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BORROWINGS
 12 Months Ended
Dec. 31, 2021
BORROWINGS  
BORROWINGS

NOTE 12 – BORROWINGS

There were no Federal Home Loan Bank of Chicago (FHLB) borrowings outstanding as of December 31, 2021 and 2020. Available borrowings from the FHLB are secured by FHLB stock held by the Company and pledged security in the form of qualifying loans. The total amount of loans pledged as of December 31, 2021 and 2020 was $566,996,000 and $493,690,000, respectively. As of December 31, 2021 and 2020, loans pledged also served as collateral for credit exposure of approximately $355,000 associated with the Bank’s participation in the FHLB’s Mortgage Partnership Finance Program.

The Bank also had available borrowings through the discount window of the Federal Reserve Bank of Chicago (FRB). Available borrowings are based on the collateral pledged. As of December 31, 2021, there was no collateral pledged. As of December 31, 2020, the carrying value of securities pledged amounted to $499,000. There was no outstanding balance from the FRB discount window as of December 31, 2021 and 2020.