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Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2019

Advances from Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances

Note 10 – Federal Home Loan Bank Advances

At December 31, advances from the FHLB were as follows:

(Dollars in thousands)		2019				2018
Maturity of November 2024 with fixed interest rate of 3.98%		$	198			$	233
Maturity of April 2020 with floating interest rate of 1.99%			10,000				—
Maturity of May 2020 with fixed interest rate of 2.16%			23,000				—
Maturity of March 2019 with fixed interest rate of 2.57%			—				5,000
Total advances outstanding at year-end		$	33,198			$	5,233

Fees are charged on fixed rate advances that are paid prior to maturity.  No fixed rate advances were paid prior to maturity in 2019 or 2018.  Advances were secured by agricultural loans, commercial real estate loans, and residential real estate loans with a carrying value of approximately $200.1 million and $96.8 million at December 31, 2019 and December 31, 2018, respectively.  Based on this collateral, the Banks were eligible to borrow an additional $78.6 million at year-end 2019.

The scheduled maturities of advances from the FHLB at December 31, 2019 were as follows:

(Dollars in thousands)
2020		$	33,037
2021			39
2022			40
2023			42
2024			40
Total		$	33,198

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Subparagraph (SX 210.9-03.13(a))
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-Publisher FASB
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