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Long-Term Borrowings | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Long-term Borrowings | Long-term borrowings: There were $65.0 million in long-term Federal Home Loan Bank Advances at March 31, 2021 with a weighted average interest rate of 1.38%. Long-term Federal Home Loan Bank Advances were $67.0 million at December 31, 2020. In addition, the Company had two Trust Preferred Debentures with an outstanding balance of $9.5 million at March 31, 2021 and $9.4 million at December 31, 2020. 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 $610.1 million and $694.5 million at March 31, 2021 and December 31, 2020, respectively. Based on this collateral, the Bank is eligible to borrow an additional $545.1 million at March 31, 2021. 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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