Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019, the Company had $25.0 million and $110.0 million in FHLB Advances, respectively. The FHLB advances are secured with approximately $868.5 million of mortgage loans and $3.1 million of stock in the FHLB.

Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2020 and 2019. The $25.0 million outstanding at December 31, 2020 was at a variable rate.

	December 31,
(dollars in thousands)			2020					2019
Maturity	Amount		Rate			Amount		Rate
December 31, 2020	$	-		-	%	$	110,000		1.78	%
December 31, 2021		25,000		0.36	%		-		-	%
	$	25,000		0.36	%	$	110,000		1.78	%

The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2020. The line of credit bears interest at LIBOR plus 3.50% and matures on December 31, 2021. The loan agreement contains various financial covenants related to capital, earnings and asset quality.