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Linda Ward · May 20, 2020 at 4:16 pm
"Mr. Ewing added: “Even though the bank only had one past due and one non-performing loan as of March 31, 2020, adjustments to the environmental factors in our loan loss reserve calculation resulted in an increase of 10 basis points to the loan loss reserve percentage compared to the fourth quarter 2019 calculation and a total provision of $263,458 for the quarter.
“At the same time, we reached out to our loan customers who had been impacted by the economic shutdown to offer our assistance in the form of loan forbearances, which resulted in 55 loan deferrals totaling $18.6 million or 9 percent of our loan portfolio receiving payment deferrals.”
Oak View also participated in the Small Business Administration Payroll Protection Program, helping more than 300 small businesses to get more than $24 million in forgivable loans under the government program."
What? And Oh. And good!