XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.20.4

Long-Term Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Borrowings | NOTE 13 – LONG-TERM BORROWINGS At year end, long-term advances from the FHLB were as follows:
|  | 2020 |  |  | 2019 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Fixed-rate constant payment advance |  | $ | 1,980 |  |  |  | 1.70 | % |  | $ | 2,841 |  |  |  | 1.70 | %
Convertible and putable fixed-rate advance |  |  | 65,000 |  |  |  | 1.38 | % |  |  | 40,000 |  |  |  | 1.79 | %
Total advances |  | $ | 66,980 |  |  |  | 1.39 | % |  | $ | 42,841 |  |  |  | 1.78 | %
Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans totaling $616.4 million and $577.9 million at year end 2020 and 2019. Based on this collateral, the Bank is eligible to borrow an additional $549.5 million at year end 2020. 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: |  |  |  |
2021 |  | $ | 853 |
2022 |  |  | 729 |
2023 |  |  | 398 |
2024 |  |  | 0 |
2025 |  |  | 0 |
Thereafter |  |  | 65,000 |
TOTAL |  | $ | 66,980 |
The Company has two special purpose entities that hold $7.0 and $2.4 million in Trust Preferred Debentures. The debt has a floating rate that is determined quarterly based on the three-month LIBOR. At December 31, 2020, the interest rate was 2.02% and 1.92%. These securities can be redeemed at any quarter-end. Final maturity of the Trust Preferred Debenture is December 31, 2036. The balance of the outstanding Trust Preferred Debenture was $9.4 and $2.3 million at year end 2020 and 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration