Borrowings (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

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

Borrowed funds at June 30, 2021 and December 31, 2020 consist of the following and are summarized by maturity and call date below:

	June 30,							December 31,
	2021							2020
	Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate			Scheduled Maturity		Redeemable at Call Date		Weighted Average Rate
	(Dollars in thousands)
Correspondent Bank Overnight line of credit    advance	$	—	$	—		—	%	$	8,000	$	8,000		0.34	%
FHLBNY Term advances ending:
2021		3,000		3,000		1.84			3,000		3,000		1.84
2022		77,880		77,880		1.73			77,880		77,880		1.73
2023		28,375		28,375		2.82			28,375		28,375		2.82
	$	109,255	$	109,255		2.02		$	117,255	$	117,255		1.90	%

Schedule of Warehouse Lines of Credit

Warehouse Line of Credit #1

The interest rate is based on the 30-day LIBOR rate plus 3.25%. The effective rate at June 30, 2021 was 3.40% and the effective rate as of December 31, 2020 was 3.39%. The line of credit is an evergreen agreement that terminates upon request by either the financial institution or Mortgage World.

Warehouse Line of Credit #2

The interest rate is based on the 30-day LIBOR rate plus 3.00% for loans funded. The effective rate at June 30, 2021 was 3.15% and the effective rate as of December 31, 2020 was 3.14%. The warehouse line of credit was renewed for a period of one year and will expire on June 30, 2022.

Total interest expense on warehouse lines of credit totaled $71,916 and $211,789 for the three and six months ended June 30, 2021, respectively.

	June 30, 2021
	Credit Line		Unused Line
	Maximum		of Credit		Balance
	(Dollars in thousands)
Warehouse Line of Credit #1	$	15,000	$	5,527	$	9,473
Warehouse Line of Credit #2		5,000		1,389		3,611
Total	$	20,000	$	6,916	$	13,084

	December 31, 2020
	Credit Line		Unused Line
	Maximum		of Credit		Balance
	(Dollars in thousands)
Warehouse Line of Credit #1	$	29,900	$	2,171	$	27,729
Warehouse Line of Credit #2		5,000		2,768		2,232
Total	$	34,900	$	4,939	$	29,961