Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2020

Federal Home Loan Bank Advances [Abstract]

Note 10 – Federal Home Loan Bank Advances

The following table summarizes information relating to FHLB advances at or for the periods indicated:

	At or For the Year Ended
	2020			2019
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	114,020		$	77,049
Maximum amount outstanding at any month‑end during the year	$	121,500		$	84,000
Balance outstanding at end of year	$	110,500		$	84,000
Weighted average interest rate at end of year		1.94	%		2.32	%
Average cost of advances during the year		1.91	%		2.42	%
Weighted average contractual maturity (in months)		27			18

Each advance is payable at its maturity date, with a prepayment penalty. The advances were collateralized by $220.0 million and $156.1 million of first mortgage loans at December 31, 2020 and 2019, respectively, under a blanket lien arrangement. Based on this collateral, the Company’s holdings of FHLB stock, and a general borrowing limit of 40% of total assets at December 31, 2020, the Company was eligible to borrow up to an additional $40.3 million at year‑end 2020.

Required payments over the next five years are as follows:

	Amount
	(In thousands)
2021	$	27,500
2022		18,000
2023		30,000
2024		5,000
2025		30,000
	$	110,500