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BORROWINGS

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

BORROWINGS

NOTE 11 - BORROWINGS

At June 30, 2018 the Company had no borrowings.

The Company has an approved secured borrowing facility with the FHLB for up to 25% of total assets for a term not to exceed five years under a blanket lien of certain types of loans. There were no outstanding borrowings under this facility at June 30, 2018 and December 31, 2017.

As of June 30, 2018, the FHLB had issued a letter of credit on behalf of the Bank totaling $7.5 million as collateral for local agency deposits. No amounts have been drawn under this letter of credit.

The Company has four Federal Funds lines with available commitments totaling $55.0 million with four correspondent banks. There were no amounts outstanding under these facilities at June 30, 2018 and December 31, 2017.

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- References

No definition available.

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- Definition

The entire disclosure for short-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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