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The Company may , under certain circumstances , restructure loans in troubled debt restructurings as a concession to a borrower when the borrower is experiencing financial distress . Formal , standardized loan restructuring programs are not utilized by the Company . Each loan considered for restructuring is evaluated based on customer circumstances and may include modifications to one or more loan provision . Such restructured loans are included in impaired loans but may not necessarily be nonperforming loans . At June 30 , 2021 , the Company had 17 troubled debt restructurings totalling $ 2.8 million . Approximately $ 2.0 million or 14 loans are performing loans , while the remaining loans are on non - accrual status . At March 31 , 2021 , the Company had 18 troubled debt restructurings totalling $ 3.4 million . Approximately $ 2.6 million or 15 loans were performing loans , while the remaining loans were on non - accrual status . The Company realized $ 58 thousand in net recoveries for the quarter ended June 30 , 2021 versus $ 61 thousand in net recoveries for the three months ended March 31 , 2021. During the three months ended June 30 , 2020 , $ 226 thousand in net recoveries were recognized . The amount of provision for loan losses reflects the results of the Bank's analysis used to determine the adequacy of the allowance for loan losses . The Company recorded a provision for loan losses of $ 284 thousand for the quarter ended June 30 , 2021. The Company recognized provision for loan losses of $ 599 thousand and $ 752 thousand for the quarters ended March 31 , 2021 and June 30 , 2020 , respectively . The provision for the quarters ended June 30 , 2021 , March 31 , 2021 and June 30 , 2020 resulted mostly from loan growth during the quarter . The ratio of allowance for loan losses to total loans was 0.92 % at June 30 , 2021 and 0.88 % at March 31 , 2021. The ratio of allowance for loan losses to total loans was 0.81 % at June 30 , 2020. Excluding outstanding PPP loans , the allowance for loan losses as a percentage of total loans was 0.98 % at June 30 , 2021 and March 31 , 2021 and 0.94 % as June 30 , 2020. The ratio of allowance for loan losses to total nonaccrual loans was 182.71 % at June 30 , 2021. The ratio of allowance for loan losses to total nonaccrual loans was 179.82 % and 158.08 % at March 31 , 2021 and June 30 , 2020 , respectively . Management's judgment in determining the level of the allowance is based on evaluations of the collectability of loans while taking into consideration such factors as trends in delinquencies and charge - offs , changes in the nature and volume of the loan portfolio , current economic conditions that may affect a borrower's ability to repay and the value of collateral , overall portfolio quality and review of specific potential losses . The Company is committed to maintaining an allowance at a level that adequately reflects the risk inherent in the loan portfolio . Total Consolidated Assets Total consolidated assets of the Company at June 30 , 2021 were $ 1.22 billion , which represented an increase of $ 34.2 million or 2.9 % from total assets of $ 1.19 billion at March 31 , 2021. At June 30 , 2020 total consolidated assets were $ 1.02 billion . Total loans increased $ 3.5 million from $ 875.0 million at March 31 , 2021 to $ 878.4 million at June 30 , 2021. While net loan growth was relatively flat for the second quarter , loan production remained strong at $ 122.0 million . Furthermore , during the quarter , $ 38.1 million in SBA PPP loans were forgiven and $ 22.6 million in loans were sold . The Company sold $ 4.6 million in mortgage loans on the secondary market and $ 18.0 million of loans from the commercial and consumer loan portfolios . These loan sales resulted in gains of $ 359 thousand . During the second quarter of 2021 , $ 38.1 million in SBA PPP loans were forgiven . Total securities increased $ 2.5 million from $ 175.0 million at March 31 , 2021 , to $ 177.5 million at June 30 , 2021. At June 30 , 2020 total investment securities were $ 146.9 million and total loans were $ 788.9 million . The growth in total loans and total assets was largely due to regular loan portfolio growth as the Company expands lending types and markets . Deposits and Other Borrowings Total deposits increased $ 31.4 million to $ 1.10 billion at June 30 , 2021 from $ 1.07 billion at March 31 , 2021. At June 30 , 2020 total deposits were $ 907.9 million . The growth in deposits was mainly organic growth as we expand and grow into newer market areas . Equity The Company had no outstanding borrowings from the Federal Home Loan Bank of Atlanta at June 30 , 2021 , December 31 , 2020 or June 30 , 2020 . Shareholders ' equity was $ 107.6 million and $ 105.1 million at June 30 , 2021 and March 31 , 2021 , respectively . Shareholders ' equity was $ 101.6 million at June 30 , 2020. The book value of the Company at June 30 , 2021 was $ 31.59 per common share . Total common shares outstanding were 3,437,782 at June 30 , 2021. On July 28 , 2021 , the board of directors