Note 9 - Borrowings

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 9 – Borrowings

Federal Home Loan Bank advances consist of the following at September 30, 2021 and December 31, 2020 (in thousands):

	September 30, 2021					December 31, 2020
	Amount		Weighted Interest Rate			Amount		Weighted Interest Rate
Short-term borrowings	$	21,000		0.29	%	$	10,000		0.41	%
Fixed rate borrowings maturing:
2021		1,000		2.21			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			6,167		2.05
2025		2,855		1.25			2,855		1.25
Total FHLB long-term debt	$	24,193		2.01	%	$	28,193		2.03	%

Federal Reserve Bank long-term borrowings decreased $43.2 million, or 89.7%, to $5.0 million at September 30, 2021 from $48.1 million at December 31, 2020 as the Company paid off PPP loans pledged as collateral under the FRB’s Paycheck Protection Program Liquidity Facility (PPPLF). The Company did not utilize the FRB’s PPPLF to fund second round PPP loans. 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.

Other short-term borrowings of $933,000 represents outstanding balances on two lines of credit that Oakmont Capital Holdings, LLC has with a credit union which are used to fund equipment loans. Borrowing capacity on the two lines of credit total $11.0 million at September 30, 2021.