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Long-Term Borrowings | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Long-term Borrowings | Long-term borrowings: There were $40.0 million in long-term Federal Home Loan Bank Advances at September 30, 2021 with a weighted average interest rate of 1.79%. Long-term Federal Home Loan Bank Advances were $67.0 million at December 31, 2020 and had a weighted average interest rate of 1.39%. In addition, the Company had two Trust Preferred Debentures with an outstanding balance of $9.6 million at September 30, 2021 and $9.4 million at December 31, 2020. Both of these debentures mature in calendar year 2036. The debentures have a weighted average interest rate of 1.89% and 1.99% at September 30, 2021 and December 31, 2020, respectively. Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans. Based on this collateral, the Bank is eligible to borrow an additional $579.9 million at September 30, 2021. The 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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