Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Accounting Standards Update and Change in Accounting Principle

Standard	Description	Date of adoption	Effect on the financial statements or other significant matters
Standards not yet adopted by the Bank
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	This accounting standards update (“ASU”) eliminates the recognition and measurement guidance on troubled debt restructurings (“TDRs”) for creditors that have adopted ASC 326 (“CECL”), and eliminates certain existing TDR disclosures while requiring enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. The new guidance also requires public companies to present current-period gross write-offs (on a current year-to-date basis for interim-period disclosures) by year of origination in their vintage disclosures. The new guidance is effective for calendar year-end public companies beginning January 1, 2023, with early adoption permitted.	Periods beginning after December 15, 2022	We have established an implementation team to ensure that the necessary data is captured in order to comply with the new disclosure requirements. The overall effect of the guidance is not expected to have a material impact on our financial statements. We do not plan to early adopt this new guidance.
ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This ASU clarifies that contractual restrictions prohibiting the sale of an equity security are not considered part of the unit of account of the equity security, and therefore, are not considered in measuring fair value. The amendments also clarify that an entity cannot recognize and measure a contractual sale restriction as a separate unit of account. The amendments in this ASU also require additional qualitative and quantitative disclosures for equity securities subject to contractual sale restrictions. The new guidance is effective for calendar year-end public companies beginning January 1, 2024, with early adoption permitted.	Periods beginning after December 15, 2023	The guidance in this ASU is consistent with our current treatment of equity securities subject to contractual sale restrictions and is not expected to impact the fair value measurements of these securities. We are evaluating supplementary disclosure requirements and additional data needed to meet these requirements. The overall effect of the guidance is not expected to have a material impact on our financial statements. We do not plan to early adopt this new guidance.