Note 11 - Borrowings

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

11

- Borrowings

As of

December 31, 2020,

Quaint Oak Bank has a maximum borrowing capacity with the Federal Home Loan Bank of approximately

$159.7

million. Quaint Oak Bank's Federal Home Loan Bank advances outstanding were

$38.2

million and

$36.3

million at

December 31, 2020

and

2019,

respectively. As of

December 31, 2020,

Quaint Oak Bank has

$613,000

in borrowing capacity with the Federal Reserve Bank of Philadelphia under the discount window program. There were

no

borrowings under this facility at

December 31, 2020

and

2019.

The Bank also has borrowing capacity with the FRB under the PPPLF program in the amount of the outstanding pledged PPP loans that totaled 

$93.3

million at

December 31, 2020.

Quaint Oak Bank's outstanding advances with the FRB under the PPPLF program were

$48.1

million as of

December 31, 2020.

Federal Home Loan Bank short-term borrowings and the weighted interest rate consist of the following at

December 31, 2020

and

2019

(dollars in thousands):

	At or For the Year Ended December 31,
	2020			2019
FHLB short-term borrowings:
Average balance outstanding	$	3,292		$	5,585
Maximum amount outstanding at any month-end during the period		20,000			11,000
Balance outstanding at end of period		10,000			10,000
Average interest rate during the period		1.12	%		2.52	%
Weighted average interest rate at end of period		0.41	%		1.81	%

Federal Home Loan Bank long-term borrowings and the weighted interest rate consist of the following at

December 31, 2020

and

2019

(in thousands):

	December 31, 2020					December 31, 2019
Fixed rate borrowings maturing:	Amount		Weighted Interest Rate			Amount		Weighted Interest Rate
2020	$	--		--	%	$	2,000		2.00	%
2021		5,000		2.20			5,000		2.20
2022		7,171		2.10			7,171		2.10
2023		7,000		2.16			7,000		2.16
2024		6,167		2.05			5,100		2.28
2025		2,855		1.25			--		--
Total FHLB long-term debt	$	28,193		2.03	%	$	26,271		2.16	%

Federal Reserve Bank long-term borrowings increased to

$48.1

million at

December 31, 2020

compared to

zero

at

December 31, 2019

as the Company borrowed this amount to fund PPP loans under the Federal Reserve's Paycheck Protection Program Liquidity Facility (PPPLF). Under the PPPLF the Company pledged certain PPP loans as collateral and borrowed from the Federal Reserve at a rate of

0.35%

that is fixed for

two

years. These borrowings are paid off as the PPP loans pledged as collateral are forgiven through the SBA PPP loan forgiveness program.