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Long-term debt

12 Months Ended

Dec. 31, 2020

Long-term debt.

Long-term debt

12. Long-term debt:

Long-term debt consisting of advances from the FHLB at December 31, 2020 and 2019 are as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Interest Rate			​	​		​	​
Due	​	Fixed	​	​	​	December 31, 2020	​	​	December 31, 2019
June 2020		1.74	%	​	​	​	​	$	5,000	​
June 2020	​	2.22	​	​		​	​		6,000	​
December 2020	​	1.84	​	​	$	​	​		5,000	​
June 2021	​	1.99	​	​	​	10,000	​	​	10,000	​
March 2023	​	4.69	​	​	​	4,769	​	​	6,733	​
​	​	​	​	​	$	14,769	​	$	32,733	​

​

Maturities of long-term debt, by contractual maturity, in years subsequent to December 31, 2020 are as follows:

​

​	​	​	​	​
2021		$	12,058	​
2022	​		2,156	​
2023	​		555	​
​	​	$	14,769	​

​

None of the advances from the FHLB are convertible. At December 31, 2020, long-term debt are all at fixed rates. There were no new long-term advances entered into with the FHLB during 2020. Two new long term advances were entered into with the FHLB during 2019 totaling $16,000 with terms of one and two years.

During 2020, the company participated in the Federal Reserve Banks PPPLF by pledging PPP loans as collateral. Borrowings from this facility are categorized as long-term based on the twenty four or sixty month term of the loans pledged. At December 31, 2020, no advances were outstanding under this facility.

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- References

No definition available.

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- Definition

The entire disclosure for long-term debt.

+ 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

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