Note 8 - Other Borrowings

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

8

– OTHER BORROWINGS

Other borrowings consists of the following at

December 31, 2020

and

December 31, 2019

:

	(in thousands)
	2020		2019
Federal Home Loan Bank borrowings:
Secured note, with interest at 1.72%, due September, 2020	$	-	$	6,000
Secured note, with interest at 2.90%, due June, 2021		-		8,000
Secured note, with variable interest, at 2.13% at December 31, 2020 and 2.99% at December 31, 2019, due September, 2021		-		7,000
Secured note, with interest at 1.86%, due September, 2021		-		6,000
Secured note, with interest at 2.94%, due December, 2021		-		8,000
Secured note, with interest at 2.98%, due June, 2022		-		9,000
Secured note, with interest at 1.97%, due September, 2022		-		6,000
United Bankers Bank
Note payable, with interest at 4.875% payable quarterly, and $250,000 principal payments, with any remaining unpaid principal, due September 1, 2022. All Union Bank stock is held as collateral.		7,750		8,750
Total other borrowings	$	7,750	$	58,750

During

2020,

the Bank elected to repay all outstanding Federal Home Loan Bank borrowings resulting in prepayment penalties of

$1,086,000.

  At

December 31, 2020

,

the Corporati

on had

$155,878,000

of

borrowing availability under various line-of-credit agreements with the Federal Home Loan Bank and other financial institutions.

Future maturities of other borrowings are as follows:  

2021,

$1,000,000;

and

2022,

$6,750,000