XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.21.1

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 3 Months Ended
--- | ---
Mar. 31, 2021
Debt Disclosure [Abstract] |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 5. FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS At March 31, 2021, short-term borrowings consisted of a one-month FHLB advance totaling $15.0 million with a rate of 0.36 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 three years. There were no overnight borrowings with the FHLB as of March 31, 2021 or December 31, 2020. At March 31, 2021, unused short-term overnight borrowing commitments totaled $1.8 billion from the FHLB, $22.0 million from correspondent banks and $990.0 million at the Federal Reserve Bank of New York. The Company had $168.2 million in borrowings from the Federal Reserve’s Paycheck Protection Plan Lending Facility (the “PPPLF”), as of March 31, 2021 as compared to $177.1 million at 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 March 31, 2021. 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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration