XML 45 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Bank Owned Life Insurance
12 Months Ended
Dec. 31, 2020
Investments, All Other Investments [Abstract]  
Bank Owned Life Insurance Bank Owned Life Insurance At December 31, 2020 and 2019, the Company had investments in BOLI of $292.6 million and $113.4 million, respectively. The increase from the prior year was a result of the acquisition of Opus, which added $191.4 million in BOLI. The Company recorded noninterest income associated with the BOLI policies of $7.2 million, $3.5 million, and $3.4 million for the years ending December 31, 2020, 2019, and 2018, respectively.BOLI involves the purchasing of life insurance by the Company on a select group of employees where the Company is the owner and beneficiary of the policies. BOLI is recorded as an asset at its cash surrender value. Increases in the cash surrender value of these policies, as well as a portion of the insurance proceeds received, are recorded in noninterest income and are not subject to income tax, as long as they are held for the life of the covered parties.