |  |  |  | 1,624 |  |  |  | 182,904 |  |  |  | 184,528 |  |  |  | — |
Commercial and industrial loans |  |  | 683 |  |  |  | 561 |  |  |  | — |  |  |  | 1,244 |  |  |  | 80,491 |  |  |  | 81,735 |  |  |  | — |
Consumer loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct consumer |  |  | 257 |  |  |  | 191 |  |  |  | 214 |  |  |  | 662 |  |  |  | 29,126 |  |  |  | 29,788 |  |  |  | — |
Branch retail |  |  | 176 |  |  |  | 61 |  |  |  | 144 |  |  |  | 381 |  |  |  | 31,713 |  |  |  | 32,094 |  |  |  |  |
Indirect sales |  |  | 234 |  |  |  | 39 |  |  |  | 49 |  |  |  | 322 |  |  |  | 141,192 |  |  |  | 141,514 |  |  |  | — |
Total |  | $ | 2,436 |  |  | $ | 1,096 |  |  | $ | 1,816 |  |  | $ | 5,348 |  |  | $ | 644,775 |  |  | $ | 650,123 |  |  | $ | — |
As a percentage of total loans |  |  | 0.37 | % |  |  | 0.17 | % |  |  | 0.28 | % |  |  | 0.82 | % |  |  | 99.18 | % |  |  | 100.00 | % |  |  |  |
Non-accruing Loans | The following table provides an analysis of non-accruing loans by class as of December 31, 2021 and 2020:
|  | Loans on Non-Accrual Status |
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | 2 |  |  | $ | 12 |
Secured by 1-4 family residential properties |  |  | 780 |  |  |  | 1,248 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | — |  |  |  | 1,340 |
Commercial and industrial loans |  |  | 277 |  |  |  | 74 |
Consumer loans: |  |  |  |  |  |  |  |
Direct consumer |  |  | 743 |  |  |  | 219 |
Branch retail |  |  | 206 |  |  |  | 144 |
Indirect sales |  |  | — |  |  |  | 49 |
Total loans |  | $ | 2,008 |  |  | $ | 3,086 |
Impaired Loans | As of December 31, 2021, the carrying amount of the Company’s impaired loans consisted of the following:
|  | December 31, 2021 |
|  | Carrying Amount |  |  | Unpaid Principal Balance |  |  | Related Allowances |
|  | (Dollars in Thousands) |
Impaired loans with no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 630 |  |  |  | 630 |  |  |  | — |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 1,051 |  |  |  | 1,051 |  |  |  | — |
Commercial and industrial |  |  | 823 |  |  |  | 823 |  |  |  | — |
Direct consumer |  |  | 21 |  |  |  | 21 |  |  |  | — |
Total impaired loans with no related allowance recorded |  | $ | 2,525 |  |  | $ | 2,525 |  |  | $ | — |
Impaired loans with an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 16 |  |  |  | 16 |  |  |  | 10 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  | 57 |  |  |  | 57 |  |  |  | 57 |
Direct consumer |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with an allowance recorded |  | $ | 73 |  |  | $ | 73 |  |  | $ | 67 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 646 |  |  |  | 646 |  |  |  | 10 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 1,051 |  |  |  | 1,051 |  |  |  | — |
Commercial and industrial |  |  | 880 |  |  |  | 880 |  |  |  | 57 |
Direct consumer |  |  | 21 |  |  |  | 21 |  |  |  | — |
Total impaired loans |  | $ | 2,598 |  |  | $ | 2,598 |  |  | $ | 67 |
As of December 31, 2020, the carrying amount of the Company’s impaired loans consisted of the following:
|  | December 31, 2020 |
|  | Carrying Amount |  |  | Unpaid Principal Balance |  |  | Related Allowances |
|  | (Dollars in Thousands) |
Impaired loans with no related allowance recorded |  |  |  |  |  |  |  |  |  |  |  |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 885 |  |  |  | 885 |  |  |  | — |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 5,594 |  |  |  | 5,594 |  |  |  | — |
Commercial and industrial |  |  | 530 |  |  |  | 530 |  |  |  | — |
Direct consumer |  |  | — |  |  |  | — |  |  |  | — |
Total impaired loans with no related allowance recorded |  | $ | 7,009 |  |  | $ | 7,009 |  |  | $ | — |
Impaired loans with an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 18 |  |  |  | 18 |  |  |  | 12 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | — |  |  |  | — |  |  |  | — |
Commercial and industrial |  |  | 60 |  |  |  | 60 |  |  |  | 61 |
Direct consumer |  |  | 24 |  |  |  | 24 |  |  |  | 1 |
Total impaired loans with an allowance recorded |  | $ | 102 |  |  | $ | 102 |  |  | $ | 74 |
Total impaired loans |  |  |  |  |  |  |  |  |  |  |  |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 903 |  |  |  | 903 |  |  |  | 12 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 5,594 |  |  |  | 5,594 |  |  |  | — |
Commercial and industrial |  |  | 590 |  |  |  | 590 |  |  |  | 61 |
Direct consumer |  |  | 24 |  |  |  | 24 |  |  |  | 1 |
Total impaired loans |  | $ | 7,111 |  |  | $ | 7,111 |  |  | $ | 74 |
The average net investment in impaired loans and interest income recognized and received on impaired loans during the years ended December 31, 2021 and 2020 was as follows:
|  | Year Ended December 31, 2021 |
|  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Interest Income Received |
|  | (Dollars in Thousands) |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 773 |  |  |  | 31 |  |  |  | 31 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 2,377 |  |  |  | 140 |  |  |  | 108 |
Commercial and industrial |  |  | 637 |  |  |  | 61 |  |  |  | 40 |
Direct consumer |  |  | 22 |  |  |  | 9 |  |  |  | 2 |
Total |  | $ | 3,809 |  |  | $ | 241 |  |  | $ | 181 |
|  | Year Ended December 31, 2020 |
|  | Average Recorded Investment |  |  | Interest Income Recognized |  |  | Interest Income Received |
|  | (Dollars in Thousands) |
Loans secured by real estate |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  | $ | — |  |  | $ | — |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 923 |  |  |  | 10 |  |  |  | 10 |
Secured by multi-family residential properties |  |  | — |  |  |  | — |  |  |  | — |
Secured by non-farm, non-residential properties |  |  | 2,467 |  |  |  | 28 |  |  |  | 28 |
Commercial and industrial |  |  | 118 |  |  |  | 7 |  |  |  | 7 |
Direct consumer |  |  | 25 |  |  |  | 1 |  |  |  | 2 |
Total |  | $ | 3,533 |  |  | $ | 46 |  |  | $ | 47 |
Loans Modified in a Troubled Debt Restructuring | The following table provides, as of December 31, 2021 and 2020, the number of loans remaining in each loan category that the Company had previously modified in a troubled debt restructuring, as well as the pre- and post-modification principal balance as of each date.
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Number of Loans |  |  | Pre- Modification Outstanding Principal Balance |  |  | Post- Modification Principal Balance |  |  | Number of Loans |  |  | Pre- Modification Outstanding Principal Balance |  |  | Post- Modification Principal Balance |
|  | (Dollars in Thousands) |
Loans secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction, land development and other land loans |  |  | 1 |  |  | $ | 107 |  |  | $ | — |  |  |  | 1 |  |  | $ | 107 |  |  | $ | — |
Secured by 1-4 family residential properties |  |  | 2 |  |  |  | 59 |  |  |  | 12 |  |  |  | 2 |  |  |  | 59 |  |  |  | 12 |
Secured by non-farm, non-residential properties |  |  | 2 |  |  |  | 621 |  |  |  | 617 |  |  |  | — |  |  |  | — |  |  |  | — |
Commercial loans |  |  | 2 |  |  |  | 116 |  |  |  | 31 |  |  |  | 2 |  |  |  | 116 |  |  |  | 39 |
Total |  |  | 7 |  |  | $ | 903 |  |  | $ | 660 |  |  |  | 5 |  |  | $ | 282 |  |  | $ | 51 |

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