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Other Borrowings | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Other Borrowings | (12) Other Borrowings The Company has a $7.5 million line of credit from an unrelated financial institution maturing on November 1, 2020, with an interest rate that adjusts daily based on the prime rate less 0.25%. This line of credit has covenants specific to capital and other financial ratios, which the Company was in compliance with at December 31, 2019. As of December 31, 2019 and 2018, the Company did not have an outstanding balance on the line of credit. At December 31, 2019 and 2018, the Bank had no borrowings through the Federal Reserve discount window, while the borrowing capacity was $17.4 million and $10.1 million, respectively. The Bank also has various other federal funds agreements, both secured and unsecured, with correspondent banks totaling approximately $30.0 million at December 31, 2019 and 2018. As of December 31, 2019 and 2018, there were no borrowings through these correspondent bank federal funds agreements.

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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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