Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2019

Federal Home Loan Bank Advances and Other Borrowings [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

NOTE 10 – Federal Home Loan Bank Advances and Other Borrowings

At December 31, 2019 and 2018, the Company had $110.0 million and $50.0 million in FHLB Advances, respectively.

The FHLB advances are secured with approximately $716.0 million of mortgage loans and $6.4 million of stock in the FHLB. During the fourth quarter of 2019, the Company paid off $25.0 million of fixed rate FHLB advances with an average cost of 3.36% and incurred a loss on extinguishment of debt of $1.5 million.

Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2019 and 2018. The $110.0 million outstanding at December 31, 2019 was at a variable rate.

	December 31,
(dollars in thousands)			2019			2018
Maturity		Amount	Rate		Amount	Rate
December 31, 2019	$	-	-%	$	25,000	2.65%
July 7, 2022		-	-%		10,000	3.11%
July 7, 2023		-	-%		15,000	3.53%
December 31, 2020		110,000	1.78%		-	-%
	$	110,000	1.78%	$	50,000	3.01%

The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2019. The line of credit bears interest at LIBOR plus 2.50% and matures on June 30, 2020. The loan agreement contains various financial covenants related to capital, earnings and asset quality.