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Bank Owned Life Insurance
3 Months Ended
Mar. 31, 2022
Bank Owned Life Insurance [Abstract]  
Bank Owned Life Insurance Note 9 – Bank Owned Life Insurance

The Bank purchased an additional $8.5 million of bank owned life insurance (“BOLI”) in January, 2021. BOLI involves life insurance purchased by the Bank on a chosen group of employees, and the Bank is owner and beneficiary of the policies. At March 31, 2022 the Bank had $73.2 million in BOLI. BOLI is accounted for using the cash surrender value method and is recorded at its net realizable value.