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Note 12 - Long-term Debt
9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Long-term Debt [Text Block]

Note 12. Long-Term Debt

 

At September 30, 2021 and December 31, 2020, 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 on December 6, 2021. The Bank has the option to repay the advance amount in whole or in part on the conversion date.