Significant Estimates and Concentrations

9 Months Ended

Sep. 30, 2022

Significant Estimates and Concentrations [Abstract]

Significant Estimates and Concentrations

Note 12: 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.