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Note 9 - Borrowings

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 9 — BORROWINGS

At year-end, advances from the FHLB were as follows:

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

The Company maintains a collateral pledge agreement covering secured advances whereby the Company has agreed to keep on hand, free of all other pledges, liens, and encumbrances, specifically identified whole first mortgages on improved residential property not more than 90-days delinquent to secure advances from the FHLB. All of the Bank’s FHLB common stock is pledged as additional collateral for these advances. At December 31, 2020, $25.4 million and $328.1 million of first mortgage and multi-family mortgage loans, respectively, collateralized potential advances. At December 31, 2020, we had the ability to borrow an additional $315.6 million under our credit facilities with the FHLB. The Company also had available pre-approved overnight federal funds borrowing. At December 31, 2020 and 2019, there was no outstanding balance on these lines.

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 Statement of Financial Condition																		$	61

There were no repurchase agreements and repurchase-to-maturity transactions at December 31, 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 December 31, 2020.