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Long-Term Borrowings | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-Term Borrowings | NOTE 13 – LONG-TERM BORROWINGS At year end, long-term advances from the FHLB were as follows:
|  | 2019 |  |  | 2018 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Fixed-rate constant payment advance |  | $ | 2,841 |  |  |  | 1.70 | % |  | $ | 3,775 |  |  |  | 1.70 | %
Convertible and putable fixed-rate advance |  |  | 40,000 |  |  |  | 1.79 | % |  |  | 0 |  |  |  | 0.00 | %
Total advances |  | $ | 42,841 |  |  |  | 1.78 | % |  | $ | 3,775 |  |  |  | 1.70 | %
Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans totaling $577.9 million and $552.6 million at year end 2019 and 2018. Based on this collateral, the Bank is eligible to borrow an additional $460.0 million at year end 2019. Each advance is subject to a prepayment penalty if paid prior to its maturity date. Scheduled payments of long-term FHLB advances are as follows:
Maturing in: |  |  |  |
2020 |  | $ | 922 |
2021 |  |  | 792 |
2022 |  |  | 729 |
2023 |  |  | 398 |
2024 |  |  | 0 |
Thereafter |  |  | 40,000 |
TOTAL |  | $ | 42,841 |
The Company has a special purpose entity to hold $2.1 million in Trust Preferred Debenture. The debt has a floating rate that is determined quarterly based on the three-month LIBOR. At December 31, 2019, the interest rate was 3.59%. These securities can be redeemed at any quarter-end. Final maturity of the Trust Preferred Debenture is December 15, 2036. The balance of the outstanding Trust Preferred Debenture was $2.3 million at year end 2019 and 2018.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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