Significant Estimates and Concentrations |
9 Months Ended | ||
|---|---|---|---|
Sep. 30, 2022 | |||
| Significant Estimates and Concentrations [Abstract] | |||
| Significant Estimates and Concentrations |
GAAP requires disclosure of certain
significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in Note 6 regarding loans. Current vulnerabilities due
to off-balance sheet credit risk are discussed in Note 11.
As of September 30, 2022, hospitality
loans were 19% of gross total loans with outstanding balances of $233.2 million and unfunded commitments of $20.9 million; energy loans were
14% of gross total loans with outstanding balances of $171.1 million and unfunded commitments of $55.1 million.
The Company evaluates goodwill for
potential goodwill impairment on an annual basis or more often based on consideration if any impairment indicators have occurred. A prolonged strain on the U.S. economy impacting the Company could result in goodwill being partially or fully
impaired. At September 30, 2022, goodwill of $8.1 million was recorded on the consolidated balance sheet.
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