Note 6 - Other Borrowings |
6 Months Ended |
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Jun. 30, 2023 | |
| Notes to Financial Statements | |
| Federal Home Loan Bank Advances, Disclosure [Text Block] |
Note 6: Other Borrowings
During the three and six months ended June 30, 2023, the Company borrowed $5.0 million from the FHLB Chicago at a rate of 4.78% for 24 months, payable on June 20, 2025. The advance is collateralized by loans pledged to the FHLB and is payable at maturity, with a prepayment penalty if repayment is made prior to the maturity date. The Bank was eligible to borrow from the FHLB Chicago up to a total of $67.8 million and $68.6 million at June 30, 2023 and December 31, 2022, respectively, which would be collateralized by $87.8 million and $86.6 million of first mortgage loans under a blanket lien arrangement at June 30, 2023 and December 31, 2022, respectively. Additionally, at June 30, 2023 and December 31, 2022, we had a $10.0 million federal funds line of credit with BMO Harris Bank, none of which was drawn at June 30, 2023 and December 31, 2022.
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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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