Short-Term and Long-Term Borrowings

12 Months Ended

Dec. 31, 2021

Short-Term and Long-Term Borrowings [Abstract]

Short-Term and Long-Term Borrowings

(8) Short-Term and Long-Term Borrowings

Short-term borrowings totaled $0 and $5,000 as of December 31, 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 December 31, 2021, the Company had a remaining collateral borrowing capacity with the FHLB of $306,597 and, at such date, also had unsecured formal lines of credit totaling $122,000 with correspondent banks.

The Company had no Federal Funds purchased during the years ended December 31, 2021 and 2020.

The Company had no long-term borrowings during the years ended December 31, 2021 and 2020.