Note 9 - Borrowings

12 Months Ended

Dec. 31, 2019

Note

Borrowings

Our borrowings consist of open line and term advances from the Federal Home Loan Bank of Chicago (“FHLBC”) and Federal Funds purchased from Bankers Bank of Wisconsin. As a member, we are required to own capital stock in the FHLBC and are authorized to apply for advances on the security of such stock and certain of our mortgage loans and other assets (principally securities which are obligations of, or guaranteed by, the United States), provided certain standards related to credit-worthiness have been met. At

December 31, 2019,

we had the ability to borrow

$65.8

million from the FHLBC. In addition, as of

December 31, 2019,

the Bank had

$7.9

million of available credit from Bankers Bank of Wisconsin to purchase Federal Funds and

$5.0

million of available credit from Midwest Independent Bank to purchase federal funds. There were Federal Home Loan Bank advances outstanding of approximately

$9.1

million and

$12.1

million, respectively at

December 31, 2019

and

2018.

There were

Federal Funds purchased outstanding at

December 31, 2019

2018.

A summary of outstanding advances is as follows:

	December 31,
	2019		2018

Matured 03/15/2019 at 2.42%, fixed	$	-	$	1,500,000
Matured 04/01/2019 at 2.00%, fixed		-		499,272
Matured 08/30/2019 at 1.56%, fixed		-		3,000,000
Matured 12/16/2019 at 2.08%, fixed		-		2,000,000
Matures 03/22/2021 at 3.03%, fixed		1,000,000		1,000,000
Matures 09/21/2021 at 3.07%, fixed		1,000,000		1,000,000
Matures 03/21/2022 at 3.09%, fixed		1,000,000		1,000,000
Matures 09/21/2022 at 3.11%, fixed		1,000,000		1,000,000
Matures 10/03/2022 at 1.48%, fixed		68,030		87,880
Matures 03/21/2023 at 3.15%, fixed		500,000		500,000
Matures 09/21/2023 at 3.18%, fixed		500,000		500,000
Matures 08/28/2024 at 1.59%, fixed		1,500,000		-
Matures 08/28/2029 at 1.93%, fixed		1,500,000		-
Matures 10/23/2029 at 1.96%, fixed		1,000,000		-
	$	9,068,030	$	12,087,152