SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT

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

Securities sold under agreements to repurchase were $39,058 and $25,172 as of March 31, 2024 and December 31, 2023, respectively, and are secured by mortgage-backed securities and collateralized mortgage obligations.

The Company has an unsecured $25,000 revolving line of credit, which had no outstanding balance at March 31, 2024 and a $4,500 outstanding balance at December 31, 2023, bears interest at the greater of (i) the prime rate, which was 8.50% at March 31, 2024, or (ii) the rate floor of 3.50%, with interest payable quarterly, and matures in March 2025.

Federal Home Loan Bank (FHLB) advances bear interest based on a fixed or variable rate, payable monthly, with all principal due at maturity. The following table presents the scheduled maturities of fixed and variable rate FHLB advances and their weighted average rates, as of March 31, 2024:

Year	Current Weighted Average Rate			Principal Due
Fixed rate advances
2024		5.43	%	$	75,000
Total FHLB advances				$	75,000