Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Borrowed Funds FHLBNY and Correspondent Bank Advances Maturity and Call Date

Borrowed funds at September 30, 2020 and December 31, 2019 consist of the following and are summarized by maturity and call date below:

	September 30,							December 31,
	2020							2019
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
Correspondent Bank Overnight line of credit advance	$	—	$	—		—	%	$	—	$	—		—	%

FHLBNY Term advances ending:
2020		8,029		8,029		2.86			8,029		8,029		2.86
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		77,880		77,880		1.73			65,000		65,000		1.89
2023		28,374		28,374		2.82			28,375		28,375		2.82
	$	117,283	$	117,283		2.08	%	$	104,404	$	104,404		2.21	%

Schedule of Warehouse Lines of Credit

Warehouse Lines of Credit: Due to the acquisition of Mortgage World, the Company maintains two warehouse lines of credit with financial institutions for the purpose of funding the originations and sale of residential mortgages. The lines of credit are repaid with proceeds from the sale of the mortgage loans. The lines are secured by the assets collaterizing underlying mortgages. The agreements with the warehouse lenders provide for certain restrictive covenants such as minimum net worth and liquidity ratios for the Company. All warehouse facilities are guaranteed by the Company. As of September 30, 2020, the Company was in full compliance with all financial covenants.


	Credit Line		Unused Line		Balance at
	Maximum		of Credit		September 30, 2020
Warehouse Line of Credit #1	$	9,900	$	2,221	$	7,679
Warehouse Line of Credit #2		5,000		3,614		1,386
Total long-term debt	$	14,900	$	5,835	$	9,065