Federal Home Loan Bank Stock and Other Equity Securities

9 Months Ended

Sep. 30, 2020

Federal Home Loan Bank Stock and Other Equity Securities [Abstract]

Federal Home Loan Bank Stock and Other Equity Securities

4. Federal Home Loan Bank Stock and Other Equity Securities

The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock are carried at cost and other equity securities are carried at cost, plus or minus observable price changes in orderly transactions, and both are classified as restricted securities, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. FHLB stock and other equity securities are reported in Interest Receivable and Other Assets on the Company’s Consolidated Balance Sheets and totaled $12.7 million at September 30, 2020, December 31, 2019 and September 2019.