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RECENT ACCOUNTING PRONOUNCEMENTS (Tables) | 9 Months Ended
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Sep. 30, 2021
RECENT ACCOUNTING PRONOUNCEMENTS |
Cumulative effect of of adopting ASC 326 to retained earnings | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | CECL | ​ | ​
​ | ​ | December 31, 2020 | ​ | Adoption Impact | ​ | January 1, 2021
(dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans Secured by Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Construction and land | ​ | $ | 10 | ​ | $ | 16 | ​ | $ | 26
Farmland | ​ | ​ | 2 | ​ | ​ | 9 | ​ | ​ | 11
Single-family residential | ​ | ​ | 512 | ​ | ​ | 854 | ​ | ​ | 1,366
Multi-family | ​ | ​ | 39 | ​ | ​ | 63 | ​ | ​ | 102
Commercial | ​ | ​ | 218 | ​ | ​ | 199 | ​ | ​ | 417
Total loans secured by real estate | ​ | ​ | 781 | ​ | ​ | 1,141 | ​ | ​ | 1,922
Commercial and Industrial | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial and industrial | ​ | ​ | 67 | ​ | ​ | 120 | ​ | ​ | 187
SBA guaranty | ​ | ​ | 48 | ​ | ​ | (6) | ​ | ​ | 42
Total commercial and industrial loans | ​ | ​ | 115 | ​ | ​ | 114 | ​ | ​ | 229
Consumer Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consumer | ​ | ​ | 11 | ​ | ​ | 46 | ​ | ​ | 57
Automobile | ​ | ​ | 569 | ​ | ​ | 273 | ​ | ​ | 842
Total consumer loans | ​ | ​ | 580 | ​ | ​ | 319 | ​ | ​ | 899
Total allowance for loan losses | ​ | ​ | 1,476 | ​ | ​ | 1,574 | ​ | ​ | 3,050
Reserve for unfunded commitments | ​ | ​ | 33 | ​ | ​ | 457 | ​ | ​ | 490
Total allowance for credit losses | ​ | $ | 1,509 | ​ | $ | 2,031 | ​ | $ | 3,540
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retained earnings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total pre-tax impact | ​ | ​ | ​ | ​ | $ | 2,031 | ​ | ​ | ​
Tax effect | ​ | ​ | ​ | ​ | ​ | (559) | ​ | ​ | ​
Decrease to retained earnings | ​ | ​ | ​ | ​ | $ | 1,472 | ​ | ​ | ​

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