Significant Estimates and Concentrations

12 Months Ended

Dec. 31, 2020

Significant Estimates and Concentrations [Abstract]

Significant Estimates and Concentrations

Note 17: 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 December 31, 2020, hospitality loans were 23% of gross total loans with outstanding balances of $194.3 million and unfunded commitments of $65.0 million; energy loans were 12% of gross total loans with outstanding balances of $101.9 million and unfunded commitments of $10.7 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 December 31, 2020, goodwill of $1.0 million was recorded on the consolidated balance sheet.