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Note 10 - Borrowings
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Debt Disclosure [Text Block]

10.

Borrowings

 

On August 15, 2023, the Company borrowed $400 thousand on a credit agreement with a commercial bank. Principal and interest is payable quarterly over 15 years. The interest rate is fixed at 6.5% for five years and variable beginning September 15, 2028. The outstanding balance was $392 thousand as of September 30, 2023. The note is secured by property in Ames, Iowa.

 

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 September 30, 2023 and December 31, 2022 was $3.25 million and $3.7 million, respectively. The note is secured by property in West Des Moines, Iowa.

 

The Company had $19.0 million of short-term FHLB advances as of September 30, 2023 and $35.4 million of short-term FHLB advances as of December 31, 2022.

 

The Federal Reserve Board created the Bank Term Funding Program (BTFP) in 2023, 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 $83.3 million borrowed under the BTFP as of September 30, 2023.