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FEDERAL HOME LOAN BANK ADVANCES

12 Months Ended

Dec. 31, 2019

The Bank has established a line of credit with the FHLB of Cincinnati which is secured by a blanket pledge of 1-4 family residential mortgage loans, home equity lines of credit, and commercial real estate. The availability of the line is dependent, in part, on available collateral.

At December 31, 2019 and 2018, the Company had received advances from the FHLB totaling $155,000 and $368,500, respectively.

At December 31, 2019, the scheduled maturities of these advances and interest rates were as follows:


	Scheduled Maturities		Weighted Average Rates
2020	$	155,000	2.41	%

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. Qualifying loans totaling approximately $995,104, were pledged as security under a blanket pledge agreement with the FHLB at December 31, 2019. Based on this collateral, the Bank is eligible to borrow up to an additional $633,910 as of December 31, 2019.