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FEDERAL HOME LOAN BANK ADVANCES | 9 Months Ended
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Dec. 31, 2020
FEDERAL HOME LOAN BANK ADVANCES |
FEDERAL HOME LOAN BANK ADVANCES | 9. FEDERAL HOME LOAN BANK ADVANCES The Bank did not have any outstanding FHLB advances as of December 31, 2020 or March 31, 2020. During the nine months ended December 31, 2020, all outstanding FHLB advances were paid off and the weighted average interest rate on the borrowing activity related to FHLB advances was 0.31% for the nine months ended December 31, 2020. During the twelve months ended March 31, 2020, all outstanding FHLB advances were paid off and the weighted average interest rate on the borrowing activity related to FHLB advances was 2.54% for the twelve months ended March 31, 2020. The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At December 31, 2020, based on collateral values, the Bank had additional borrowing capacity of $224.9 million from the FHLB. FHLB advances are collateralized with the FHLB by certain investment and mortgage-backed securities, FHLB stock owned by the Bank, deposits with the FHLB, and certain mortgages on deeds of trust securing such properties as provided in the agreements with the FHLB. At December 31, 2020, loans carried at $382.6 million were pledged as collateral to the FHLB.

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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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