Borrowed Funds

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowed Funds

Note 10. Borrowed Funds

The Bank also has a credit availability agreement with the FHLB based on a percentage of total assets.  As of December 31, 2021, the credit availability with FHLB is approximately $414.0 million.  This credit availability agreement provides the Bank with access to a myriad of advance products offered by the FHLB.  The rate of interest charged is based on market conditions. At December 31, 2021, there were commercial real estate, residential 1-4 and multi-family loans totaling $762.3 million were used to collateralize FHLB advances.  There was one security pledged as collateral to secure FHLB advances for the amount of $410,492 at December 31, 2021.  

The Bank did not have any FHLB advances at December 31, 2021 or December 31, 2020.

The average balance on FHLB advances for the years ended December 31, 2021 and December 31, 2020 was approximately $0 and $6.2 million, respectively.  The weighted average interest rate paid at December 31, 2021 and 2020 was 0% and 1.73%, respectively.