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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2019
Federal Home Loan Bank Advances and Other Borrowings [Abstract] |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 10 – Federal Home Loan Bank Advances and Other Borrowings At December 31, 2019 and 2018, the Company had $110.0 million and $50.0 million in FHLB Advances, respectively. The FHLB advances are secured with approximately $716.0 million of mortgage loans and $6.4 million of stock in the FHLB. During the fourth quarter of 2019, the Company paid off $25.0 million of fixed rate FHLB advances with an average cost of 3.36% and incurred a loss on extinguishment of debt of $1.5 million. Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2019 and 2018. The $110.0 million outstanding at December 31, 2019 was at a variable rate.
|  | December 31,
(dollars in thousands) |  |  |  |  | 2019 |  |  |  |  | 2018
Maturity |  |  | Amount |  | Rate |  |  | Amount |  | Rate
December 31, 2019 |  | $ | - |  | -% |  | $ | 25,000 |  | 2.65%
July 7, 2022 |  |  | - |  | -% |  |  | 10,000 |  | 3.11%
July 7, 2023 |  |  | - |  | -% |  |  | 15,000 |  | 3.53%
December 31, 2020 |  |  | 110,000 |  | 1.78% |  |  | - |  | -%
|  | $ | 110,000 |  | 1.78% |  | $ | 50,000 |  | 3.01%
The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2019. The line of credit bears interest at LIBOR plus 2.50% and matures on June 30, 2020. The loan agreement contains various financial covenants related to capital, earnings and asset quality.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances and repurchase agreement. + References No definition available. + Details
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