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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
Borrowed Funds | The following table shows the breakdown of borrowed funds as of December 31, 2020 and 2019 (dollars in thousands)
|  | Securities Sold Under Agreements to Repurchase(a) |  |  | FHLB Advances(b) |  |  | Federal Funds Lines (c) |  |  | FRB BIC Line (d) |  |  | Notes Payable(e) |  |  | Term Loans(f) |  |  | Total Borrowed Funds |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 14,813 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7,500 |  |  | $ | 66,525 |  |  | $ | 88,838 |
Highest balance at any month-end |  |  | 14,813 |  |  |  | 67,106 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | 79,022 |  |  |  | 168,441 |
Average balance |  |  | 12,903 |  |  |  | 12,371 |  |  |  | - |  |  |  | 109 |  |  |  | 7,500 |  |  |  | 60,355 |  |  |  | 93,238 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 0.36 | % |  |  | 1.63 | % |  |  | 0.51 | % |  |  | 0.34 | % |  |  | 3.83 | % |  |  | 1.19 | % |  |  | 1.34 | %
As of year-end |  |  | 0.11 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 3.57 | % |  |  | 1.12 | % |  |  | 1.16 | %
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 11,298 |  |  | $ | 24,794 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,500 |  |  | $ | 41,525 |  |  | $ | 85,117 |
Highest balance at any month-end |  |  | 16,161 |  |  |  | 82,779 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | 41,525 |  |  |  | 147,965 |
Average balance |  |  | 13,644 |  |  |  | 69,477 |  |  |  | 3 |  |  |  | 7 |  |  |  | 7,500 |  |  |  | 18,410 |  |  |  | 109,041 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 1.98 | % |  |  | 2.46 | % |  |  | 2.67 | % |  |  | 2.49 | % |  |  | 5.32 | % |  |  | 2.40 | % |  |  | 2.59 | %
As of year-end |  |  | 1.45 | % |  |  | 1.81 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 4.70 | % |  |  | 2.08 | % |  |  | 2.15 | %
Remaining Contractual Maturity of Repurchase Agreements |
|  | Remaining Contractual Maturity of the Agreements |
2020 |  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30 - 90 Days |  |  | Greater than 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 16,735 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 16,735 |
Total carrying value of collateral pledged |  | $ | 16,735 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 16,735 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14,813 |
|  | Remaining Contractual Maturity of the Agreements |
2019 |  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30 - 90 Days |  |  | Greater than 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 15,964 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15,964 |
Total carrying value of collateral pledged |  | $ | 15,964 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15,964 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,298 |
Federal Home Loan Bank Loans by Branch |
Interest Rate |  | Maturity |  | December 31, 2020 |  |  | December 31, 2019 |
Fixed: |  |  |  |  |  |  |  |
| 1.84 | % | January 13, 2020 |  |  | - |  |  |  | 20,000 |
| 0.38 | % | January 4, 2021 |  |  | 25,000 |  |  |  | - |
| 2.61 | % | February 3, 2021 |  |  | 2,000 |  |  |  | 2,000 |
| 3.52 | % | July 12, 2021 |  |  | 2,000 |  |  |  | 2,000 |
| 2.37 | % | August 20, 2021 |  |  | 2,800 |  |  |  | 2,800 |
| 0.25 | % | July 9, 2021 |  |  | 15,000 |  |  |  | - |
| 2.08 | % | January 6, 2022 |  |  | 4,725 |  |  |  | 4,725 |
| 2.46 | % | March 28, 2024 |  |  | 5,000 |  |  |  | 5,000 |
| 1.69 | % | August 20, 2024 |  |  | 5,000 |  |  |  | 5,000 |
| 1.24 | % | March 3, 2025 |  |  | 5,000 |  |  |  | - |
Total term loans |  |  |  | $ | 66,525 |  |  | $ | 41,525 |
Maturities of Borrowed Funds | Following are maturities of borrowed funds as of December 31, 2020 (in thousands):
2021 |  | $ | 61,613 |
2022 |  |  | 4,725 |
2023 |  |  | - |
2024 |  |  | 10,000 |
2025 |  |  | 5,000 |
Thereafter |  |  | 7,500 |
Total borrowed funds |  | $ | 88,838 |

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