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Bank Owned Life Insurance and MSRs | 9 Months Ended
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Sep. 30, 2024
Schedule of Investments [Abstract] |
Bank Owned Life Insurance and MSRs | Note 12 – Bank Owned Life Insurance and MSRs As of September 30, 2024 and December 31, 2023, the Company's investment in bank owned life insurance totaled $14.9 million and $48.5 million, respectively. In the second quarter of 2024, the Company surrendered the majority of its bank owned life insurance policies and received $34.3 million of the proceeds by the end of the third quarter of 2024. The Company expects to receive the remaining proceeds of approximately $14.0 million in the fourth quarter of 2024. There was no gain or loss as a result of this transaction, as bank owned life insurance is carried at cash surrender value. O ther noninterest expense for the nine months ended September 30, 2024, included approximately $940 thousand of excise taxes related to the surrender of these policies. Additionally, $2.0 million of income tax expense was recognized in the second quarter of 2024 representing the tax effect of the life-to-date income earned on the policies, as the earnings were previously permanently deferred but became subject to tax upon surrender. As of September 30, 2024 and December 31, 2023, the Company's portfolio of MSRs totaled $19.5 million and $27.1 million, respectively. During the third quarter of 2024, the Company sold certain MSRs, representing loans with an aggregate unpaid principal balance of approximately $438.6 million. The sale resulted in $6.6 million in sales proceeds and a loss on sale of approximately $1.0 million. This loss includes transaction-related costs and an estimated recourse reserve for potential putbacks and/or transition costs to the Company.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/325-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 325 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481463/325-30-50-1 + Details
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