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Note 9 - Borrowings | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note 9 – Borrowings Federal Home Loan Bank Advances At December 31, advances from the FHLB were as follows:
(Dollars in thousands) |  | 2020 |  |  | 2019 |
Maturity of November 2024 with fixed interest rate of 3.98% |  | $ | 161 |  |  | $ | 198 |
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 |
Total advances outstanding at year-end |  | $ | 161 |  |  | $ | 33,198 |
Fees are charged on fixed rate advances that are paid prior to maturity. No fixed rate advances were paid prior to maturity in 2020 or 2019. Advances were secured by agricultural loans and residential real estate loans with a carrying value of approximately $158.2 million and $200.1 million at December 31, 2020 and December 31, 2019, respectively. Based on this collateral, the Bank was eligible to borrow an additional $85.6 million at year-end 2020. The scheduled maturities of advances from the FHLB at December 31, 2020 were as follows:
(Dollars in thousands) |  |  |  |
2021 |  | $ | 39 |
2022 |  |  | 40 |
2023 |  |  | 42 |
2024 |  |  | 40 |
Total |  | $ | 161 |
Holding Company Term Loan ChoiceOne obtained a $10,000,000 term note in June 2020. Part of the proceeds from the note were used to fund the cash portion of the consideration paid in the Community Shores merger. The note matures June 2023 with quarterly principal and interest payments. The note carries a floating rate of 2.50% over the 1-month LIBOR with a floor of 3.00%. At December 31, 2020 the effective rate was 3.00%. All or part of the note can be prepaid at any time. The agreement includes certain financial covenants, including minimum capital ratios, asset quality ratios, and achieving certain profitability thresholds. ChoiceOne was in compliance with all covenants as of December 31, 2020. At December 31, information regarding the holding company term loan was as follows:
(Dollars in thousands) |  | 2020 |  |  | 2019 |
Maturity of June 2023 with floating interest rate of 3.00% |  | $ | 9,167 |  |  | $ | - |
The scheduled maturities of the holding company term note at December 31, 2020 were as follows:
(Dollars in thousands) |  |  |  |
2021 |  | $ | 3,333 |
2022 |  |  | 3,334 |
2023 |  |  | 2,500 |
Total |  | $ | 9,167 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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