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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2021
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS Late in the third quarter, the Company’s management team performed a review of the maturity duration in its bond portfolio. Based on an assessment of the current interest rate environment coupled with recovering economic conditions, the Company began restructuring its bond portfolio by lowering the overall duration of the bond portfolio. On October 1, 2021 and October 28, 2021, the Company entered into trade agreements to sell government agency securities totaling approximately $28,700,000 and $4,700,000, respectively. These trades resulted in pre-tax losses of approximately $345,300 and $246,000, respectively, which will be reflected in noninterest income (loss) in October 2021 financial results. Each bond sold was issued by government agencies or government sponsored agencies and have the guarantee or implicit guarantee of the U.S. government. Accordingly, as of September 30, 2021, recovery of the value of these bonds was not in question and no credit impairment allowance was recognized. ​

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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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