SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS

9. SHORT-TERM BORROWINGS

At December 31, 2021 and 2020, we had no outstanding federal funds purchased. We have a Borrower-In-Custody arrangement with the Federal Reserve. This arrangement permits the Company to retain possession of loans pledged as collateral to secure advances from the Federal Reserve Discount Window. Under this agreement, we may borrow up to $72.1 million as of December 31, 2021. We established this arrangement as an additional source of liquidity. There have been no borrowings under this arrangement.

At December 31, 2021 and 2020, the Bank had unused short-term lines of credit totaling approximately $41.0 million and $23.0 million, respectively (which are withdrawable at the lender’s option).