Note 13 - Long-term Debt

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Long-term Debt [Text Block]

Note

1

3

. Long-Term Debt

At

December 31, 2019,

the Bank’s long-term debt consisted of a

$10.0

million advance from FHLB. The advance, which is secured by substantially all the Bank’s

1

-

4

family loans, is scheduled to mature on

December 6, 2029.

Interest on the advance was fixed at

0.819

percent and the advance is convertible by FHLB to a variable rate quarterly beginning on

March 6, 2020.

The Bank has the option to repay the advance amount in whole or in part on the conversion date.

At

December 31, 2018

the Bank had

no

debt outstanding classified as long-term.