BORROWED MONEY

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

BORROWED MONEY

NOTE 9 - BORROWED MONEY

Federal Home Loan Bank (“FHLB”) advances, as of December 31, 2020, were as follows:

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

Year	Current Weighted Average Rate			Principal Due
2021		0.15	%	$	101,500
2022		1.99	%		1,500
2023		0.00	%		—
2024		1.76	%		6,000
2025		0.00	%		—
					109,000

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

Year	Current Weighted Average Rate			Principal Due
2021		1.38	%		101
					101
				$	109,101

The Company has an unsecured $25,000 revolving line of credit with a correspondent bank that bears interest at the greater of (i) the prime rate, which was 3.25% at December 31, 2020, or (ii) the rate floor of 3.50%, with quarterly interest payments, and matures in March 2021. 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, 2020, there was a $12,000 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 is in compliance with all loan covenants.