Note 7 - FHLB Advances

6 Months Ended

Jun. 30, 2018

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note

7

FHLB Advances

FHLB advances consist of the following:

	June 30, 2018					December 31, 2017
	Rates			Amount		Rates			Amount
Open line of credit	2.12%	-	2.12%		6,750					-
Fixed rate, fixed term advances	1.42%	-	2.06%		23,250	1.42%	-	1.92%		4,750
Fixed term advances with floating spread	1.32%	-	1.74%		8,000	1.39%	-	1.96%		8,000
					38,000					12,750

The following is a summary of scheduled maturities of fixed term FHLB advances as of

June 30, 2018:

	Fixed Rate Advances					Adjustable Rate Advances
	Weighted Average Rate			Amount		Weighted Average Rate			Amount		Total Amount
Open line of credit		2.12	%		6,750		-	%		-	$	6,750
2018		2.05	%		18,500		1.32	%		2,000	$	20,500
2019		1.78	%		2,750		1.51	%		2,000	$	4,750
2020		1.62	%		2,000		1.66	%		2,000	$	4,000
2021		-			-		1.74	%		2,000	$	2,000
Total		2.01	%	$	30,000		1.56	%	$	8,000	$	38,000

Actual maturities

may

differ from the scheduled principal maturities due to call options on the various advances. The Company has a master contract agreement with the FHLB that provides for a borrowing up to the lesser of a determined multiple of FHLB stock owned or a determined percentage of the book value of the Company’s qualifying

1

-

4

family, multifamily, and commercial real estate loans. The Company pledged approximately

$164,011

and

$135,760

of

1

-

4

family, multifamily, and commercial real estate loans to secure FHLB advances at

June 30, 2018

and

December 31, 2017,

respectively. FHLB provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest, such as LIBOR, Federal funds or Treasury Bill rates. Fixed rate advances are priced in reference to market rates of interest at the time of the advance, namely the rates that FHLB pays to borrowers at various maturities. FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. FHLB advances are also secured by

$1,098

and

$514

of FHLB stock owned by the Company at

June 30, 2018

and

December 31, 2017,

respectively.

At

June 30, 2018

and

December 31, 2017,

the Company’s available and unused portion of this borrowing agreement was

$2,000.

Additionally, the Company has a fluctuating

$5,000

letter of credit under this agreement, which collateralizes certain public deposits. In addition, the Company has a

$7,000

federal funds line of credit through Bankers’ Bank of Wisconsin, which was

not

drawn on as of

June 30, 2018

or

December 31, 2017.

The Company also has the authority to borrow through the Federal Reserve’s Discount Window.