Borrowings	12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
Borrowings	9. BORROWINGS Advances from the Federal Home Loan Bank of New York totaled $1,382,694 and $1,749,520 as of December 31, 2020 and 2019, respectively. The advance at December 31, 2020 and 2019 carried an interest rate of 2.2% and matures in June 2024. Advances from the Federal Reserve Bank of New York totaled $5,118,395 and $0 at December 31, 2020 and December 31, 2019, respectively. These advances were made under the Paycheck Protection Program Liquidity Facility to fund Small Business Administration Paycheck Protection Program (“PPP”) loans that were originated in the second quarter of 2020. The advances have an interest rate of 0.35% and are collateralized by the related PPP loans. The advances must be repaid when the collateral loans are paid off. The collateralized loans have a maturity of two years. At December 31, 2020, the Company had a borrowing capacity at the FHLB of $28.0 million and access to a line of credit at Atlantic Community Bankers Bank of $2,000,000 of which no balances were outstanding at December 31, 2020. See Note 4 to the consolidated financial statements regarding securities pledged as collateral for such advances.

Borrowings

12 Months Ended

Dec. 31, 2020

9. BORROWINGS

Advances from the Federal Home Loan Bank of New York totaled $1,382,694 and $1,749,520 as of December 31, 2020 and 2019, respectively. The advance at December 31, 2020 and 2019 carried an interest rate of 2.2% and matures in June 2024.

Advances from the Federal Reserve Bank of New York totaled $5,118,395 and $0 at December 31, 2020 and December 31, 2019, respectively. These advances were made under the Paycheck Protection Program Liquidity Facility to fund Small Business Administration Paycheck Protection Program (“PPP”) loans that were originated in the second quarter of 2020. The advances have an interest rate of 0.35% and are collateralized by the related PPP loans. The advances must be repaid when the collateral loans are paid off. The collateralized loans have a maturity of two years.

At December 31, 2020, the Company had a borrowing capacity at the FHLB of $28.0 million and access to a line of credit at Atlantic Community Bankers Bank of $2,000,000 of which no balances were outstanding at December 31, 2020.

See Note 4 to the consolidated financial statements regarding securities pledged as collateral for such advances.