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Note 7 - FHLB Stock
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Federal Home Loan Bank Stock [Text Block]

NOTE 7 - FHLB STOCK

 

The Bank, as a member of the FHLB of Atlanta, is required to acquire and hold shares of capital stock in the FHLB of Atlanta in an amount equal to a membership component, which was equal to 0.07% and 0.05% of total Bank assets at  December 31, 2023 and 2022, respectively, plus a transaction component equal to 4.75% and 4.25% of outstanding advances (borrowings) from the FHLB of Atlanta at December 31, 2023 and 2022, respectively. The Bank was in compliance with this requirement with an investment in FHLB of Atlanta stock of $922,000 and $651,000 at December 31, 2023 and 2022, respectively. No readily available market exists for this stock and it has no quoted fair value.  However, because redemption of this stock has historically been at par, it is carried at cost.