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FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES AND OTHER BORROWINGS (Tables) | 3 Months Ended
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Mar. 31, 2021
Federal Home Loan Banks [Abstract] |
Schedule of Federal Home Loan Bank Advances | A summary of Federal Home Loan Bank advances and other borrowings at March 31, 2021 and December 31, 2020 is as follows:
|  |  |  | March 31, 2021 |  | December 31, 2020
|  | Stated Maturity |  | Amount |  | Range of Stated Rates |  | Amount |  | Range of Stated Rates
Federal Home Loan Bank advances (1), (2), (3), (4) |  | 2021 |  | $ | 4,000 |  |  | — | % |  | — | % |  | $ | 8,000 |  |  | — | % |  | 2.16 | %
|  | 2022 |  | 11,000 |  |  | 2.45 | % |  | 2.45 | % |  | 15,000 |  |  | 2.34 | % |  | 2.45 | %
|  | 2023 |  | 20,000 |  |  | 1.43 | % |  | 1.44 | % |  | 20,000 |  |  | 1.43 | % |  | 1.44 | %
|  | 2024 |  | 20,530 |  |  | — | % |  | 1.45 | % |  | 20,530 |  |  | — | % |  | 1.45 | %
|  | 2025 |  | 5,000 |  |  | 1.45 | % |  | 1.45 | % |  | 5,000 |  |  | 1.45 | % |  | 1.45 | %
|  | 2029 |  | 42,500 |  |  | 1.00 | % |  | 1.13 | % |  | 42,500 |  |  | 1.00 | % |  | 1.13 | %
|  | 2030 |  | 12,500 |  |  | 0.52 | % |  | 0.86 | % |  | 12,500 |  |  | 0.52 | % |  | 0.86 | %
Subtotal |  |  |  | 115,530 |  |  |  |  |  |  | 123,530 |  |  |  |  |
Unamortized discount on acquired notes |  |  |  | (49) |  |  |  |  |  |  | (32) |  |  |  |  |
Federal Home Loan Bank advances, net |  |  |  | $ | 115,481 |  |  |  |  |  |  | $ | 123,498 |  |  |  |  |
Senior Notes (5) |  | 2031 |  | $ | 28,856 |  |  | 3.50 | % |  | 3.50 | % |  | $ | 28,856 |  |  | 3.25 | % |  | 3.50 | %
Subordinated Notes (6) |  | 2027 |  | $ | 15,000 |  |  | 6.75 | % |  | 6.75 | % |  | $ | 15,000 |  |  | 6.75 | % |  | 6.75 | %
|  | 2030 |  | 15,000 |  |  | 6.00 | % |  | 6.00 | % |  | 15,000 |  |  | 6.00 | % |  | 6.00 | %
|  |  |  | $ | 30,000 |  |  |  |  |  |  | $ | 30,000 |  |  |  |  |
Unamortized debt issuance costs |  |  |  | $ | (502) |  |  |  |  |  |  | $ | (528) |  |  |  |  |
Total other borrowings |  |  |  | $ | 58,354 |  |  |  |  |  |  | $ | 58,328 |  |  |  |  |
Totals |  |  |  | $ | 173,835 |  |  |  |  |  |  | $ | 181,826 |  |  |  |  |
(1) The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had a pledged balance of $720,008 and $723,862 at March 31, 2021 and December 31, 2020, respectively. At March 31, 2021, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $122,791 compared to $118,391 as of December 31, 2020. (2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $123,530 and $162,530, during the three months ended March 31, 2021 and the twelve months ended December 31, 2020, respectively. (3) The weighted-average interest rates on FHLB borrowings maturing within twelve months as of March 31, 2021 and December 31, 2020 were 1.80% and 0.50%, respectively. (4) FHLB term notes totaling $55,000, with various maturity dates in 2029 and 2030, can be called or replaced by the FHLB on a quarterly basis, beginning approximately three months after the initial advance. (5) Senior notes, entered into by the Company in June 2019 consist of the following: (a) A term note, which was subsequently refinanced in October 2020, requiring quarterly interest-only payments through June 2022, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate with a floor rate of 3.25%. (b) A $5,000 line of credit, maturing in August 2021, that remains undrawn upon. (6) Subordinated notes resulted from the following: (a) The Company’s private sale in August 2017, which bears a fixed interest rate of 6.75% for five years. In August 2022, they convert to a three-month LIBOR plus 4.90% rate, and the interest rate will reset quarterly thereafter. Interest-only payments are due quarterly. (b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

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