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Long-Term Borrowings | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Long-term Borrowings | Long-term borrowings: There were $67.5 million in long-term Federal Home Loan Bank Advances at June 30, 2020 with a weighted average interest rate of 1.79%. Long-term Federal Home Loan Bank Advances were $42.8 million at December 31, 2019. In addition, the Company had two Trust Preferred Debentures with an outstanding balance of $9.3 million at June 30, 2020 and $2.1 million at December 31, 2019. The final maturity of this Debt is December 31, 2036. Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans totaling $648.0 million and $577.9 million at June 30, 2020 and December 31, 2019, respectively. Based on this collateral, the Bank is eligible to borrow an additional $580.6 million at June 30, 2020. Each advance is subject to a prepayment penalty if paid prior to its maturity date.

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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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