The Bank is a member of the Federal Home Loan Bank (“FHLB”) System. &# This change occurred simultaneously with the Conversion discussed above. &# At December 31, 2020, the remaining balance of PPP loans totaled $37.3 million. A majority of the Bank’s loan originations are made to existing customers. The mortgage loan documents used by the Bank conform to secondary market standards. &# After 20 days, the collector places a phone call to the borrower. At December 31, 2020, the Company had no specific allowances. &# Advances from the FHLB are secured by certain first mortgage loans. The Bank also uses retail repurchase agreements as a source of borrowings. &# xa0; Holding Company Regulation General. The statutory provision is commonly called the “Volcker Rule”. In addition, banks must have procedures to verify the identity of their customers. &# Congress is also considering legislation. Additionally, customers are increasingly forced to work remotely. xa0; 31 Risks Related To Our Business. &# We might increase the allowance because of changing economic conditions. xa0; Commercial business lending may expose the Company to increased lending risks. &# Commercial real estate lending is inherently riskier than residential mortgage lending. xa0; The Bank faces intense competition both in making loans and attracting deposits. xa0; 38
