Note 6 - Other Borrowings |
3 Months Ended |
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Mar. 31, 2022 | |
| Notes to Financial Statements | |
| Federal Home Loan Bank Advances, Disclosure [Text Block] |
Note 6: Other Borrowings
On May 21, 2021, the Bank obtained an FHLB advance totaling $5.0 million with 0% interest rate. This advance is collateralized by loans pledged to the FHLB and matures on May 21, 2022. Additionally, on May 21, 2021, the Bank repaid the existing non-interest bearing FHLB advance totaling $4.0 million that was due on May 24, 2021. The Bank is eligible to borrow up to a total of $62.0 million and $60.8 million at March 31, 2022 and December 31, 2021, respectively, which is collateralized by $78.4 million and $76.8 million of first mortgage loans under a blanket lien arrangement at March 31, 2022 and December 31, 2021, respectively.
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- References No definition available.
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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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