XML 37 R22.htm IDEA: XBRL DOCUMENT v3.20.1
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The following table presents components of the Company’s long-term debt at December 31, 2019, and 2018.
 
 AmountWeighted Average rate
2019201820192018
FHLB fixed rate advances maturing:
2020$40,350  $40,350  1.76 %1.76 %
202220,000  —  3.06 %— %
60,350  40,350  2.19 %1.76 %
FHLB amortizing advance requiring monthly principal and interest payments, maturing:
20252,717  3,100  4.74 %4.74 %
Total FHLB Advances$63,067  $43,450  2.30 %1.92 %
Except for amortizing advances, interest only is paid on a quarterly basis.
The following table summarizes the future annual principal payments required on these borrowings at December 31, 2019.
 
2020$40,751  
2021421  
202220,441  
2023462  
2024484  
Thereafter508  
$63,067  
The Bank is a member of the FHLB of Pittsburgh and has access to the FHLB program of overnight and term advances. Under terms of a blanket collateral agreement for advances, lines and letters of credit from the FHLB, collateral for all outstanding advances, lines and letters of credit consisted of 1-4 family mortgage loans and other real estate secured loans totaling $836.7 million at December 31, 2019. The Bank had additional availability of $540.7 million at the FHLB on December 31, 2019 based on its qualifying collateral, net of short-term borrowings and long-term debt detailed above, deposit letters of credit totaling $85.0 million and non-deposit letters of credit totaling $1.4 million at December 31, 2019.
The Bank has available unsecured lines of credit, with interest based on the daily Federal Funds rate, with two correspondent banks totaling $30.0 million, at December 31, 2019. The Company also has a $5.0 million unsecured line of
credit, with a bank, at the prime rate of interest, at December 31, 2019. There were no borrowings under these lines of credit at December 31, 2019 and 2018.