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Note 7 - Borrowings

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 7 - BORROWINGS

Advances from the FHLB were as follows:

		*June 30, 2020*								*December 31, 2019*
		*Contractual*								*Contractual*
		*Rate*				*Amount*				*Rate*				*Amount*
Fixed-rate advance from FHLB, due within 1 year			—	%		$	4,000				—	%		$	—

Securities sold under agreements to repurchase, which are included with borrowings on the consolidated balance sheet, are shown below.

		*Overnight and Continuous*				*Up to 30 days*				*30 - 90 days*				*Greater Than 90 days*				*Total*
December 31, 2019
Repurchase agreements and repurchase-to-maturity transactions		$	61			$	—			$	—			$	—			$	61
Gross amount of recognized liabilities for repurchase agreements in Consolidated Statements of Financial Condition																		$	61

There were no repurchase agreements and repurchase-to-maturity transactions at June 30, 2020.

Securities sold under agreements to repurchase were secured by a mortgage-backed security with a carrying amount of $2.0 million at December 31, 2019, As the security's value fluctuates due to market conditions, the Company has no control over the market value. The Company is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase price, per the agreement.

On April 1, 2020, the Company established a $5.0 million unsecured line of credit with a correspondent. Interest is payable at a rate of Prime rate minus 0.75%. The line of credit will mature on April 1, 2021. The line of credit had no outstanding balance at June 30, 2020.