COVID-19 and CARES Act Loan Activities

9 Months Ended

Sep. 30, 2020

COVID-19 and CARES Act Loan Activities [Abstract]

COVID-19 and CARES Act Loan Activities

Note 11 – COVID-19 and CARES Act Loan Activities

We continue working through the COVID-19 pandemic.  Through September 30, 2020, we have approved  3,274 CARES Act loan deferrals totaling $716 million, consisting of 829 commercial loan deferrals totaling $621 million, 500 residential loan deferrals totaling $60 million, and 1,945 consumer loan deferrals totaling $36 million, in addition to 73 serviced loan deferrals, pursuant to Freddie Mac guidelines, totaling $9.2 million.  We also had 189 customers who had previously received CARES Act loan deferrals that have requested payment deferral for a second time.  Those deferrals total $211 million. Five customers have requested payment deferral for a third time. Those deferrals total $1 million. These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act.  Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below. The following table provides additional details regarding the types of deferrals received and the repayment status of those loans.

CARES Act Loan Deferral Status

	Deferrals
	One Time				Two Times				Three Times				Resumed Payments
(dollars in thousands)	Number		Amount		Number		Amount		Number		Amount		Number		Amount
Commercial		829	$	620,509		125	$	203,431		4	$	1,365		617	$	435,296
Mortgage		500		59,660		59		7,026		1		27		290		37,778
Consumer		1,945		35,629		5		81		0		0		1,646		31,171
		3,274	$	715,798		189	$	210,538		5	$	1,392		2,553	$	504,245

Also, we have continued participating in the Paycheck Protection Program (PPP) stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19.  As of September 30, 2020, we have closed 2,962 PPP loans totaling $277.0 million.  Of these, 2,817 are under $350 thousand, 132 are between $350 thousand and $2.0 million, and 13 are over $2.0 million. The PPP program expired on August 8, 2020, and no additional loans may be made under the program.  Loan forgiveness began in August 2020.  In October 2020, the U.S. Small Business Administration (SBA) released an updated loan forgiveness application for PPP loans of $50,000 or less.  We currently have 2,031 PPP loans totaling $37.7 million that fall within this category.  Our customers have begun the loan forgiveness application process; however, the timing regarding SBA forgiveness remains a significant unknown.