BORROWING ARRANGEMENTS

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

BORROWING ARRANGEMENTS

10. BORROWING ARRANGEMENTS

The Company has $17,000,000 in unsecured short-term borrowing arrangements to purchase Federal funds with two of its correspondent banks. There were no advances under the borrowing arrangements as of December 31, 2020 and 2019.

In addition, the Company has a line of credit available with the FHLB which is secured by pledged mortgage loans (see Note 6) and investment securities (see Note 5). Borrowings may include overnight advances as well as loans with a term of up to thirty years. Advances totaling $20,787,000 were outstanding from the FHLB at December 31, 2020, bearing fixed interest rates ranging from 0.00% to 2.43% and maturing between April 12, 2021 and October 20, 2025. Advances totaling $19,500,000 were outstanding from the FHLB at December 31, 2019, bearing fixed interest rates ranging from 1.31% to 3.17% and maturing between January 1, 2020 and November 24, 2023. Amounts available under the borrowing arrangement with the FHLB at December 31, 2020 and 2019 totaled $132,409,000 and $143,406,000, respectively. Advances can be repaid prior to maturity, however, prepayment penalties may apply.

In addition, the Company entered into a secured borrowing agreement with the FRB in 2008. The borrowing arrangement is secured by pledging selected loans (see Note 6) and investment securities (see Note 5). There were no advances outstanding as of December 31, 2020 and 2019. Amounts available under the borrowing arrangement with the FRB at December 31, 2020 and 2019 totaled $6,209,000 and $8,642,000, respectively.

The following table summarizes these borrowings (dollars in thousands):

	December 31,
	2020					2019
			Weighted					Weighted
			Average					Average
	Amount		Rate			Amount		Rate
Short-term portion of borrowings	$	7,000		0.54	%	$	9,000		1.46	%
Long-term borrowings		13,787		1.13	%		10,500		2.48	%
	$	20,787		0.93	%	$	19,500		2.01	%

Maturities on these borrowings are as follows (dollars in thousands):

Year Ending
December 31,
2021	$	7,000
2022		5,000
2023		5,000
2024		—
Thereafter		3,787
Total	$	20,787