FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS	7. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The Company did not have any advances from the FHLB at December 31, 2020. Advances from FHLB totaled $105.0 million at December 31, 2019, with a weighted average interest rate of 3.20 percent. The Company prepaid $105.0 million of FHLB advances resulting in a prepayment penalty of $4.8 million during 2020. The repayment of the FHLB advances is expected to provide a benefit to interest expense greater than the prepayment penalty over the remaining life of the advances. At December 31, 2019, the advances had fixed maturity dates and 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. Short-term borrowings consisted of a one-month FHLB advance totaling $15.0 million with a rate of 0.34 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 three years. At December 31, 2019, 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. At December 31, 2020, unused short-term or overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $987.7 million at the Federal Reserve Bank of New York. The Company had $177.1 million in borrowings from the Federal Reserve’s PPPLF as of December 31, 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 December 31, 2020.

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2020

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

7. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

The Company did not have any advances from the FHLB at December 31, 2020. Advances from FHLB totaled $105.0 million at December 31, 2019, with a weighted average interest rate of 3.20 percent.

The Company prepaid $105.0 million of FHLB advances resulting in a prepayment penalty of $4.8 million during 2020. The repayment of the FHLB advances is expected to provide a benefit to interest expense greater than the prepayment penalty over the remaining life of the advances.

At December 31, 2019, the advances had fixed maturity dates and 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.

Short-term borrowings consisted of a one-month FHLB advance totaling $15.0 million with a rate of 0.34 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 three years. At December 31, 2019, 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. At December 31, 2020, unused short-term or overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $987.7 million at the Federal Reserve Bank of New York.

The Company had $177.1 million in borrowings from the Federal Reserve’s PPPLF as of December 31, 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 December 31, 2020.