Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

8. LONG-TERM DEBT

Long-term debt at December 31, 2019 and 2018, consisted of the following:

	2019		2018
Advance from FHLB with 1.25% fixed rate of interest with annual installment payments maturing September 30, 2020.	$	0	$	1,600,000
Advance from FHLB with 1.94% fixed rate of interest with annual installment payments maturing December 16, 2022.		0		2,571,429
Advance from FHLB with a 1.80% fixed rate of interest maturing July 10, 2020.		0		2,000,000
Advance from FHLB with a 1.93% fixed rate of interest with annual installment payments maturing September 28, 2022.		0		6,000,000
Advance from FHLB with a 3.018% fixed rate of interest maturing Sept. 17, 2021.		0		3,000,000
Advance from FHLB with a 3.192% fixed rate of interest maturing Sept. 20, 2023.		3,000,000		3,000,000
Advance from FHLB with a 3.400% fixed rate of interest maturing Sept. 20, 2025.		3,000,000		3,000,000
Advance from FHLB with a 1.836% fixed rate of interest maturing June 24, 2021.		5,000,000		0
Advance from FHLB with a 1.951% fixed rate of interest with quarterly installment payments maturing June 26,2024.		3,500,000		0
Advance from FHLB with a 2.027% fixed rate of interest with quarterly installment payments maturing June 26, 2026.		3,928,571		0
Advance from FHLB with a 2.117% fixed rate of interest with quarterly installment payments maturing June 26, 2029.		4,250,000		0
Total long-term debt	$	22,678,571	$	21,171,429

The advances from FHLB are collateralized by the pledging of a combination of 1-4 family residential mortgages and multifamily loans. At December 31, 2019, 1-4 family residential mortgage loans and multifamily loans with a lendable collateral value of $67,746,577 were pledged to secure these advances. 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. The amount of FHLB Stock held is based on membership and level of FHLB advances. At year end 2019 and 2018, the amount of stock held that is based on membership was $480,100 and $439,600, respectively, and the amount of stock held that is based on the level of FHLB advances was $1,234,500 and $1,380,700, respectively. At December 31, 2019, the Corporation had approximately $108,000,000 of unused lines of credit with the FHLB.

The following are maturities of long-term debt for the next five years. At December 31, 2019, there was no floating rate long-term debt.

Due in:		Fixed Rate Amount
	2020	$	0
	2021		6,107,143
	2022		1,107,143
	2023		4,107,143
	2024		4,607,142
	Later years		6,750,000
	Total long-term debt	$	22,678,571