SHORT-TERM BORROWINGS

9 Months Ended

Sep. 30, 2021

SHORT-TERM BORROWINGS [Abstract]

SHORT-TERM BORROWINGS

12.  SHORT-TERM BORROWINGS

Short-term borrowings totaled $0 and $5,000,000 as of September 30, 2021 and December 31, 2020, respectively. This consisted of an advance with the FHLB through its COVID-19 Relief and Recovery Advances Program. The advance had a 0% interest rate and matured in the second quarter of 2021. The advance was 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 September 30, 2021, the Company had a remaining collateral borrowing capacity with the FHLB of $298,769,000 and, at such date, also had unsecured formal lines of credit totaling $122,000,000 with correspondent banks.