Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.22.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 11 – SUBSEQUENT
 
EVENT
Subsequent to June 30, 2022 and effective August 1, 2022,
 
a total of
33
 
investment securities with an amortized cost basis and fair
value of $
168.4
 
million and $
159.0
 
million, respectively, were transferred
 
from the available-for-sale (“AFS”) to held-to-maturity
(“HTM”) classification. These securities had a net unrealized loss of $
9.4
 
million, with no immediate impact to net income on the
transfer date. The net unrealized loss at the date of transfer will remain in
 
accumulated other comprehensive income (“AOCI”) and be
amortized into net interest income over the remaining life of the securities. The
 
amortization of amounts retained in AOCI will offset
the effect on net interest income of the accretion of the discount
 
resulting from transferring securities at fair value.