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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2021
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, 2021, the Company had no FHLB Advances, while at December 31, 2020 there were $25.0 million in FHLB Advances. Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2021 and 2020. The $25.0 million outstanding at December 31, 2020 was at a variable rate.
|  | December 31,
(dollars in thousands) |  |  |  |  | 2021 |  |  |  |  |  | 2020
Maturity |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
December 31, 2021 |  | $ | - |  |  |  | - | % |  | $ | 25,000 |  |  |  | 0.36 | %
The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2021. The line was renewed on December 21, 2021, bearing interest at One Month CME Term SOFR plus 3.50% and maturing on December 20, 2023. 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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