Long-term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-term Debt

11. LONG-TERM DEBT

The Company uses FHLB advances as an alternative to funding sources with similar maturities, such as certificates of deposit or other deposit programs. These advances generally offer more attractive rates than other mid-term financing options. They are also flexible, allowing the Company to quickly obtain the necessary maturities and rates that best suit its overall asset/liability strategy. FHLB advances with an original maturity of more than one year are classified as long-term. As of both December 31, 2019 and 2018, the Company did not have any long-term FHLB advances outstanding.

The following summarizes information concerning long-term FHLB advances and other borrowings:

	2019		2018
	(Dollars in Thousands)
Balance at year-end	$	—	$	—
Average balance during the year	$	—	$	5,288
Maximum month-end balance during the year	$	—	$	10,000
Average rate paid during the year	N/A			1.90	%
Weighted average remaining maturity (in years)	N/A		N/A

Assets pledged (including loans and investment securities) associated with FHLB advances totaled $34.6 million and $27.0 million as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and 2018, the Bank had $211.5 million and $282.2 million, respectively, in remaining credit from the FHLB (subject to available collateral).