XML 25 R15.htm IDEA: XBRL DOCUMENT v3.20.2

Note 7 - Borrowings

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 7 - BORROWINGS

Advances from the FHLB were as follows:

		September 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  September 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 bank.  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  September 30, 2020.

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureTextBlockAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration