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Note 11 - Other Borrowed Money | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Debt Disclosure [Text Block] | ( 1 1 ) Other Borrowed Money Other borrowed money at December 31 is summarized as follows:
|  | 20 1 7 |  |  | 20 16 |
Federal Home Loan Bank Advances |  | $ | 46,000,000 |  |  | $ | 46,000,000 |
Other Borrowings |  |  | 1,500,000 |  |  |  | - |
|  | $ | 47,500,000 |  |  | $ | 46,000,000 |
Advances from the Federal Home Loan Bank (FHLB) have maturities ranging from 2018 to 2026 and interest rates ranging from 0.98 percent to 3.51 percent. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans and commercial loans. At December 31, 2017, the book value of those loans pledged is $109,771,074. At December 31, 2017, the Company had remaining credit availability from the FHLB of $252,395,250. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. The Company borrowed $5,000,000 during the first quarter of 2017 as a short term loan to be paid off within one year with an interest rate of prime plus 0.75 percent, currently 5.25 percent. The Company paid down $3,500,000 during November 2017. The remaining amount was paid off during January 2018. As of December 31, 2017, the balance of $1,500,000 is included in Other Borrowings. The aggregate stated maturities of other borrowed money at December 31, 201 7 are as follows:
Year |  | Amount |
2018 |  | $ | 4,000,000 |
2019 |  |  | 5,000,000 |
2020 |  |  | 2,500,000 |
2021 |  |  | - |
2022 |  |  | 27,000,000 |
2023 and Thereafter |  |  | 9,000,000 |
|  | $ | 47,500,000 |
At December 31, 201 7, $13,000,000 of FHLB advances are subject to fixed rates of interest, while the remaining $33,000,000 is subject to floating interest rates which will convert to fixed rates of interests in the next few years. The Company also has available federal funds lines of credit with various financial institutions totaling $43,500,000, of which there were none outstanding at December 31, 2017. T he Company has the ability to borrow funds from the Federal Reserve Bank (FRB) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At December 31, 2017, the Company had borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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