COVID-19 and CARES Act Loan Activities

9 Months Ended

Sep. 30, 2021

COVID-19 and CARES Act Loan Activities [Abstract]

COVID-19 and CARES Act Loan Activities

Note 11 – COVID-19 and CARES Act Loan Activities

We continue working with our customers through the COVID-19 pandemic.  At September 30, 2021, the number of customers with CARES Act deferrals reduced to 27 for a total outstanding amount of $15.8 million.  The majority of our CARES Act deferrals have been 90 day deferrals.  Total outstanding deferrals include 6 commercial loan deferrals with a total outstanding amount of $14.3 million, 17 residential loan deferrals with a total outstanding amount of $1.4 million, and 4 consumer loan deferrals with a total outstanding amount of $0.1 million. These loan deferrals and modifications have been executed consistent with the guidelines of the CARES Act.  Pursuant to the CARES Act, these loan deferrals are not included in our nonperforming loans disclosed below.

At September 30, 2021, we had closed 6,312 Paycheck Protection Program (PPP) loans totaling $401.3 million, including 3,352 loans totaling $124.3 million stemming from the Consolidated Appropriations Act 2021 (second round).  Through September 30, 2021, we have had 4,730 of our PPP loans totaling $297.7 million forgiven by the SBA, and repaid to CTB, including 1,877 loans totaling $35.9 million from the second round.