Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2019

Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances and Other Borrowings

Note 11: Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances.  The Company has entered into an Advances, Pledge, and Security Agreement with the FHLB whereby specific mortgage loans of the Bank’s with principal balances of $690,609 and $577,241 at December 31, 2019 and 2018, respectively, were pledged to the FHLB as collateral. FHLB advances are also secured with FHLB stock owned by the Company. Total remaining available borrowings were $209,840 and $122,120 at December 31, 2019 and 2018, respectively.

The following table presents FHLB advances, by maturity, at December 31, 2019 and 2018:

	2019				2018
	Weighted				Weighted
	Average		Total		Average		Total
	Rate		Outstanding		Rate		Outstanding
2019	N/A		$	—	1.47	%	$	20,000
2020	1.76	%		10,000	1.65			5,000
2021	1.99			15,000	1.99			15,000
2022	2.50			29,000	2.50			29,000
2023	2.93			45,000	3.03			40,000
2024	2.20			27,500	3.17			5,000
2025	3.29			10,000	3.29			10,000
Totals			$	136,500			$	124,000

Federal Reserve Discount Window.  At December 31, 2019 and 2018, the Company had the ability to draw additional borrowings of $113,164 and $114,051, respectively, from the Federal Reserve Bank of Minneapolis. The ability to draw borrowings is based on loan collateral pledged with principal balances of $159,568 and $159,616 as of December 31, 2019 and 2018, subject to the approval from the Board of Governors of the Federal Reserve System.

Federal Funds Purchased.  Federal funds purchased mature one business day from the transaction date. There were no federal funds purchased outstanding as of December 31, 2019 and $18,000 of federal funds purchased outstanding as of December 31, 2018. The interest rate as of December 31, 2018 was 2.63%.