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Note 11 - Other Borrowed Money | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Debt Disclosure [Text Block] | NOTE 11 . OTHER BORROWED MONEY The following table presents information regarding the Company’s outstanding borrowings at December 31, 2019:
(dollars in thousands) |  |  |  |  |  |  |  |  |
Description | Maturity Date |  | Amount |  |  | Interest Rate |
FHLB Advances | March 23, 2020 |  | $ | 2,500 |  |  |  | 2.17 | %
FHLB Advances | June 1, 2020 |  |  | 1,000 |  |  |  | 1.65 | %
FHLB Advances | August 15, 2022 |  |  | 18,000 |  |  |  | 2.69 | %
FHLB Advances | February 3, 2023 |  |  | 3,000 |  |  |  | 3.51 | %
FHLB Advances | August 15, 2025 |  |  | 4,500 |  |  |  | 2.62 | %
FHLB Advances | August 24, 2026 |  |  | 3,000 |  |  |  | 1.27 | %
FHLB Advances | March 21, 2028 |  |  | 5,000 |  |  |  | 2.67 | %
FHLB Advances | July 30, 2029 |  |  | 10,000 |  |  |  | 1.01 | %
Term Note | May 24, 2025 |  |  | 9,250 |  |  |  | 4.70 | %
Revolving Credit | May 21, 2021 |  |  | 5,313 |  |  |  | 5.15 | %
Total other borrowings |  | $ | 61,563 |  |  |  |  |
Weighted average rate |  |  |  |  |  |  | 2.86 | %
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2018:
(dollars in thousands) |  |  |  |  |  |  |  |  |
Description | Maturity Date |  | Amount |  |  | Interest Rate |
FHLB Advances | November 19, 2019 |  | $ | 5,000 |  |  |  | 1.77 | %
FHLB Advances | March 23, 2020 |  |  | 2,500 |  |  |  | 2.17 | %
FHLB Advances | August 15, 2022 |  |  | 18,000 |  |  |  | 2.69 | %
FHLB Advances | February 3, 2023 |  |  | 3,000 |  |  |  | 3.51 | %
FHLB Advances | August 23, 2023 |  |  | 3,000 |  |  |  | 0.98 | %
FHLB Advances | August 15, 2025 |  |  | 4,500 |  |  |  | 2.62 | %
FHLB Advances | August 24, 2026 |  |  | 3,000 |  |  |  | 1.27 | %
FHLB Advances | March 21, 2028 |  |  | 5,000 |  |  |  | 2.67 | %
Total other borrowings |  | $ | 44,000 |  |  |  |  |
Weighted average rate |  |  |  |  |  |  | 2.39 | %
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, 2019 and 2018, the lendable collateral value of those loans pledged was $111.6 million and $108.6 million, respectively . At December 31, 2019, the Company had remaining credit availability from the FHLB of $321.4 million. At December 31, 2018, the Company had remaining credit availability from the FHLB of $252.1 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line. At December 31, 2019 and 2018, the Company also has available federal funds lines of credit with various financial institutions totaling $55.0 million and $43.5 million, respectively, of which there were none outstanding at December 31, 2019 and 2018. The 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, 2019, 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. On May 1, 2019, the Company completed a borrowing arrangement with a correspondent bank for $10.0 million. The term note is secured by the Bank’s stock, expires on May 1, 2024, and bears a fixed interest rate of 4.70 percent. The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of December 31, 2019, the outstanding balance totaled $9.3 million. On May 1, 2019, the Company completed a revolving credit arrangement with a correspondent bank with a maximum line amount of $10.0 million. This line of credit is secured by the Bank’s stock, expires on May 1, 2021, and bears a variable interest rate of Wall Street Journal Prime minus 0.40 percent. The Company advanced $5.3 million that was used toward the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of December 31, 2019, the outstanding balance totaled $5.3 million.

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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://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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