FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2019

NOTE 10 - FEDERAL HOME LOAN BANK ADVANCES

At year-end, advances from the Federal Home Loan Bank were as follows:


	2019		2018
Short-Term Advances
Maturities in January, March and May 2020, fixed rates from 1.73% to 2.26% with a weighted-average rate of 1.80% as of 12/31/19 and 2.57% as of 12/31/18	$	25,000	$	11,600
Long-Term Advances
Maturities range from January 2020 through March 2030, fixed rates from 1.40% to 5.37%, with a weighted-average rate of 2.13% as of 12/31/19 and 2.05% as of 12/31/18		91,418		88,852

Advances are paid either on a monthly basis or at maturity. All advances require a prepayment penalty, and are secured by the Federal Home Loan Bank stock and substantially all 1-4 family first-mortgage residential, multi-family and farm real estate loans under a blanket lien arrangement at December 31, 2019 and 2018. Based on this collateral and the Company’s holding of Federal Home Loan Bank stock, the Company is eligible to borrow up to an additional $91.1 million at December 31, 2019.

Scheduled principal payments due on advances during the years subsequent to December 31, 2019 are as follows:


2020	$	45,934
2021		18,661
2022		18,500
2023		14,445
2024		13,798
Thereafter		5,080
	$	116,418