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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENT Subsequent to June 30, 2022 and effective August 1, 2022, a total of 33 investment securities with an amortized cost basis and fair value of $ 168.4 million and $ 159.0 million, respectively, were transferred from the available-for-sale (“AFS”) to held-to-maturity (“HTM”) classification. These securities had a net unrealized loss of $ 9.4 million, with no immediate impact to net income on the transfer date. The net unrealized loss at the date of transfer will remain in accumulated other comprehensive income (“AOCI”) and be amortized into net interest income over the remaining life of the securities. The amortization of amounts retained in AOCI will offset the effect on net interest income of the accretion of the discount resulting from transferring securities at fair value.

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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 http://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 http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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