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Borrowings

12 Months Ended

Dec. 31, 2020

Borrowings [Abstract]

Borrowings

NOTE 8 — BORROWINGS

Advances consist of funds borrowed from the FHLB. Maturities of advances from the FHLB for years ending after December 31, 2020 and 2019 are summarized as follows:

(In thousands)		2020			2019
2020		$	—		$	11,498
2021			—			5,000
2022			—			—
2023			8,500			8,500
2024			—			—
2025			5,000			—
Total		$	13,500		$	24,998

Borrowings from the FHLB, which aggregated $13.5 million and $25.0 million at December 31, 2020 and 2019, respectively, are secured by a blanket lien on qualified collateral, consisting primarily of loans with first mortgages secured by one- to four-family properties, certain commercial loans and qualified mortgage-backed government securities. At December 31, 2020, the interest rates on FHLB advances ranged from 1.21% to 3.01%, and the weighted average interest rate on FHLB advances was 2.12%. At December 31, 2020, the Company had the ability to borrow $143.8 million from the FHLB.

 

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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

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