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Note 7 - Borrowings | 3 Months Ended
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Mar. 31, 2021
Notes to Financial Statements |
Debt Disclosure [Text Block] | NOTE 7 - BORROWINGS Advances from the FHLB were as follows:
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Contractual |  |  |  |  |  |  | Contractual |  |  |  |  |
|  | Rate |  |  | Amount |  |  | Rate |  |  | Amount |
Fixed-rate advance from FHLB, due within 1 year |  |  | — | % |  | $ | 4,000 |  |  |  | — | % |  | $ | 4,000 |
In 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 as published in the Wall Street Journal rate minus 0.75%, with a minimum rate of 2.40%. The line of credit was extended and will mature on March 31, 2022. The line of credit had no outstanding balance at March 31, 2021.

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- 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
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