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Long-Term Borrowings

12 Months Ended

Dec. 31, 2019

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.