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Note 5 - Other Borrowings

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note 5: Other Borrowings

There were no borrowings made during the three months ended March 31, 2024 and 2023.

The following table shows certain information regarding our borrowings at or for the dates indicated:

		For the three months ended
		March 31,
		2024				2023
		(Dollars in thousands)
FHLB of Chicago advances and other borrowings:
Average balance outstanding		$	5,000			$	—
Maximum amount outstanding at any month-end during the period			5,000				—
Average interest rate during the period			4.8	%			0.0	%

		March 31, 2024				December 31, 2023
		(Dollars in thousands)
Balance outstanding at end of period			5,000				5,000
Weighted average interest rate at end of period			4.8	%			4.8	%

The eligible borrowings are collateralized by $103.2 million and $102.6 million of first mortgage loans under a blanket lien arrangement at March 31, 2024 and December 31, 2023, respectively.

The following table shows the outstanding advances, additional borrowing capacity and total borrowing capacity from the FHLB Chicago at the dates presented. 

		March 31, 2024				December 31, 2023
		(Dollars in thousands)
Outstanding advances		$	5,000			$	5,000
Additional borrowing capacity			72,882				72,200
Total borrowing capacity		$	77,882			$	77,200

Additionally, at March 31, 2024 and December 31, 2023, we had a $10.0 million federal funds line of credit with BMO Harris Bank, none of which was drawn at March 31, 2024 and December 31, 2023. 

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- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(3)(a))
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

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-Topic 942
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478878/942-470-45-1

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-Name Accounting Standards Codification
-Topic 942
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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