FHLB Advances and Other Borrowings

12 Months Ended

Dec. 31, 2021

NOTE 8 — FHLB Advances and Other Borrowings

A summary of Federal Home Loan Bank advances follows:


	As of December 31,
	2021					2020
	Rate			Amount		Rate			Amount
Fixed rate, COVID-19 Relief Advance, maturing May 2021		N/A		$	—		0.00	%	$	4,000
Fixed rate, fixed term advance, maturing July 2021		N/A			—		1.41	%		7,000
Fixed rate, fixed term advance, maturing February 2022		1.62	%		6,500		1.62	%		6,500
Fixed rate, fixed term advance, maturing February 2023		1.62	%		6,500		1.62	%		6,500
Putable advance, maturing October 2029 first option date Nov 2020		1.03	%		10,000		1.03	%		10,000
Putable advance, maturing February 2030 first option date Feb 2023		0.98	%		5,000		0.98	%		5,000
Putable advance, maturing March 2030 first option date March 2025		0.89	%		10,000		0.89	%		10,000
Advance structured note, payments due monthly, maturing February 2030		7.47	%		542		7.47	%		584
Advance structured note, payments due monthly, maturing April 2030		1.05	%		8,405		1.05	%		9,365
Advance structured note, payments due monthly, maturing May 2030		1.19	%		8,495		1.19	%		9,449

Total				$	55,442				$	68,398

A summary of the scheduled maturities and principal payments of Federal Home Loan Bank advances follows:


	December 31, 2021
	Weighted Average Rate			Amount
2022		1.54	%		8,481
2023		1.54	%		8,506
2024		1.28	%		2,032
2025		1.30	%		2,059
2026		1.31	%		2,086
Thereafter		1.05	%		32,278

Total				$	55,442

Actual maturities may differ from the scheduled principal maturities due to call options on the various advances.

The Company maintains a master contract agreement with the FHLB, which provides for borrowing up to the lesser of 22.22 times the FHLB stock owned, a determined percentage of the book value of the Company’s qualifying real estate loans, or a determined percentage of the Company’s assets. The FHLB provides both fixed and floating rate advances. Floating rates are tied to short-term market rates of interest such as federal funds or Treasury bill rates. FHLB advances are subject to a prepayment penalty if they are repaid prior to maturity. The Company had pledged qualifying real estate mortgage loans with collateral values of approximately $147.5 million at December 31, 2021, and $149.1 million at December 31, 2020. FHLB advances were also secured by $3.0 million at December 31, 2021 and $3.0 million at December 31, 2020 of FHLB stock owned by the Company. At December 31, 2021 and 2020, the Company’s available and unused portion of this borrowing agreement totaled $90.9 million and $79.6 million, respectively. Additional borrowing would require additional purchase of FHLB stock.

Additionally, at December 31, 2021 we had a $15.0 million federal funds rate line of credit with the BMO Harris Bank, none of which was drawn at December 31, 2021. The Company also had a $8.1 million line of credit at the Federal Reserve based on pledged commercial real estate loans of approximately $13.7 million at December 31, 2021. The Company had not drawn on the Federal Reserve line as of December 31, 2021.