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Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

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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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.

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