Note 9 - Other Borrowings

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

9

– OTHER BORROWINGS

Other borrowings consists of the following at

December 31, 2019

and

December 31, 2018

:

	(in thousands)
	2019		2018
Federal Home Loan Bank borrowings:
Secured note, with interest at 2.55%, due March, 2019	$	-	$	1,281
Secured note, with interest at 1.72%, due September, 2020		6,000		6,000
Secured note, with interest at 2.90%, due June, 2021		8,000		8,000
Secured note, with variable interest, at 2.13% at December 31, 2019 and 2.99% at December 31, 2018, due September, 2021		7,000		7,000
Secured note, with interest at 1.86%, due September, 2021		6,000		6,000
Secured note, with interest at 2.94%, due December, 2021		8,000		8,000
Secured note, with interest at 2.98%, due June, 2022		9,000		9,000
Secured note, with interest at 1.97%, due September, 2022		6,000		6,000
Zions Bank:
Secured note, with interest at 2.64%, due January, 2019		-		2,917
United Bankers Bank:
Note payable, with interest at 4.875% payable quarterly, and $250,000 principal payments, with any remaining unpaid principal due September 1, 2022. All Union Bank stock is held as collateral.		8,750		9,750
Secured note, with interest at 3.00%, due January, 2019		-		1,495
Total other borrowings	$	58,750	$	65,443

Federal Home Loan Bank borrowings are secured by Federal Home Loan Bank stock and eligible mortgage loans approxim

ating

$186,076,000

at

December 31, 2019

.

At

December 31, 2019

,

the C

orporation had

$105,524,000

o

f borrowing availability under various line-of-credit agreements with the Federal Home Loan Bank and other financial institutions.

Future maturities of other borrowings are as follows:

2020,

$7,000,000;

2021,

$30,000,000;

and

2022,

$21,750,000