Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

The Company evaluated its March 31, 2020 consolidated financial statements for subsequent events through the date the consolidated financial statements were issued.  A planned sale by the Bank of approximately $825 million of commercial real estate loans scheduled for April 2020 was not consummated by the purchaser.  The purchaser had deposited $12.5 million with the Bank, which was to be forfeited should they not consummate the purchase.  The Company has been advised and has concluded that, under the relevant circumstances, the Bank is entitled to retain the deposit.  The Bank intends to recognize the deposit as income in a time and manner consistent with applicable accounting rules.

The Paycheck Protection Program provides for our making loans as an SBA lender which are fully guaranteed by the U.S. government to allow businesses to continue funding their payrolls and related costs . As of April 28, 2020, we have originated approximately 1,250 Paycheck Protection Program loans, totaling in excess of $200 million, which we expect will generate approximately $5.5 million of fees and interest.  We believe that income will be recognized primarily in the second quarter of 2020.  The average loan size was approximately $165,000 with 92% of the loans under $350,000.