Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

NOTE 6 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

All remaining FHLB advances were paid off in July of 2021. Prepayment fees of $14,537 were netted against gains of $26,749. A net gain of $12,212 was recognized in other income during the year ended December 31, 2021. The following advances from the FHLB were outstanding as of December 31, 2020:

December 31, 2020 -
Advance Date	Amount		Rate	Interest Rate			Maturity	Call Feature
January 7, 2008	$	208,334	Fixed		4.49	%	January 9, 2023	N/A
September 20, 2012		450,000	Fixed		1.80	%	September 20, 2022	N/A
April 1, 2020		4,333,333	Fixed		0.66	%	April, 1 2025	N/A
April 7, 2020		4,523,810	Fixed		0.79	%	April 7, 2027	N/A
	$	9,515,477

The FHLB advances were collateralized by the Bank’s FHLB stock and a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $15,658,000 and $37,248,000 at December 31, 2021 and 2020, respectively. The Bank had approximately $15,700,000 and $19,200,000 in available borrowing capacity through the FHLB at December 31, 2021 and 2020, respectively.

Unsecured federal funds lines of credit totaling $19,500,000 and $18,300,000 were available to the Bank for overnight borrowing through correspondent banks at December 31, 2021 and 2020, respectively. The Bank also had approximately $5,700,000 and $9,900,000 in available borrowing capacity through the Federal Reserve Bank of Atlanta at December 31, 2021 and 2020, respectively. There were no borrowings against either of these facilities at December 31, 2021 or 2020. The available borrowings with the Federal Reserve Bank are collateralized by a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $9,300,000 and $15,000,000 at December 31, 2021 and 2020, respectively.