Federal Home Loan Bank Stock and Other Equity Securities, at Cost

3 Months Ended

Mar. 31, 2020

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

Federal Home Loan Bank Stock and Other Equity Securities, at Cost

4. Federal Home Loan Bank Stock and Other Equity Securities, at Cost

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 Interest Receivable and Other Assets on the Company’s Consolidated Balance Sheets and totaled $12.7 million at March 31, 2020 and December 31, 2019.  This amount was at $12.5 million at March 31, 2019.