Federal Home Loan Bank Advances and Other Borrowings

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

NOTE 4 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

The Bank had approximately $45.5 million and $15.7 million in available borrowing capacity through the FHLB at June 30, 2022 and December 31, 2021, respectively. Any future FHLB advances would be collateralized by the Bank’s FHLB stock anda blanket

lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $45.5 million at June 30, 2022 and $15.7 million at December 31, 2021.

Unsecured federal funds lines of credit totaling $19.5 million were available to the Bank for overnight borrowing through correspondent banks at both June 30, 2022 and December 31, 2021. The Bank also had approximately $6 million and $5.7 million in available borrowing capacity through the Federal Reserve Bank of Atlanta at June 30, 2022 and December 31, 2021, respectively. There were no borrowings against either of these facilities at June 30, 2022 or December 31, 2021. 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 $8.5 million and $9.3 million at June 30, 2022 and December 31, 2021, respectively.