Quarterly report pursuant to Section 13 or 15(d)

OTHER BORROWED FUNDS

v3.20.2
OTHER BORROWED FUNDS
9 Months Ended
Sep. 30, 2020
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):

Principal Terms
 
Advance
Amount
 
Range of Maturities
 
Weighted
Average
Interest Rate
 
September 30, 2020
             
Single maturity fixed rate advances
 
$
40,000
 
April 2021 to July 2024
   
2.50
%
Putable advances
   
30,000
 
November 2024 to February 2030
   
1.36
%
   
$
70,000
           

Principal Terms
 
Advance
Amount
 
Range of Maturities
 
Weighted
Average
Interest Rate
 
December 31, 2019
             
Single maturity fixed rate advances
 
$
40,000
 
April 2021 to July 2024
   
2.50
%
Putable advances
   
20,000
 
November 2024
   
1.81
%
   
$
60,000
           

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.  These advances were collateralized by residential and commercial real estate loans totaling $451.8 million and $498.1 million under a blanket lien arrangement at September 30, 2020 and December 31, 2019, respectively.

Scheduled repayments of FHLB advances as of September 30, 2020 were as follows (in thousands):

2020
 
$
 
2021
   
10,000
 
2022
   
 
2023
   
10,000
 
2024
   
40,000
 
Thereafter
   
10,000
 
   
$
70,000
 

Federal Reserve Bank borrowings

The Company has a financing arrangement with the Federal Reserve Bank.  There were no borrowings outstanding at September 30, 2020 and December 31, 2019, and the Company had approximately $12.6 million and $13.0 million in unused borrowing capacity based on commercial and mortgage loans pledged to the Federal Reserve Bank totaling $14.0 million and $15.2 million at September 30, 2020 and December 31, 2019, respectively.