Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2019

Note 8: Federal Home Loan Bank Advances

FHLB advances are secured by a blanket pledge of qualifying mortgage loans totaling approximately $116,882,000 and $116,338,000 and the Company’s investment in FHLB stock at December 31, 2019 and 2018, respectively. Advances, at effective interest rates ranging from 1.59% to 3.12%, are subject to restrictions or penalties in the event of prepayment.

Aggregate annual maturities of FHLB advances at December 31, 2019 and 2018 are as follows:


	2019		2018

One year or less	$	8,763,152	$	15,450,000
Over one year to two years		7,700,000		8,538,152
Over two years to three years		15,600,000		2,600,000
Over three years to four years		15,112,000		2,000,000
		47,175,152		28,588,152
Deferred prepayment penalty, net of amortization		(3,086)		(7,714)

	$	47,172,066	$	28,580,438

At December 31, 2019, we had $47.2 million outstanding in advances from the FHLB-Cincinnati, and had capacity to borrow approximately an additional $41.5 million from the FHLB-Cincinnati based on our collateral capacity. We also had $11.5 million available on lines of credit with three commercial banks. No amount was outstanding on these lines at December 31, 2019.