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Note 11 - Other Borrowings | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Other Borrowings [Text Block] |
11. | OTHER BORROWINGS
Other borrowings consist of advances from the FHLB and subordinated debt as follows:
|  |  |  |  |  |  |  | Weighted- |  |  | Stated interest |  |  |  |  |  |  |  |  |
(Dollar amounts in thousands) |  | Maturity range |  |  | average |  |  | rate range |  |  |  |  |  |  |  |  |
Description |  | from |  |  | to |  |  | interest rate |  |  | from |  |  |  | to |  |  |  | 2019 |  |  |  | 2018 |
Fixed-rate amortizing |  | 07/01/25 |  | 10/01/28 |  |  |  | 4.06 | % |  |  | 4.02 | % |  |  | 4.47 | % |  | $ | 404 |  |  | $ | 555 |
Finance lease liabilities |  | 12/31/21 |  | 06/01/40 |  |  |  | 3.29 | % |  |  | 2.70 | % |  |  | 3.51 | % |  |  | 4,098 |  |  |  | - |
Junior subordinated debt |  | 12/21/37 |  | 12/21/37 |  |  |  | 4.10 | % |  |  | 3.61 | % |  |  | 4.42 | % |  |  | 8,248 |  |  |  | 8,248 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,750 |  |  | $ | 8,803 |
The scheduled maturities of other borrowings are as follows:
(Dollar amounts in thousands) |  |  |  |  |  |  |  |
|  |  |  |  |  | Weighted- |
Year Ending December 31, |  | Amount |  |  | Average Rate |
2020 |  | $ | 445 |  |  |  | 3.36 | %
2021 |  |  | 442 |  |  |  | 3.36 | %
2022 |  |  | 434 |  |  |  | 3.36 | %
2023 |  |  | 433 |  |  |  | 3.36 | %
2024 |  |  | 430 |  |  |  | 3.36 | %
Beyond 2024 |  |  | 10,566 |  |  |  | 3.87 | %
Total |  | $ | 12,750 |  |  |  | 3.84 | %
Fixed-rate amortizing advances from the FHLB require monthly principal and interest payments and an annual 20 percent pay-down of outstanding principal. Monthly principal and interest payments are adjusted after each 20 percent pay-down. Under the terms of a blanket agreement, FHLB borrowings are secured by certain qualifying assets of the Company which consist principally of first mortgage loans or mortgage-backed securities. Under this credit arrangement, the Company has a remaining borrowing capacity of approximately $273.4 million at December 31, 2019. At December 31, 2019, the Company also had available a $10.0 million letter of credit with FHLB, which expired January 23, 2020. At December 31, 2019, there was no outstanding borrowings on this letter of credit. The Company formed a special purpose entity (“Entity”) to issue $8.0 million of floating rate, obligated mandatorily redeemable securities, and $248,000 in common securities as part of a pooled offering. The rate adjusts quarterly, equal to LIBOR plus 1.67%. The Entity may redeem them, in whole or in part, at face value. The Company borrowed the proceeds of the issuance from the Entity in December 2006 in the form of an $8.3 million note payable, which matures in December 2037, and is included in the other borrowings on the Company’s Consolidated Balance Sheet. On January 1, 2019, the Company adopted ASU 2016 - 02 which resulted in the recording of finance lease liabilities of $3.8 million on the Consolidated Balance Sheet. See Note 15 of the financial statements.

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