Note 6 - Other Borrowings |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank Advances, Disclosure [Text Block] |
Note 6: Other Borrowings
During the nine months ended September 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. There were no borrowings made during the three months ended September 30, 2023.
The following table shows the outstanding advances, additional borrowing capacity and total borrowing capacity from the FHLB Chicago at the dates presented.
The eligible borrowings are collateralized by $89.8 million and $86.6 million of first mortgage loans under a blanket lien arrangement at September 30, 2023 and December 31, 2022, respectively.
Additionally, at September 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 September 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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