Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

(12) Borrowings.

The maturities and interest rates on the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances were as follows (dollars in thousands)

	Maturity	Interest			March 31,		December 31,
At March 31, 2024:	Year Ending	Rate			2024		2023
FRB	2024		4.89	%	$	13,355	$	13,600
FHLB	2024		4.96	%		30,000		30,000
FHLB	2024		5.57	%		—		22,000
FHLB	2025		1.01	%		10,000		10,000
					$	53,355	$	75,600

At March 31, 2024, FHLB Advances are structured as advances with potential calls on a quarterly basis.

FHLB advances are collateralized by a blanket lien requiring the Company to maintain certain first mortgage loans as pledged collateral. At March 31, 2024, the Company had remaining credit availability of $158 million. At March 31, 2024, the Company had loans pledged with a carrying value of $239 million as collateral for FHLB advances.

In addition, the Bank has a line of credit with the Federal Reserve Bank which is secured by investment securities with fair value of $11.3 million as of March 31, 2024. FRB borrowings bear interest at variable rates based on the Federal Open Market Committee’s target range for the federal funds rate. Based on this collateral, the Company borrowed $13.3 million from the FRB at March 31, 2024.