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Borrowed Funds | 12 Months Ended
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Dec. 31, 2020
Borrowed Funds [Abstract] |
Borrowed Funds | Borrowed Funds Borrowed funds consist of advances from the FHLB, FRB, and securities sold under agreements to repurchase with municipal and commercial customers. Pursuant to collateral agreements, FHLB advances are collateralized by all stock in FHLB, qualifying first mortgage loans, U.S. Government and Agency securities not pledged to others, and funds on deposit with FHLB. All FHLB advances as of December 31, 2020 had fixed rates of interest until their respective maturity dates. Securities sold under agreements to repurchase include U.S. agencies securities and other securities. Repurchase agreements have maturity dates ranging from one to 365 days. The Bank also has in place $51,000,000 in credit lines with correspondent banks and a credit facility of $95,000,000 with the Federal Reserve Bank of Boston using commercial and home equity loans as collateral, of which $25,000,000 was in use as of December 31, 2020. Borrowed funds at December 31, 2020 and 2019 have the following range of interest rates and maturity dates:
As of December 31, 2020 |  |
Federal Home Loan Bank Advances and Federal Reserve Bank Borrowings |  |
2021 | 0.00% - 1.55% | $ | 137,600,000 |
2022 | 0.00% | — |
2023 | 0.00% | — |
2024 | 0.00% | 98,000 |
2025 | 1.35% - 1.40% | 55,000,000 |
2026 and thereafter | 0.00% | — |
|  | 192,698,000 |
Repurchase agreements |  |
Municipal and commercial customers | 0.10% - 2.00% | 69,340,000 |
|  | $ | 262,038,000 |
As of December 31, 2019 |  |
Federal Home Loan Bank Advances |  |
2020 | 1.60% - 1.97% | $ | 137,400,000 |
2021 | 1.55% | 10,000,000 |
2022 | 0.00% | — |
2023 | 0.00% | — |
2024 | 0.00% | 105,000 |
2025 and thereafter | 0.00% | — |
|  | 147,505,000 |
Repurchase agreements |  |
Municipal and commercial customers | 0.10% - 2.33% | 37,450,000 |
|  | $ | 184,955,000 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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 + Details
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