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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
Accounting Policies [Abstract] |
Schedule of useful lives for premises and equipment | The ranges of estimated useful lives for the principal classes of assets are as follows:
Premises and Equipment |  | Useful Lives
Buildings |  | 25 years
Furniture, fixtures and equipment, and building improvements |  | 3 to 7 years
Leasehold improvements |  | Term of lease or useful life, whichever is shorter
Schedule of new accounting pronouncements adopted and recent accounting pronouncements | New Accounting Pronouncements Adopted in 2021
Standard | Required Date of Adoption | Description | Effect on Financial Statements |  |  |
Standards Adopted in 2021 |  |  |
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | January 1, 2021 Early adoption is permitted on January 1, 2020. | This ASU simplifies the accounting for income taxes by removing certain exceptions to the existing guidance. This includes removing exceptions to: 1) the incremental approach for intraperiod tax allocation, 2) the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) the ability not to recognize a deferred tax liability when a foreign equity method investment becomes a subsidiary, and 4) the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. In addition, this ASU simplifies the accounting for income taxes related to franchise taxes, the tax basis of goodwill and the method for recognizing an enacted change in tax laws. This ASU also specifies that an entity is not required to allocate the consolidated amount of tax expense to a legal entity that is not subject to tax in its separate financial statements. This ASU also makes improvements in the accounting for income taxes related to employee stock ownership plans and equity method investments in qualified affordable housing projects. This guidance should be applied on either a retrospective, modified retrospective or prospective basis depending on the amendments. | The Company adopted this guidance on January 1, 2021 using the transition guidance prescribed by this ASU. At the time of adoption, this guidance did not have a material impact on the Company’s Consolidated Financial Statements. |  |  |
ASU 2020-01, Clarifying the Interactions between Investments —Equity Securities (Topic 321), Investments —Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) | Effective for fiscal years beginning after December 15, 2020. | ASU 2020-01 clarifies that when applying the measurement alternative in Topic 321, the existing investment must be remeasured at fair value as of the date that the observable transaction occurred. This guidance also clarifies that companies are not required to assess whether the underlying securities in certain forward contracts and purchased options would be accounted for under the equity method or fair value option when determining the method of accounting for those contracts. This guidance should be applied on a prospective basis. | The Company adopted this standard on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. |  |  |
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and subsequent related ASU 2021-01, Reference Rate Reform (Topic 848): Scope | Effective for all entities from the dates of issuance through December 31, 2022. | In March 2020, the FASB issued an ASU related to contracts or hedging relationships that reference London Interbank Offered Rate (“LIBOR”) or other reference rates that are expected to be discontinued due to reference rate reform. This ASU provides temporary optional expedients and exceptions regarding the accounting requirements related to the modification of certain contracts, hedging relationships and other transactions that are affected by the reference rate reform. The guidance permits the Company to make a one-time election to sell and/or transfer qualifying held-to-maturity securities, and not to apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationships and the assessment of hedge effectiveness during the transition period. This one-time election may be made at any time after March 12, 2020, but no later than December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which expanded the scope of Topic 848 to include all affected derivatives and clarified certain optional expedients and exceptions regarding the hedge accounting for derivative contracts affected by the discounting transition. The amendments of this guidance could be elected retrospectively or prospectively to new modifications made on or after the date of issuance of this ASU, January 7, 2021. | The Company adopted ASU 2020-04 and ASU 2021-01 on a prospective basis on January 1, 2021. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Financial Statements. The Company will continue to track the exposure as of each reporting period and to assess the impact as the reference rate transition occurs through the cessation of LIBOR. |  |  |
Standard | Required Date of Adoption | Description | Effect on Financial Statements |  |  |
Standards Adopted in 2021 |  |  |
ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs | January 1, 2021 Early adoption is not permitted. | The amendments in this ASU updates ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, by clarifying that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. If the security contained additional future call dates, an entity should consider whether the amortized cost basis exceeded the amount repayable by the issuer at the next call date. If so, the excess should be amortized to the next call date. This ASU also clarifies if there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments of this guidance should be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. | The Company adopted this guidance on a prospective basis on January 1, 2021. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements. |  |  |
ASU 2021-06, Presentation of Financial Statements (Topic 205), Financial Services— Depository and Lending (Topic 942), and Financial Services —Investment Companies (Topic 946): Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and NO. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants | Effective for all entities from the dates of issuance on August 9, 2021. | ASU 2021-06 was issued to amend U.S. Securities and Exchange Commission (‘SEC”) paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. | The Company adopted these disclosure requirements upon issuance of the ASU 2021-06 |  |  |

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