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Short-term Borrowings | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Short-Term Borrowings |
7. | BORROWINGS
Short-term borrowings consist of federal funds purchased, securities sold under repurchase agreements, and short-term FHLB advances with original maturities of one year or less. Short-term borrowings totaled $10.0 million as of both September 30, 2020 and December 31, 2019. Federal funds purchased, which represent unsecured lines of credit that generally mature within one to four days, are available to the Bank through arrangements with correspondent banks and the Federal Reserve. As of both September 30, 2020 and December 31, 2019, there were no federal funds purchased outstanding. The Bank had $61.6 million and $61.7 million in available unused lines of credit with correspondent banks and the Federal Reserve as of September 30, 2020 and December 31, 2019, respectively. Securities sold under repurchase agreements, which are secured borrowings, generally are reflected at the amount of cash received in connection with the transaction. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. The Bank monitors the fair value of the underlying securities on a daily basis. Securities sold under repurchase agreements as of September 30, 2020 and December 31, 2019 totaled $45 thousand and $25 thousand, respectively. Short-term FHLB advances are secured borrowings available to the Bank as an alternative funding source. As of both September 30, 2020 and December 31, 2019, the Bank had $10.0 million in outstanding FHLB advances with original maturities of less than one year. The Company may use FHLB advances with original maturities of more than one year as an alternative to funding sources with similar maturities, such as certificates of deposit or other deposit programs. These advances generally offer more attractive rates than other mid-term financing options. They are also flexible, allowing the Company to quickly obtain the necessary maturities and rates that best suit its overall asset/liability strategy. FHLB advances with an original maturity of more than one year are classified as long-term. As of both September 30, 2020 and December 31, 2019, the Company did not have any long-term FHLB advances outstanding. Assets pledged (including loans and investment securities) associated with FHLB advances totaled $30.1 million and $34.6 million as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, the Bank had $233.6 million and $211.5 million, respectively, in remaining credit from the FHLB (subject to available collateral).

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- Definition The entire disclosure for short-term debt. + 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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