NOTE 8 – FHLB Advances

FHLB advances consist of the following as of December 31:


	2019			2018
	Rates	Amount		Rates	Amount

Fixed rate, fixed term advances	1.62% - 2.70%	$	7,500	1.42% - 2.70%	$	11,750
Fixed term advances with floating spread	1.69% - 2.09%		4,000	1.54% - 2.05%		6,000

		$	11,500		$	17,750

The following is a summary of scheduled maturities of fixed term FHLB advances as of December 31, 2019:


	Fixed Rate Advances				Adjustable Rate Advances
	Weighted				Weighted				Total
	Average Rate		Amount		Average Rate		Amount		Amount
2020	2.34	%	$	6,000	1.69	%	$	2,000	$	8,000
2021	—	%		—	2.09	%		2,000		2,000
2022	1.71	%		1,500	—	%		—		1,500

Total	2.21	%	$	7,500	1.89	%	$	4,000	$	11,500

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 one-to-four family, multifamily, and commercial real estate loans. The Company pledged approximately $147,039 and $158,923 of one-to-four family, multifamily, and commercial real estate loans to secure FHLB advances at December 31, 2019 and 2018, 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 $574 and $739 of FHLB stock owned by the Company at December 31, 2019 and 2018, respectively.

At December 31, 2019, the Company’s available and unused portion of this borrowing agreement based on the amount of FHLB stock was $3,194.

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 December 31, 2019. The Company also has the authority to borrow through the Federal Reserve’s Discount Window.