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FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES AND OTHER BORROWINGS | 3 Months Ended
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Mar. 31, 2021
Federal Home Loan Banks [Abstract] |
FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES AND OTHER BORROWINGS | FEDERAL HOME LOAN BANK AND FEDERAL RESERVE BANK ADVANCES AND OTHER BORROWINGS 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. Federal Home Loan Bank Letters of Credit The Bank has an irrevocable Standby Letter of Credit Master Reimbursement Agreement with the Federal Home Loan Bank. This irrevocable standby letter of credit (“LOC”) is supported by loan collateral as an alternative to directly pledging investment securities on behalf of a municipal customer as collateral for their interest bearing deposit balances. These balances were $179,725 and $179,400 at March 31, 2021 and December 31, 2020, respectively. Federal Reserve Bank Paycheck Protection Program Liquidity Facility (“FRB PPPLF”) Program The Bank has originated Small Business Association’s Paycheck Protection Program (“SBA PPP”) loans and has complied with the requirements to pledge these loans to the FRB PPPLF program which provides 100% funding for SBA PPP loans upon request. At March 31, 2021 the Bank had $118,931 of borrowing capacity under the Federal Reserve SBA PPP facility, which the Federal Reserve established in 2020. The Bank has no outstanding loan balances under this facility at March 31, 2021 and December 31, 2020. Maximum month-end borrowed amounts outstanding under this agreement were $0 and $25,136, during the three months ended March 31, 2021 and the twelve months ended December 31, 2020, respectively.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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