New Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The following are new accounting pronouncements issued by the Financial Accounting Standards Board which will be adopted in future periods:

Accounting Standards Update

Summary of Guidance

Financial Statement Impact

Troubled Debt Restructurings and Vintage Disclosures

Issued March 2022

•Eliminates the accounting guidance for TDR Loans by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty.

•Requires new disclosure of current-period gross charge-offs by year of origination for loans.

•Should be applied prospectively, with the exception of the guidance related to the recognition and measurement of TDR Loans which may be applied by recording a cumulative effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective.

•Effective for all annual and interim periods beginning January 1, 2023, with early adoption permitted.

•We are currently evaluating the impact of adopting this guidance.