XML 27 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Borrowings
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Borrowings

7.

Borrowings

Federal Home Loan Bank (“FHLB”)

A summary of borrowings from the FHLB is as follows:

 

 

 

 

 

June 30, 2020

 

 

 

Principal Amounts

 

 

Maturity Dates

 

 

Interest Rates

(Dollars in thousands)

$

10,000

 

 

 

2020

 

 

0.60% to 2.15 % – fixed

 

2,262

 

 

 

2022

 

 

0.00 % – fixed

 

18,800

 

 

 

2024

 

 

0.00% to 1.69% – fixed

 

20,000

 

 

 

2025

 

 

1.35% to 1.52% – fixed

 

250

 

 

 

2028

 

 

0.00 % – fixed

$

51,312

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

Principal Amounts

 

 

Maturity Dates

 

 

Interest Rates

(Dollars in thousands)

$

44,907

 

 

 

2020

 

 

1.77% to 2.19 % – fixed

 

2,262

 

 

 

2022

 

 

0.00% – fixed

 

18,800

 

 

 

2024

 

 

0.00% to 1.69% – fixed

 

250

 

 

 

2028

 

 

0.00% – fixed

$

66,219

 

 

 

 

 

 

 

 

All borrowings from the FHLB are secured by a blanket security agreement on qualified collateral, principally residential mortgage loans and certain U.S. government sponsored mortgage-backed securities, in an aggregate amount equal to outstanding advances. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $92.8 million and $81.7 million at June 30, 2020 and December 31, 2019, respectively. At June 30, 2020 and December 31, 2019, the Bank had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB’s collateral pledging program.

 

Federal Reserve Bank of Boston (“FRB”)

The Bank has established a Paycheck Protection Program Liquidity Facility (“PPPLF”). The PPPLF allows us to request advances from the FRB. Under the PPPLF, advances must be secured by pledges of PPP Loans. The interest rate applicable to any advance made under the PPPLF is 35 basis points. As of June 30, 2020, $25.7 million of PPPLF advances are outstanding and collateralized by 156 PPP Loans. Maturities of PPPLF advances are tied to the maturity of the underlying PPP loan and will be accelerated if the PPP loan is sold or forgiven.

The Bank has an overnight line of credit with the FHLB that may be drawn up to $3.0 million. Additionally, the Bank has a total of $5.0 million of unsecured Fed Funds borrowing lines of credit with two correspondent banks. The entire balance of all these credit facilities was available at June 30, 2020.