FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB")

9 Months Ended

Sep. 30, 2015

FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB") [Abstract]

FEDERAL HOME LOAN BANK OF ATLANTA ("FHLB")

3. FEDERAL HOME LOAN BANK OF ATLANTA (“FHLB”)

To be a member of the FHLB System, the Bank is required to maintain an investment in capital stock of the FHLB in an amount equal to 0.09% of its total assets as of December 31 of the prior year (up to a maximum of $15.0 million), plus 4.5% of its outstanding FHLB advances. The carrying value of FHLB stock, which is included in Other Invested Assets on the Consolidated Balance Sheets, as of September 30, 2015 and December 31, 2014 was $0.3 million. No ready market exists for the FHLB stock, and it has no quoted market value; however, management believes that the cost approximates the market value as of September 30, 2015 and December 31, 2014. Management has reviewed its investment in FHLB stock for impairment and does not believe it is impaired as of September 30, 2015 or December 31, 2014.