Federal Home Loan Bank Advances and Other Borrowings |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances From Federal Home Loan Banks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank Advances and Other Borrowings |
Note 7 – Federal Home Loan Bank Advances and Other Borrowings At December 31, 2018 and 2017 the Company had $20,000,000 in overnight FHLB advances. The advances are secured by a blanket pledge of eligible collateral including first lien single family and multi-family mortgages with a carrying value of $112,117,000 and $103,092,000 at December 31, 2018 and 2017, respectively. The Company has available borrowing capacity of an additional $59,300,000 from FHLB at December 31, 2018, subject to certain collateral requirements and with interest at then stated rate. The following table summarizes activities in advances from the FHLB for the periods indicated:
The Company has established an $8,000,000 unsecured line of credit with interest payable at the then-stated rate, with PCBB, which expires in June 2019. There were no borrowings on this line at December 31, 2018 or 2017. The Company has established a Borrower-in-Custody (BIC) arrangement with the FRB, which is secured by eligible loans, with interest payable at the then-stated rate. At December 31, 2018, the Company had pledged commercial real estate loans totaling $42,912,000, which provided available borrowing capacity of $20,780,000. At December 31, 2017, the Company had pledged commercial real estate loans totaling $43,916,000, which provided available borrowing capacity of $21,140,000. There were no borrowings outstanding on this line of credit at December 31, 2018 or 2017. |