XML 49 R17.htm IDEA: XBRL DOCUMENT
v3.19.3

Borrowings | 9 Months Ended
--- | ---
Sep. 30, 2019
Borrowings |
Borrowings | 10. Borrowings Short-term borrowings consists of FHLB advances representing overnight borrowings. The table below outlines short-term borrowings at September 30, 2019 and December 31, 2018:
|  | At and for the nine months ended September 30, 2019 |
|  |  |  |  |  |  |  |  |  |  | Weighted |  | Weighted |
|  |  |  |  |  |  |  | Maximum |  | Average |  | Average |
|  | Ending |  | Average |  | Month-End |  | Rate for |  | Rate at |
|  | Balance |  | Balance |  | Balance |  | the nine months ended September 30, 2019 |  | September 30,2019 |
FHLB advances |  | $ |  |  | $ | 74,036 |  | $ | 133,725 |  | 2.69 | % |  | %
|  | At and for the year ended December 31, 2018 |
|  |  |  |  |  |  |  |  |  |  | Weighted |  | Weighted |
|  |  |  |  |  |  |  | Maximum |  | Average |  | Average |
|  | Ending |  | Average |  | Month-End |  | Rate for |  | Rate at End |
|  | Balance |  | Balance |  | Balance |  | the Year |  | of the Year |
FHLB advances |  | $ | 86,500 |  | $ | 133,834 |  | $ | 189,275 |  | 2.05 | % | 2.62 | %
The Company has an agreement with the FHLB which allows for borrowings up to its maximum borrowing capacity based on a percentage of qualifying collateral assets. At September 30, 2019, the maximum borrowing capacity was $719,470 of which $52,509 was outstanding in borrowings. At December 31, 2018, the maximum borrowing capacity was $700,169 of which $124,406 was outstanding in borrowings. Short-term borrowings were used to fund our loan growth during the first six months of 2019 as deposit balances were relatively unchanged from year end. However, growth in deposit balances during the third quarter of 2019 has allowed us to pay down the short-term borrowings to zero at September 30, 2019. Advances with the FHLB are secured under terms of a blanket collateral agreement by a pledge of FHLB stock and certain other qualifying collateral, such as investments and mortgage-backed securities and mortgage loans. Interest accrues daily on the FHLB advances based on rates of the FHLB discount notes. The short-term borrowing rate resets each day. Long-term debt consisting of advances from the FHLB at September 30, 2019 and December 31, 2018 are as follows:
|  | Interest Rate |  |  |  |  |  |  |
Due |  | Fixed |  | Adjustable |  |  | September 30, 2019 |  |  | December 31, 2018 |
December 2019 |  |  |  | 3.71 | % | $ | 3,000 |  |  | 3,000 |
December 2019 |  |  |  | 3.37 |  |  | 6,300 |  |  | 6,300 |
December 2019 |  | 1.62 | % |  |  |  | 10,000 |  |  | 10,000 |
June 2020 |  | 1.74 |  |  |  |  | 5,000 |  |  | 5,000 |
June 2020 |  | 2.22 |  |  |  |  | 6,000 |  |  |  |
December 2020 |  | 1.84 |  |  |  |  | 5,000 |  |  | 5,000 |
June 2021 |  | 1.99 |  |  |  |  | 10,000 |  |  |  |
March 2023 |  | 4.69 |  |  |  |  | 7,209 |  |  | 8,606 |
|  |  |  |  |  | $ | 52,509 |  | $ | 37,906 |
Maturities of long-term debt, by contractual maturity, for the remainder of 2019 and subsequent years are as follows:
2019 |  | $ | 19,777 |
2020 |  |  | 17,963 |
2021 |  |  | 12,058 |
2022 |  |  | 2,156 |
2023 |  |  | 555 |
|  | $ | 52,509 |
None of the advances from the FHLB are convertible. At September 30, 2019, long-term debt consist of $43,209 at fixed rates and $9,300 at adjustable rates which reset quarterly based on three-month LIBOR plus 1.21% to plus 1.57%. New long-term advances totaling $16,000 were entered into with the FHLB during the second quarter of 2019. The advances were qualified under the FHLB’s ‘Community Lending Program’ which offers rates lower than their stated rates when the advances are used for community development.

X
- References No definition available. + Details
Name: | us-gaap_DebtCurrentAbstract
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