Letters of Credit |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2019 | |||
Letters of Credit [Abstract] | |||
Letters of Credit |
The Bank has entered into an arrangement with the FHLB resulting in the FHLB issuing letters of credit on behalf of the Bank with the resulting beneficiary being certain public funds in connection with these deposits. Outstanding letters of credit to secure these public funds at December 31, 2019 and 2018 were $1.3 million and $1.5 million, respectively. Loans with a collateral value of approximately $73.0 million were used to secure the letters of credit. |