Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2019

Federal Home Loan Bank Advances and Other Borrowings

FHLB borrowings:

The Bank has agreements with the Federal Home Loan Bank of Cincinnati ("FHLB") that can provide advances to the Bank in an amount up to $47.1 million. All of the loans are secured by first mortgages on 1-4 family residential, multi-family properties and commercial properties and are pledged as collateral for these advances. There were no securities pledged to FHLB at December 31, 2019 and 2018.

At December 31, 2019, FHLB advances consist of the following (amounts in thousands):


Long-term advance dated September 10, 2019, requiring monthly interest payments, fixed at 0.93%, with a put option exercisable in September 10, 2020 and then quarterly thereafter, principal due in September 2029.	$	25,000

There we no FHLB advances at December 31, 2018.

On agreements with put options, the FHLB has the right, at its discretion, to terminate the entire advance prior to the stated maturity date. The termination option may only be exercised on the expiration date of the predetermined lockout period and on a quarterly basis thereafter.

Borrowings:

On May 1, 2018, the Company entered into a loan agreement in the amount of $500 thousand at a rate of 4.75% with semi-annual payments of principal plus accrued interest over an amortization period of ten years. The outstanding principal balance of the borrowing at December 31, 2019 and 2018 was $439 thousand and $480 thousand, respectively, with a maturity on April 30, 2028.

Scheduled maturities:

At December 31, 2019, scheduled maturities of the FHLB advances and other borrowings are as follows (amounts in thousands):


2020	$	43
2021	45
2022	47
2023	50
2024	52
Thereafter	25,202
Total	$	25,439

There were no federal funds purchased as of December 31, 2019. Federal funds purchased as of December 31, 2018 totaled $10.8 million.