BANK OWNED LIFE INSURANCE

9 Months Ended

Sep. 30, 2022

BANK OWNED LIFE INSURANCE.

BANK OWNED LIFE INSURANCE

NOTE 9: BANK-OWNED LIFE INSURANCE

During the nine months ended September 30, 2021, the Company received proceeds in the amount of $2.7 million as the owner and beneficiary under a bank-owned insurance policy as the result of claims submitted on a covered individual and the Company recorded a gain of $1.9 million.

Bank-owned life insurance policies and the net change in cash surrender value during the periods indicated below were as follows:

	Nine Months Ended September 30,
(Dollars in thousands)	2022		2021
Balance at beginning of period	$	73,156	$	72,338
Redemptions		—		(2,670)
Net change in cash surrender value		1,118		3,103
Balance at end of period	$	74,274	$	72,771