Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Federal Home Loan Bank (FHLB)

A summary of borrowings from the FHLB are as follows:

		December 31, 2021
Principal Amounts			Maturity Dates		Interest Rates
(Dollars in thousands)
$	12,262			2022	0.00% to 0.31% – fixed
	15,000			2023	0.44% to 0.45% – fixed
	800			2024	0.00% – fixed
	520			2025	0.00% – fixed
	250			2028	0.00% – fixed
	200			2030	0.00% – fixed
	430			2031	0.00% – fixed
$	29,462

		December 31, 2020
Principal Amounts			Maturity Dates		Interest Rates
(Dollars in thousands)
$	10,095			2021	0.39 (fixed) to 0.42 (variable)
	2,262			2022	0.00% – fixed
	10,800			2024	0.00% to 1.39% – fixed
	10,520			2025	0.00% to 1.35% – fixed
	250			2028	0.00% – fixed
	200			2030	0.00% – fixed
$	34,127

All borrowings from the FHLB are secured by a blanket security agreement on qualified collateral, principally residential mortgage loans and commercial real estate loans, discounted by a certain percentage, in an aggregate amount greater than or equal to outstanding advances. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $109.7 million and $112.6 million at December 31, 2021 and 2020, respectively. At December 31, 2021 and 2020, the Bank had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB’s collateral pledging program.

As of December 31, 2021 and 2020 borrowings include $4.5 million and $4.0 million, respectively, of advances through the FHLB’s Jobs for New England program where certain qualifying small business loans that create or preserve jobs, expand woman-, minority- or veteran-owned businesses, or otherwise stimulate the economy in New England communities are offered at an interest rate of 0%.

At December 31, 2021 and 2020, the Bank had an overnight line of credit with the FHLB that may be drawn up to $3.0 million.  Additionally, the Bank had 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 December 31, 2021 and 2020.

Federal Reserve Bank of Boston (“FRB”)

The Bank established a Paycheck Protection Program Liquidity Facility (“PPPLF”). The PPPLF allowed the Bank to request advances from the FRB. Under the PPPLF, advances were secured by pledges of PPP Loans. The interest rate applicable to any advance made under the PPPLF was 35 basis points. As of December 31, 2021, $-0- of PPPLF advances are outstanding. As of December 31, 2020, $18.2 million of PPPLF advances were outstanding and collateralized by 110 PPP loans. Maturities of PPPLF advances were tied to the maturity of the underlying PPP loans and accelerated as the PPP loans were paid or forgiven.