XML 32 R17.htm IDEA: XBRL DOCUMENT v3.22.0.1
Borrowings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Borrowings

(7) Borrowings

At December 31, 2021 and 2020, the Bank had a line of credit totaling $44.7 million and $89.1 million, respectively, from the FHLB, which is reviewed annually by the FHLB. The following advances, which require monthly or quarterly interest payments, were outstanding at December 31, 2021:

 

Advance Date

 

Advance

 

 

Fair Value Adjustment

 

 

Interest Rate

 

 

Maturity

 

Rate

 

Call Feature

5/23/2019

 

$

8,000,000

 

 

$

395,312

 

 

 

2.40

%

 

5/23/2029

 

Convertible

 

5/23/2022

11/29/2019

 

 

5,000,000

 

 

 

320,713

 

 

 

2.66

%

 

10/25/2019

 

Convertible

 

11/29/2022

12/16/2019

 

 

5,000,000

 

 

 

271,837

 

 

 

2.37

%

 

12/17/2029

 

Convertible

 

3/17/2022

1/21/2021

 

 

10,000,000

 

 

 

—

 

 

 

0.68

%

 

1/21/2026

 

Fixed

 

N/A

3/8/2021

 

 

10,000,000

 

 

 

—

 

 

 

0.54

%

 

3/8/2024

 

Fixed

 

N/A

5/2/2021

 

 

10,000,000

 

 

 

—

 

 

 

0.76

%

 

5/2/2025

 

Fixed

 

N/A

 

 

$

48,000,000

 

 

$

987,862

 

 

 

 

 

 

 

 

 

 

 

Three of the advances above were acquired in connection with the acquisition of Affinity Bank during 2020. At December 31, 2021 and 2020, the FHLB advances were collateralized by certain loans which totaled approximately $343.6 million and $309.9 million at December 31, 2021 and 2020, respectively, and by the Company’s investment in FHLB stock which totaled approximately $2.2 million and $1.3 million at December 31, 2021 and 2020, respectively.

 

The Company had one FHLB letter of credit of $8.0 million and $16.0 million used to collateralize public deposits, outstanding at December 31, 2021 and 2020, respectively.

 

The Company borrowed $5.0 million from First National Bankers Bank during the year ended December 31, 2020. The loan had a ten-year term with a floating interest rate equal to the Wall Street Journal Prime Rate. Interest payments were due quarterly and the initial principal payment was due June 29, 2021. There was no prepayment penalty. The loan was secured by Bank stock. In January 2021, the loan was repaid.

The Company borrowed $100.8 million under the Federal Reserve Bank of Atlanta to fund PPP loans under the U.S. CARES Act (the Paycheck Protection Program Liquidity Facility). This was secured by PPP loans totaling $101.7 million made during the year ended December 31, 2020. These borrowings have a fixed interest rate of 0.35% and a maturity date equal to the maturity date of the related PPP loans, with the PPP loans maturing either two or five years from the origination date of the PPP loan. This loan was repaid in 2021.

At December 31, 2021 and 2020 the Bank had unsecured federal funds lines of credit of $12.5 million, for which no amounts were outstanding. The Bank also has a line of $62.0 million and $53.8 million with the Federal Reserve Bank of Atlanta Discount Window secured by $115.2 million and $99.5 million in loans as of December 31, 2021 and 2020, respectively. No amount was outstanding on the Discount Window as of December 31, 2021 or 2020.