Other Borrowings |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | Other Borrowings The following table summarized the Company’s borrowings as of December 31:
The Company, through its subsidiary banks, had available line-of-credit agreements with correspondent banks permitting borrowings to a maximum of approximately $89.0 million at both December 31, 2020 and 2019. There were no outstanding advances against those lines at December 31, 2020 and December 31, 2019. Through its subsidiary banks, the Company has borrowing relationships with the FHLB, which provides secured borrowing capacity, subject to available collateral. The unused borrowing capacity on established lines with the FHLB was $2.1 billion at December 31, 2020 and $1.3 billion at December 31, 2019. As members of the FHLB, the Company’s subsidiary banks can use certain unencumbered residential and commercial real estate related assets and investment securities to secure borrowings from the FHLB. At December 31, 2020, total unencumbered residential and commercial real estate related loans and investment securities pledged at the FHLB were $1.6 billion. At December 31, 2020, there were no overnight advances and $265.0 million in term advances with the FHLB, with a weighted average rate of 2.09%, compared to $239.1 million in overnight advances and $415.0 million in term advances with a weighted average rate of 2.12%, at December 31, 2019. At December 31, 2020, the term advances with the FHLB include $30.0 million which mature within one year and $235.0 million which mature in over one year. Maturities of advances due in over one year include $85.0 million in 2022, $80.0 million in 2023 and $70.0 million in 2024. The Company had no callable FHLB borrowings at December 31, 2020. The Company has a $25.0 million line of credit with a bank. As of December 31, 2020 and 2019, respectively, there was no outstanding balance and $4.0 million outstanding on the line. The line matures in June 2021.
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