OTHER BORROWED FUNDS |
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| OTHER BORROWED FUNDS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER BORROWED FUNDS |
NOTE 7 - OTHER BORROWED FUNDS
Other borrowed funds include advances from the Federal Home Loan Bank and borrowings from the Federal Reserve Bank.
Federal Home Loan Bank Advances
At period-end, advances from the Federal Home Loan Bank were as follows (dollars in thousands):
Each advance is subject to a prepayment fee if paid prior to its maturity date. Fixed rate advances are payable at maturity. These advances were collateralized by residential and commercial real estate loans totaling $492.4 million and $498.1 million under a blanket lien arrangement at March 31, 2020 and December 31, 2019, respectively.
Scheduled repayments of FHLB advances as of March 31, 2020 were as follows (in thousands):
Federal Reserve Bank borrowings
The Company has a financing arrangement with the Federal Reserve Bank. There were no borrowings outstanding at March 31, 2020 and December 31, 2019, and the Company had approximately $13.7 million and $13.0 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $16.1 million and $15.2 million at March 31, 2020 and December 31, 2019, respectively.
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