XML 31 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
Bank Owned Life Insurance
12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Bank Owned Life Insurance Bank Owned Life Insurance
We 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, including gross amounts under split dollar agreements, were estimated to be $133.5 million as of December 31, 2024. Generally, under split dollar agreements, the benefits to the employees' beneficiaries are limited to each employee's active service period. The investments in BOLI policies are reported at their cash surrender value, net of surrender charges, of $71.0 million and $68.1 million at December 31, 2024 and 2023, respectively. The cash surrender value includes both the original premiums paid for the life insurance policies and the accumulated accretion of policy income since the inception of the policies, net of mortality costs and other fees. Earnings on BOLI totaled $1.7 million, $1.8 million and $1.2 million in 2024, 2023 and 2022, respectively. These earnings included death benefit proceeds in excess of the cash surrender values of the BOLI policies of $313 thousand in 2023 and $86 thousand in 2022. There were no death benefit proceeds in 2024. We regularly monitor the financial information and credit ratings of our insurance carriers to ensure that they are creditworthy and comply with our policy.