Note 9 - Borrowings

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

N

ote

9

–

Borrowings

Federal Home Loan Bank advances consist of the following at

September 30, 2020

and

December 31, 2019 (

in thousands):

	September 30 , 20 20					December 31, 201 9
	Amount		Weighted Interest Rate			Amount		Weighted Interest Rate
Short-term borrowings	$	4,000		0.39	%	$	10,000		1.81	%
Fixed rate borrowings maturing:
2020		1,000		2.15			2,000		2.00
2021		5,000		2.20			5,000		2.20
2022		7,171		2.10			7,171		2.10
2023		7,000		2.16			7,000		2.16
2024		6,167		2.05			5,100		2.28
2025		2,855		1.25			-		-
Total FHLB long-term debt	$	29,193		2.04	%	$	26,271		2.16	%

Federal Reserve Bank long-term borrowings increased to

$48.8

million from

zero

at

December 31, 2019

as the Company borrowed this amount to fund PPP loans under the Federal Reserve's Paycheck Protection Program Liquidity Facility (PPPLF). Under the PPPLF the Company pledged certain PPP loans as collateral and borrowed from the Federal Reserve at a rate of

0.35%

that is fixed for

two

years.