ADVANCES FROM FEDERAL HOME LOAN BANK |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances From Federal Home Loan Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADVANCES FROM FEDERAL HOME LOAN BANK | Note 12—ADVANCES FROM FEDERAL HOME LOAN BANK Advances from the FHLB at December 31, 2019 and 2018, consisted of the following:
As collateral for its advances, the Company has pledged in the form of blanket liens, eligible loans, in the amount of $25.9 million at December 31, 2019. Securities have been pledged as collateral for advances in the amount of $5.1 million as of December 31, 2019. As collateral for its advances, the Company has pledged in the form of blanket liens, eligible loans, in the amount of $26.6 million at December 31, 2018. Securities have been pledged as collateral for advances in the amount of $6.0 million as of December 31, 2018. Advances are subject to prepayment penalties. The average advances during 2019 and 2018 were $3.2 million and $4.1 million, respectively. The average interest rate for 2019 and 2018 was 2.39% and 1.58%, respectively. The maximum outstanding amount at any month end was $17.2 million and $25.3 million for 2019 and 2018, respectively. During the years ended December 31, 2019 and December 31, 2018 there were no advances that were prepaid. Accordingly, no losses were realized on early extinguishment. |