Note 21 - Subsequent Events

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

21. Subsequent Events

The Company has evaluated the effect of events that have occurred subsequent to March 31, 2020, through the date of issuance of the Condensed Consolidated Financial Statements, and, based on such evaluation, other than discussion of the COVID-19 pandemic below, the Company believes that there have been no material events during such period that would require recognition in the Condensed Consolidated Financial Statements or disclosure in the Notes to the Condensed Consolidated Financial Statements.

Impact of and Response to the COVID-19 Pandemic

The ongoing COVID-19 global and national health emergency has caused significant disruption in the United States and international economies and financial markets. Although banks have generally been permitted to continue operating, the COVID-19 pandemic has caused disruptions to our business and could cause material disruptions to our business and operations in the future.

Subsequent to March 31, 2020, the Company has continued its efforts to support its customers affected by the pandemic and to maintain asset quality and balance sheet strength, including the following:

• Providing loans through the SBA's Paycheck Protection Program, or “PPP”. As of May 1, 2020, approximately 964 loans totaling $242.7 million have been approved by the Small Business Administration.

• Offering flexible repayment options and a streamlined loan modification process, when appropriate. The Company has implemented modifications on approximately 504 commercial real estate loans loans totaling $978.0 million as of May 1, 2020, which represents 13.4% of the Bank's commercial real estate loans and 46 commercial loans totaling $123.2 million that represented 4.1% of the total commercial loans.

• Approved forbearance requests on approximately 1,094 residential mortgage loans totaling $477.7 million as of May 1, 2020, which represented 11.5% of total residential mortgages.

• Maintaining a broad-based risk management strategy, including tightened underwriting standards, placing limits on originations to high risk industries, and related mitigation strategies by segments.

• The Company has temporarily suspended its stock repurchase program until further notice.

For additional discussion of the impact of and response to the COVID-19 pandemic, please see “Part I, Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations – Recent Developments” and “Part II, Item IA, Risk Factors” below.