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Note 9 - Borrowings

12 Months Ended

Dec. 31, 2021

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)		2021				2020
Maturity of January 2022 with fixed interest rate of .21%		$	50,000			$	-
Maturity of November 2024 with fixed interest rate of 3.98%			-				161
Total advances outstanding at year-end		$	50,000			$	161

Fees of $16,000 were charged on a fixed rate advance that was paid prior to maturity during 2021. No fixed rate advances were paid prior to maturity in 2020. Advances were secured by agricultural loans and residential real estate loans with a carrying value of approximately $127.5 million and $158.2 million at December 31, 2021 and December 31, 2020, respectively. Based on this collateral, the Bank was eligible to borrow an additional $69.3 million at year-end 2021.  FHLB Advances mature in January 2022.

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 would have matured in June 2023; however, the note was paid off with a line of credit in June 2021. 

At  December 31, information regarding the holding company term loan was as follows: 

(Dollars in thousands)		2021				2020
Maturity of June 2023 with floating interest rate of 3.00%		$	-			$	9,167

In June 2021, ChoiceOne obtained a $20,000,000 line of credit with an annual renewal.  The line carries a floating rate of prime rate with a floor of 3.25%.  The credit agreement includes certain financial covenants, including minimum capital ratios, asset quality ratios, and the requirements of achieving certain profitability thresholds.  ChoiceOne was in compliance with all covenants as of December 31, 2021.  The line of credit balance was $0 at December 31, 2021.  

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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
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
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