Provision for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Provision For Credit Losses

Schedule of Loan Loss Reserve

The following table identifies the loan loss reserve for the period ending December 31, :

		2023		2022
General Loan Portfolio Reserve	$	194,000	$	145,000
Specific Loan Reserves	$	5,916,000	$	896,000
Total	$	6,110,000	$	1,041,000

Schedule of Allowance for Doubtful Accounts and Loan Loss Reserve

Changes in the allowance for doubtful accounts and loan loss reserve were as follows:  

	Allowance for credit losses			Loan loss reserve		Total
Balance at January 1, 2022	$	20,000		$	-	$	20,000
Adoption of CECL		-			1,041,000		1,041,000
Bad debt expense		9,000			-		9,000
Write-offs		-			-		-
Recoveries		-			-		-
Balance at December 31, 2022		29,000			1,041,000		1,070,000
Bad debt expense		2,000			5,069,000		5,071,000
Write-offs		3,500,000			-		3,500,000
Recoveries		(1,037,000	)		-		(1,037,000	)
Balance at December 31, 2023	$	2,494,000		$	6,110,000	$	8,604,000