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TROUBLED DEBT RESTRUCTURINGS

12 Months Ended

Dec. 31, 2019

NOTE 8 TROUBLED DEBT RESTRUCTURINGS

At December 31, 2019, loans classified as troubled debt restructurings totaled $4.3 million compared to $5.4 million at December 31, 2018. The following table presents information related to loans modified as troubled debt restructurings during the years ended December 31, 2019 and 2018.

	December 31, 2019					December 31, 2018
(Dollars are in thousa	# of Loans		Pre-Mod. Recorded Investment		Post-Mod. Recorded Investment	# of Loans		Pre-Mod. Recorded Investment		Post-Mod. Recorded Investment
Real estate secured:
Commercial	1	$	150	$	150	-	$	-	$	-
Construction and land Development	-		-		-	-		-		-
Residential 1-4 family	-		-		-	-		-		-
Multifamily	-		-		-	-		-		-
Farmland	1		305		305	-		-		-
Total real estate loans	2		455		455	-		-		-
Commercial	-		-		-	-		-		-
Agriculture	-		-		-	-		-		-
Consumer installment loans	-		-		-	-		-		-
All other loans	-		-		-	-		-		-
Total	2	$	455	$	455	-	$	-	$	-

During the year ended December 31, 2019, the Company modified the terms of two loans for which the modification was considered to be a troubled debt restructuring. The interest rate was not modified on these loans; however, the payment terms and maturity date were changed. During the year ended December 31, 2018, the Company did not modify any loans that were considered to be troubled debt restructurings.

Two loans modified as troubled debt restructurings defaulted during the year ended December 31, 2019. No loans modified as troubled debt restructurings defaulted during the year ended December 31, 2018. Generally, a troubled debt restructuring is considered to be in default once it becomes 90 days or more past due following a modification.

When determining the level of the allowance for loan losses, management considers troubled debt restructurings and subsequent defaults in these restructurings in its estimate. The Company evaluates all troubled debt restructurings for possible further impairment. As a result, the allowance may be increased, adjustments may be made in the allocation of the allowance, or charge-offs may be taken to further write down the carrying value of the loan.