Advances from Federal Home Loan Bank (FHLB)

12 Months Ended

Dec. 31, 2019

Advances from Federal Home Loan Bank (FHLB)

Advances from Federal Home Loan Bank (FHLB)

Note 10 - Advances from Federal Home Loan Bank (FHLB) -

The FHLB advances consist of the following obligations at December 31, 2019 and 2018 (in thousands):

Effective Interest Rate	2019		2018
Less than 1.00%	$	—	$	—
1.00% to 1.99%		3,500		5,500
2.00% to 2.99%		8,000		10,000
3.00% to 3.99%		8,134		8,063
4.00% to 4.99%		—		520
5.00% to 5.99%		1,947		1,947
	$	21,581	$	26,030

The scheduled maturities of FHLB advances at December 31, 2019, are summarized as follows:

Due In	Amount
	(in thousands)
2020	$	6,197
2021		3,250
2022		—
2023		500
Thereafter		11,634
	$	21,581

These advances are collateralized by a blanket lien on all of the Company’s mortgage loans and the investment in FHLB stock.

The Company has unused advances available with the FHLB with an additional borrowing capacity at December 31, 2019, of approximately $16.3 million.

The Company also has an unsecured federal funds agreement with FNBB for $4.3 million at a rate to be determined by FNBB when borrowed.  At December 31, 2019 and 2018, there were no federal funds purchased.