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BORROWED MONEY | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
BORROWED MONEY | NOTE 9 - BORROWED MONEY Federal Home Loan Bank (FHLB) advances, as of December 31, 2019, were as follows: Fixed-rate advances, with monthly interest payments, principal due in:
Year |  | Current Weighted Average Rate |  |  | Principal Due |
2020 |  |  | 1.67 | % |  | $ | 46,000 |
2021 |  |  | 1.87 | % |  |  | 1,500 |
2022 |  |  | 1.99 | % |  |  | 1,500 |
2023 |  |  | — |  |  |  | — |
2024 |  |  | 1.76 | % |  |  | 6,000 |
|  |  |  |  |  |  | 55,000 |
Fixed-rate advances, with monthly principal and interest payments, principal due in:
Year |  | Current Weighted Average Rate |  |  | Principal Due |
2021 |  |  | 1.38 | % |  |  | 118 |
|  |  |  |  |  | $ | 55,118 |
The Company has a $25,000 revolving line of credit with a correspondent bank that bears interest at the prime rate plus 0.50%, with quarterly interest payments, and matures in March 2020. Under the terms of the line of credit, the Company agreed not to pledge or grant a lien or security interest in the stock of the Bank or in any other assets without prior consent of the lender. As of December 31, 2019, there was no outstanding balance on the line of credit. To be in compliance with the loan covenants, the Bank is required to maintain no less than a 10% total risk-based capital ratio, must maintain no less than $85,000 in tangible net worth, the ratio of non-performing assets to equity plus allowance for loan losses must not exceed 15%, the cash flow coverage must be greater than 1.25 times, the ratio of other additional debt to total assets must not exceed 15%, and the Company is limited to acquiring additional debt of no more than $500 without prior approval. The Company believes that it is in compliance with all loan covenants.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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