SHORT-TERM BORROWINGS

3 Months Ended

Mar. 31, 2021

SHORT-TERM BORROWINGS [Abstract]

SHORT-TERM BORROWINGS

12.  SHORT-TERM BORROWINGS

Short-term borrowings totaling $5,000,000 as of March 31, 2021 and December 31, 2020 consisted of an advance with the FHLB through its COVID-19 Relief and Recovery Advances Program.  The advance matures in the second quarter of 2021 and has a 0% interest rate.  The advance is secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral such as commercial and mortgage loans.   As of March 31, 2021 the Company had a remaining collateral borrowing capacity with the FHLB of $292,864,000 and, at such date, also had unsecured formal lines of credit totaling $122,000,000 with correspondent banks.