Long-Term Debt

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long-Term Debt

8. LONG-TERM DEBT

Long-term debt at December 31, 2018 and 2017, consisted of the following:

	2018		2017
Advance from FHLB with 1.25% fixed rate of interest with annual installment payments maturing September 30, 2020.	$	1,600,000	$	3,200,000
Advance from FHLB with 1.94% fixed rate of interest with annual installment payments maturing December 16, 2022.		2,571,429		3,428,571
Advance from FHLB with 1.42% fixed rate of interest with annual installment payments maturing August 30, 2023.		0		4,285,715
Advance from FHLB with a 1.53% fixed rate of interest maturing January 10, 2019.		0		1,500,000
Advance from FHLB with a 1.60% fixed rate of interest maturing July 10, 2019.		0		1,500,000
Advance from FHLB with a 1.80% fixed rate of interest maturing July 10, 2020.		2,000,000		2,000,000
Advance from FHLB with a 1.93% fixed rate of interest with annual installment payments maturing September 28, 2022.		6,000,000		8,000,000
Advance from FHLB with a 2.34% fixed rate of interest with annual installment payments maturing December 5, 2024.		0		5,142,857
Advance from FHLB with a 3.018% fixed rate of interest maturing Sept. 17, 2021.		3,000,000		0
Advance from FHLB with a 3.192% fixed rate of interest maturing Sept. 20, 2023.		3,000,000		0
Advance from FHLB with a 3.400% fixed rate of interest maturing Sept. 20, 2025.		3,000,000		0
Total long-term debt	$	21,171,429	$	29,057,143

The advances from FHLB are collateralized by the pledging of a combination of 1-4 family residential mortgages and multifamily loans. At December 31, 2018, 1-4 family residential mortgage loans and multifamily loans with a lendable collateral value of $61,443,772 were pledged to secure these advances. At December 31, 2017, 1-4 family residential mortgage loans and multifamily loans with a lendable collateral value of $58,684,267 were pledged to secure these advances. The amount of FHLB Stock held is based on membership and level of FHLB advances. At year end 2018 and 2017, the amount of stock held that is based on membership was $439,600 and $403,000, respectively, and the amount of stock held that is based on the level of FHLB advances was $1,380,700 and $2,035,200, respectively. At December 31, 2018, the Corporation had approximately $96,800,000 of unused lines of credit with the FHLB.

The following are maturities of long-term debt for the next five years. At December 31, 2018, there was no floating rate long-term debt.

Due in:		Fixed Rate Amount
	2019	$	0
	2020		6,457,143
	2021		5,857,143
	2022		2,857,143
	2023		3,000,000
	Later years		3,000,000
	Total long-term debt	$	21,171,429