Note 9 - Advances From the Federal Home Loan Bank

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

NOTE

9

–

ADVANCES FROM FEDERAL HOME LOAN BANK

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

	December 31,		December 31 ,
	201 9		201 8
	(in thousands)
Short term advances (fixed rates 1.66% to 1.76%) maturing January 2020	$	60,000	$	45,000
Long term advances (fixed rates 0.00% to 5.24%) maturing April 2020 to August 2033		1,389		1,549
Total advances from the Federal Home Loan Bank	$	61,389	$	46,549

FHLB advances had a weighted-average rate of

1.70%

at

December 31, 2019

and

2.45%

at

December 31, 2018.

Each advance is payable per terms on agreement, with a prepayment penalty.

No

prepayment penalties were incurred during

2019

or

2018.

The advances were collateralized by approximately

$166.0

million and

$130.4

million of

first

mortgage loans, under a blanket lien arrangement at

December 31, 2019

and

December 31, 2018,

respectively. At

December 31, 2019,

our additional borrowing capacity with the FHLB was

$24.4

million.

Scheduled principal payments during the next

five

years and thereafter (in thousands):

	Advances
2020	$	60,484
2021		718
2022		100
2023		59
2024		21
Thereafter		7
	$	61,389

At year-end

2019,

the Company had a

$5.0

million federal funds line of credit available on an unsecured basis from a correspondent institution.