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Subsequent Event | 3 Months Ended
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Mar. 31, 2023
Subsequent Event [Abstract] |
Subsequent Event |
12. | Subsequent Event
On May 4, 2023, the Company sold two subordinated debt securities held in the AFS securities portfolio for a $4.5 million pre-tax loss. These subordinated securities were issued by two regional financial institutions and had an aggregate amortized cost of $7.0 million and a fair value of $4.8 million as of March 31, 2023. During April, the Company was notified that these two issuers debt ratings were downgraded. In early May, both experienced significant declines in their respective equity market capitalizations and the fair values of the Company’s subordinated debt securities for these two issuers also experienced further declines from March 31, 2023. These factors indicated to the Company a higher level of uncertainty relative to their operational and market risks.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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