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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 7. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS Advances from FHLB totaled $105.0 million at December 31, 2019, with a weighted average interest rate of 3.20 percent. Advances from FHLB totaled $108.0 million at December 31, 2018, with a weighted average interest rate of 3.17 percent. At December 31, 2019, advances totaling $105.0 million, with a weighted average rate of 3.20 percent, have fixed maturity dates. At December 31, 2018, advances totaling $108.0 million, with a weighted average rate of 3.17 percent, have fixed maturity dates. At December 31, 2019, the fixed rate advances were secured by blanket pledges of certain 1-4 family residential mortgages totaling $347.5 million, multifamily mortgages totaling $773.1 million and securities totaling $154.3 million, while at December 31, 2018, the fixed rate advances were secured by blanket pledges of certain 1-4 family residential mortgages totaling $496.1 million, multifamily mortgages totaling $1.0 billion and securities totaling $58.5 million. The scheduled principal repayments and maturities of advances as of December 31, 2019 are as follows:
(In thousands) |  |  |  |
2020 |  | $ | — |
2021 |  |  | 60,000 |
2022 |  |  | 20,000 |
2023 |  |  | 25,000 |
2024 |  |  | — |
Over 5 years |  |  | — |
Total |  | $ | 105,000 |
Short-term borrowings consisted of overnight borrowings with the FHLB of $113.1 million with a rate of 1.81 percent and a one-month FHLB advance of $15.0 million with a rate of 1.79 percent. The one-month FHLB advance is part of an interest rate swap designated as a cash flow hedge. The cash flow hedge has a term of four years. There were no short-term or overnight borrowings with the FHLB as of December 31, 2018. At December 31, 2019, unused short-term or overnight borrowing commitments totaled $1.3 billion from the FHLB, $22.0 million from correspondent banks and $1.5 billion at the Federal Reserve Bank of New York.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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