Federal Home Loan Bank Stock and Other Non-Marketable Securities

12 Months Ended

Dec. 31, 2022

Federal Home Loan Bank Stock and Other Non-Marketable Securities [Abstract]

Federal Home Loan Bank Stock and Other Non-Marketable Securities

Note 3—Federal Home Loan Bank Stock and Other Non-Marketable 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 and other equity securities are carried at cost, 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 Non-Marketable Securities on the Company’s consolidated statements of financial condition and totaled $15.5 million at both December 31, 2022 and 2021.