SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT

NOTE 4 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT

At September 30, 2022 and December 31, 2021, securities sold under agreements to repurchase totaled $7,592 and $14,151, respectively.

The Company has an unsecured $25,000 revolving line of credit, which had no outstanding balance at September 30, 2022, bears interest at the greater of (i) the prime rate, which was 6.25% at September 30, 2022, or (ii) the rate floor of 3.50%, with interest payable quarterly, and matures in March 2023. As of December 31, 2021, there was a $5,000 outstanding balance on the line of credit.

Federal Home Loan Bank (FHLB) advances bear interest based on a fixed rate, payable monthly, with all principal due at maturity. The following table presents the scheduled maturities of FHLB advances and their weighted average rates, each as of September 30, 2022:

Year	Current Weighted Average Rate			Principal Due
2022		2.68	%	$	185,000
2023		3.91	%		40,000
				$	225,000