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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS Advances from the FHLB totaled $105.0 million with a weighted average interest rate of 3.20 percent at both June 30, 2020 and December 31, 2019 respectively. The advances had fixed maturity dates and were secured by blanket pledges of certain 1-4 family residential mortgages totaling $354.4 million, multifamily mortgages totaling $761.7 million and securities totaling $158.4 million at June 30, 2020, while 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. The final maturity dates of the FHLB advances are scheduled as follows:
(In thousands) |  |  |  |
2021 |  | $ | 60,000 |
2022 |  |  | 20,000 |
2023 |  |  | 25,000 |
Total |  | $ | 105,000 |
Short-term borrowings consisted of a one-month FHLB advance totaling $15.0 million with a rate of 0.46 percent. The one-month FHLB advance for $15.0 million 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 overnight borrowings with the FHLB as of June 30, 2020 and December 31, 2019. At June 30, 2020, unused short-term overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $1.0 billion at the Federal Reserve Bank of New York. The Company had $535.8 million in borrowings from the Federal Reserve’s PPPLF as of June 30, 2020. The borrowings have a rate of 0.35 percent, primarily all of which have a 2-year maturity. The Company utilized the PPPLF to fund PPP loan production during the second quarter of 2020. The borrowings are fully pledged by PPP loans as of June 30, 2020.

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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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