OTHER BORROWED FUNDS |
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| OTHER BORROWED FUNDS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER BORROWED FUNDS |
NOTE 10 - 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 year-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. Amortizable mortgage advances are
fixed rate advances with scheduled repayments based upon amortization to maturity. Advances were collateralized by residential and commercial real estate loans totaling $361.9 million and $427.9 million under a blanket lien arrangement at
December 31, 2021 and 2020, respectively.
Scheduled repayments of FHLB advances as of December 31, 2021 were as follows (in thousands):
On January 21,
2022, the FHLB exercised its option to put an advance totaling $25.0 million to the Company. This advance carried an interest
rate of 0.01% and had a maturity date of July 21, 2031. The Company paid off this advance as required on January 21, 2022.
Federal Reserve Bank Borrowings
The Company has a financing arrangement with the Federal Reserve Bank. There were no borrowings outstanding at December 31, 2021 and 2020, and the Company had approximately $4.0
million and $12.9 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank
totaling $4.4 million and $13.8
million at December 31, 2021 and 2020, respectively.
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