BORROWED MONEY

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

BORROWED MONEY

NOTE 9 - BORROWED MONEY

Federal Home Loan Bank (FHLB) advances, as of December 31, 2019, were as follows:

Fixed-rate advances, with monthly interest payments, principal due in:

Year	Current Weighted Average Rate			Principal Due
2020		1.67	%	$	46,000
2021		1.87	%		1,500
2022		1.99	%		1,500
2023		—			—
2024		1.76	%		6,000
					55,000

Fixed-rate advances, with monthly principal and interest payments, principal due in:

Year	Current Weighted Average Rate			Principal Due
2021		1.38	%		118
				$	55,118

The Company has a $25,000 revolving line of credit with a correspondent bank that bears interest at the prime rate plus 0.50%, with quarterly interest payments, and matures in March 2020.  Under the terms of the line of credit, the Company agreed not to pledge or grant a lien or security interest in the stock of the Bank or in any other assets without prior consent of the lender.  As of December 31, 2019, there was no outstanding balance on the line of credit.  To be in compliance with the loan covenants, the Bank is required to maintain no less than a 10% total risk-based capital ratio, must maintain no less than $85,000 in tangible net worth, the ratio of non-performing assets to equity plus allowance for loan losses must not exceed 15%, the cash flow coverage must be greater than 1.25 times, the ratio of other additional debt to total assets must not exceed 15%, and the Company is limited to acquiring additional debt of no more than $500 without prior approval. The Company believes that it is in compliance with all loan covenants.