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New Accounting Standards (Policies)
3 Months Ended
Mar. 31, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]  
Accounting Standards Updates (''ASU'')

Accounting Standards Updates (“ASU”)

 

ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of an existing loan. Additionally, ASU 2022-02 requires entities disclose current-period gross charge-offs by year of origination. ASU 2022-02 will be effective for the Company on January 1, 2023 and is not expected to have a significant impact on the Company’s financial statements.

 

ASU 2020-04, "Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting – ASC Topic 848". ASU 2020-04 became effective for the Company on January 1, 2022, which provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Prior to the end of 2021, the Company began transitioning away from LIBOR to Secured Overnight Financing Rate (“SOFR”) or other alternative variable rate indexes for its interest-rate swaps and loans historically using LIBOR as an index. As of March 31, 2022 and December 31, 2021, LIBOR was used as an index rate for the Company’s interest-rate swaps and approximately 6.7% and 11.4% of the Company’s loan portfolio, respectively. ASU 2020-04 became effective for the Company on January 1, 2022 and did not have a significant impact on the Company’s financial statements.