BANK OWNED LIFE INSURANCE

12 Months Ended

Dec. 31, 2021

BANK OWNED LIFE INSURANCE.

BANK OWNED LIFE INSURANCE

NOTE 9: BANK-OWNED LIFE INSURANCE

During the years ended December 31, 2021, 2020 and 2019, the Company received proceeds in the amount of $2.7 million, $2.0 million and $4.7 million, respectively, as the owner and beneficiary under bank-owned insurance policies due to claims submitted on covered individuals and the Company recorded gains of $1.9 million, $769,000 and $3.3 million over the carrying value recorded during those periods.

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

	December 31,
(Dollars in thousands)	2021		2020		2019
Balance at beginning of period	$	72,338	$	71,881	$	71,525
Redemptions		(2,670)		(1,965)		(4,655)
Net change in cash surrender value		3,488		2,422		5,011
Balance at end of period	$	73,156	$	72,338	$	71,881