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Bank Owned Life Insurance | 12 Months Ended
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Dec. 31, 2022
Insurance [Abstract] |
Bank Owned Life Insurance | Bank Owned Life InsuranceWe own life insurance policies on the lives of certain current and former officers designated by the Board of Directors to fund our employee benefit programs. Death benefits provided under the specific terms of these insurance policies are estimated to be $131.9 million at December 31, 2022. The benefits to employees' beneficiaries are limited to each employee's active service period. The investment in BOLI policies are reported at their cash surrender value, net of surrender charges, of $67.1 million and $61.5 million at December 31, 2022 and 2021, respectively. The cash surrender value includes both the original premiums paid for the life insurance policies and the accumulated accretion of policy income since inception of the policies, net of mortality costs and other fees. Earnings on BOLI totaled $1.2 million, $2.2 million and $973 thousand in 2022, 2021 and 2020, respectively. These earnings included death benefit proceeds in excess of the cash surrender values of the BOLI policies of $86 thousand in 2022 and $1.1 million in 2021. There were no death benefits on BOLI in 2020. We regularly monitor the financial information and credit ratings of our insurance carriers to ensure that they are credit worthy and comply with our policy.

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- Definition The entire disclosure for corporate (COLI) or bank (BOLI) owned life insurance including the amount of cash surrender value that could be received as of the date of the statement of financial position, any restrictions on the company's ability to obtain the value of the life insurance policy on surrender, or any other additional information desired to be disclosed. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 + Details
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