XML 104 R25.htm IDEA: XBRL DOCUMENT v3.20.1
BORROWED FUNDS
 12 Months Ended
Dec. 31, 2019
Borrowed Funds  
BORROWED FUNDS

NOTE 18 BORROWED FUNDS

 

The following table presents the breakdown of borrowed funds as of December 31, 2019 and 2018 (Dollars in thousands): 

                             
    FHLB Revolving Advances
(a)		   Federal Funds Lines
(b)		   FHLB Term Loans Short-Term
(c)		   FHLB Term Loans Long-Term
(d)		   NPB Capital Trust I
(e)		   NPB Capital Trust 2
(e)		   Total
Balance December 31, 2019   $ —       $ —         —       $ 5,000       11,341       5,155     $ 21,496  
  Highest balance at any month-end     —         —         2,000       5,000       11,341       5,155          
  Average weighted balance     —         10       975       5,000       11,341       5,155       22,481  
  Average interest rate:                                                        
Paid during the year     —   %     3.32 %     1.26 %     1.36 %     5.09 %     4.25 %     3.89 %
At year-end     -%       -%       -%       1.34 %     4.59 %     3.76 %     3.64 %
                                                         
                             
                             
Balance December 31, 2018   $ —       $ 3,630       2,000     $ 5,000       11,341       5,155     $ 27,126  
  Highest balance at any month-end     12,000       3,630       2,000       7,000       11,341       5,155          
  Average weighted balance     2,367       109       1,159       5,975       11,341       5,155       26,106  
  Average interest rate:                                                        
Paid during the year     2.19 %     2.80 %     1.43 %     1.28 %     4.96 %     4.08 %     3.53 %
At year-end     -%       3.28 %     0.99 %     1.34 %     5.04 %     4.21 %     3.67 %

  

(a) - The Bank has the ability to borrow up to an additional $154.4 million from the FHLB under a line of credit which is secured by a blanket lien on residential real estate loans. The Bank had no overnight borrowings subject to daily rate changes from the FHLB at December 31, 2019 or 2018. 

 

We have used our line of credit with FHLB to issue letters of credit totaling $17.0 million to the Treasury Board of Virginia for collateral on public funds deposited in the Bank. No draws on the letters of credit have been issued. The letters of credit are considered draws on our FHLB line of credit. 

 

(b) - Federal funds lines consist of $20.0 million in unsecured federal funds line of credit facilities with correspondent banks as of both December 31, 2019 and 2018, exclusive of any outstanding balance.

 

(c) - At December 31, 2019, there were no short-term FHLB advance borrowings outstanding. Short-term FHLB advances at December 31, 2018 consisted of $2.0 million at a fixed rate of 0.99% due in 2019. 

 

(d) - At December 31, 2019 and 2018, long term FHLB advances consisted of $5.0 million at a fixed rate of 1.34% due in 2021. 

 

(e) - TPS I -  On July 7, 2004, the Company completed the issuance of $11.3 million in floating rate trust preferred securities offered by its wholly owned subsidiary, NPB Capital Trust I (TPS I). The rate is determined quarterly and floats based on the 3 month LIBOR plus 260 basis points.   

 

TPS 2 - On September 27, 2006, the Company completed the issuance of $5.2 million in floating rate trust preferred securities offered by its wholly owned subsidiary, NPB Capital Trust 2 (TPS 2). The rate is determined quarterly and floats based on the 3 month LIBOR plus 177 basis points.   

 

Under the terms of the subordinated debt transactions, the securities have 30-year maturities and are redeemable, in whole or in part, without penalty, at the option of the Company after five years of the issuance date, and on a quarterly basis thereafter. 

 

Following are maturities of borrowed funds at December 31, 2019 (dollars in thousands): 

 

  2020       -
  2021       5,000
  2022                    -   
  2023                    -   
  2024                    -   
  2025 and thereafter       16,496
        $  21,496