Accounting for Certain Loans Acquired in a Transfer

9 Months Ended

Sep. 30, 2018

Accounting for Certain Loans Acquired in a Transfer [Abstract]

Accounting for Certain Loans Acquired in a Transfer

Note 8: Accounting for Certain Loans Acquired in a Transfer

The Company acquired loans in the acquisition of Universal and a few of the transferred loans had evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected.

Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. The Company acquired two loans with evidence of credit deterioration recorded at a fair value of $313,000.

The following table presents the carrying amounts of the acquired loans included in the balance sheet amounts of loans receivable as of September 30, 2018.

	September 30, 2018
Outstanding balance
Real estate
Commercial	$	131,033
Commercial construction and development		9,937
Consumer closed end first mortgage		32,619
Consumer open end and junior liens		8,043
Total real estate loans		181,632
Other loans
Consumer loans
Auto		1,439
Boat/RVs		130
Other		623
Commercial and industrial		12,616
Total other loans		14,808
Total loans	$	196,440
Carrying amount	$	192,864
Allowance		-
Carrying amount net of allowance	$	192,864