Long-Term Borrowings

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Borrowings

NOTE 13 – LONG-TERM BORROWINGS

At year end, long-term advances from the FHLB were as follows:

	2020					2019
			Weighted					Weighted
			Average					Average
	Amount		Rate			Amount		Rate
Fixed-rate constant payment advance	$	1,980		1.70	%	$	2,841		1.70	%
Convertible and putable fixed-rate advance		65,000		1.38	%		40,000		1.79	%
Total advances	$	66,980		1.39	%	$	42,841		1.78	%

Long-term and short-term FHLB advances are secured by a blanket pledge of residential mortgage, commercial real estate, and multi-family loans totaling $616.4 million and $577.9 million at year end 2020 and 2019.  Based on this collateral, the Bank is eligible to borrow an additional $549.5 million at year end 2020.  Each advance is subject to a prepayment penalty if paid prior to its maturity date.

Scheduled payments of long-term FHLB advances are as follows:

Maturing in:
2021	$	853
2022		729
2023		398
2024		0
2025		0
Thereafter		65,000
TOTAL	$	66,980

The Company has two special purpose entities that hold $7.0 and $2.4 million in Trust Preferred Debentures. The debt has a floating rate that is determined quarterly based on the three-month LIBOR.  At December 31, 2020, the interest rate was 2.02% and 1.92%. These securities can be redeemed at any quarter-end.  Final maturity of the Trust Preferred Debenture is December 31, 2036. The balance of the outstanding Trust Preferred Debenture was $9.4 and $2.3 million at year end 2020 and 2019.