Note 12 - Federal Home Loan Bank (FHLB) Advances and Other Borrowings

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 12 Federal Home Loan Bank (FHLB) Advances and Other Borrowings

The Bank had $13.2 million in overnight advances from the FHLB at a rate of 5.64% at December 31, 2023 and no outstanding advances from the FHLB or other borrowings as of December 31, 2022. At December 31, 2023 and 2022 the Bank had collateral pledged to the FHLB consisting of FHLB stock and mortgage loans with a total borrowing capacity available of approximately $283.5 million and $230.1 million, respectively, subject to a requirement to purchase FHLB stock. The Bank also had the ability to borrow $87.3 million and $86.6 million, respectively, from the Federal Reserve Bank of Minneapolis based upon the loans that were pledged to them as of December 31, 2023 and 2022, subject to approval from the FRB.