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Note 6 - Other Borrowings | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Other Borrowings [Text Block] | Note 6. Other Borrowings The Company had an unsecured line of credit totaling $5.0 million with a non-affiliated bank at September 30, 2020. There were no borrowings outstanding on the line of credit at September 30, 2020. The interest rate on the line of credit floats at Wall Street Journal Prime Rate plus 0.25%, with a floor of 3.50%, and matures on March 28, 2025. The Bank had unused lines of credit totaling $226.3 million and $218.1 million available with non-affiliated banks at September 30, 2020 and December 31, 2019, respectively. These amounts primarily consist of a blanket floating lien agreement with the Federal Home Loan Bank of Atlanta (FHLB) in which the Bank can borrow up to 19% of its total assets. The unused line of credit with FHLB totaled $146.3 million at September 30, 2020. The Bank had collateral pledged on the borrowing line at September 30, 2020 and December 31, 2019 including real estate loans totaling $203.3 million and $194.9 million, respectively, and Federal Home Loan Bank stock with a book value of $818 thousand and $776 thousand, respectively. The Bank did not have borrowings from the FHLB at September 30, 2020 and December 31, 2019.

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