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Other Borrowed Funds
 12 Months Ended
Dec. 31, 2019
Other Borrowed Funds [Abstract]  
Other Borrowed Funds

Note 9. Other Borrowed Funds

 

The Bank has a line of credit from the FHLB secured by the Bank’s real estate loan portfolio and certain pledged securities.  The FHLB will lend up to 30% of the Bank’s total assets at the prior quarter end, subject to certain eligibility requirements, including adequate collateral. The Bank had borrowings from FHLB that totaled $124.8 million and $73.1 million at December 31, 2019 and 2018, respectively.  The interest rate on the borrowings range from 1.69% to 2.49% depending on structure and maturity.  The borrowings also required the Bank to own $6.0 million of FHLB stock.  This amount is included with restricted investments on the consolidated balance sheets.

 

The principal on FHLB borrowings matures as follows:

 

(Dollars in thousands)

Maturities

 

 

 

2020

$

124,800

At December 31, 2019, 1-4 family residential loans with a lendable value of $44.9 million, multi-family residential loans with a lendable value of $9.6 million, commercial real estate loans with a lendable value of $49.2 million, and securities with a lendable value of $58.2 million were pledged against an available line of credit with the FHLB totaling $220.6 million as of December 31, 2019. The Bank has a letter of credit with the FHLB in the amount of $10.0 million for the purpose of collateral against Virginia public deposits.

The Company has unsecured lines of credit with correspondent banks totaling $24.0 million at December 31, 2019 and $19.0 million at December 31, 2018, available for overnight borrowing. At December 31, 2019 and 2018, none of these lines of credit with correspondent banks was drawn upon.