Federal Reserve Bank Stock

12 Months Ended

Dec. 31, 2019

FRB stock

Federal Reserve Bank Stock

Federal Reserve Bank Stock

(6)Federal Reserve Bank Stock

The Bank, as a member of the Federal Reserve System, is required to hold shares of capital stock of the FRB of San Francisco equal to six percent of capital and surplus of the Bank.  At December 31, 2019 and 2018, the Bank met such requirement.  At December 31, 2019 and 2018, the Bank owned $3.1 million of capital stock of the FRB of San Francisco.

The Company evaluated its investment in the stock of the FRB of San Francisco for impairment.  Based on the Company’s evaluation of the underlying investment, including the long-term nature of the investment and the liquidity position of the FRB of San Francisco, the Company did not consider its FRB stock other-than-temporarily impaired.