Borrowings

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Borrowings

6. Borrowings

Federal Home Loan Bank (FHLB)

A summary of borrowings from the FHLB is as follows:

		March 31, 2022
Principal Amounts		Maturity Dates		Interest Rates
		(Dollars in thousands)
$	32,500		2022	0.38%  to 0.53%  –  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
$	49,700

		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

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 $91.4 million and $109.7 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, the Bank had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB’s collateral pledging program.

At March 31, 2022 and December 31, 2021, borrowings include $2.2 million and $4.5 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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021.