Significant Estimates and Concentrations

6 Months Ended

Jun. 30, 2020

Significant Estimates and Concentrations [Abstract]

Significant Estimates and Concentrations

Note 10: Significant Estimates and Concentrations

GAAP requires disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in Note 4 regarding loans. Current vulnerabilities due to off-balance sheet credit risk are discussed in Note 9.

As of June 30, 2020, hospitality loans were 21% of gross total loans with outstanding balances of $179.8 million and unfunded commitments of $53.0 million; energy loans were 11% of gross total loans with outstanding balances of $90.2 million and unfunded commitments of $14.0 million.

The Company evaluates goodwill for potential goodwill impairment on an annual basis or more often based on consideration if any impairment indicators have occurred. A prolonged strain on the U.S. economy impacting the Company could result in goodwill being partially or fully impaired. At June 30, 2020, goodwill of $1.0 million was recorded on the consolidated balance sheet.