Note 8 - Advances from the Federal Home Loan Bank

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note

8

– Advance

s

from the Federal Home Loan Bank

Advances from the Federal Home Loan Bank were as follows: 

	March 31,		December 31,
	20 20		201 9
	(in thousands)
Short term advances (fixed rates 0.13% to 0.22%) maturing April 2020	$	40,000	$	60,000
Long term advances (fixed rates 0.00% to 5.24%) maturing April 2020 to August 2033		21,349		1,389
Total advances from the Federal Home Loan Bank	$	61,349	$	61,389

FHLB advances had a weighted-average rate of

0.39%

at

March 31, 2020

and

1.70%

at

December 31, 2019.

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

No

prepayment penalties were incurred during

2020

or

2019.

The advances were collateralized by approximately

$158.5

million and

$166.0

million of

first

mortgage loans, under a blanket lien arrangement at

March 31, 2020

and

December 31, 2019,

respectively. At

March 31, 2020,

the Bank’s additional borrowing capacity with the FHLB was

$53.6

million.

Scheduled principal payments on the above during the next

five

years and thereafter (in thousands):

	Advances
Year 1	$	41,090
Year 2		98
Year 3		99
Year 4		42
Year 5		16
Thereafter		20,004
	$	61,349