XML 28 R18.htm IDEA: XBRL DOCUMENT v3.23.1
Note 10 - Borrowings
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Debt Disclosure [Text Block]

10.

Borrowings

 

On June 6, 2022, the Company borrowed $4.0 million on a credit agreement with a commercial bank. Interest is payable quarterly over four years. Required principal payments of $150 thousand began in September 2022, with the remaining balance due June 2026. The interest rate is fixed at 3.35% and the outstanding balance as of March 31, 2023 and December 31, 2022 was $3.55 million and $3.7 million, respectively. The note is secured by property in West Des Moines, Iowa.

 

The Company had no short-term FHLB advances as of March 31, 2023 and $35.4 million of short-term FHLB advances as of December 31, 2022.

 

The Federal Reserve Board created a new Bank Term Funding Program (BTFP), offering loans of up to one year in length to banks pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral. The BTFP allows for borrowing from the Federal Reserve Bank up to the par value of the pledged collateral. The Company had $75 million borrowed under the BTFP as of March 31, 2023.