Borrowings

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Borrowings

(12) Borrowings.

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

	Maturity		Interest			March 31,		December 31,
	Year Ending		Rate			2025		2024
FHLB		2025		4.42	%	$	10,000	$	-
FHLB		2025		4.57	%		-		10,000
FHLB		2025		4.43	%		-		30,000
FHLB		2025		1.01	%		-		10,000
						$	10,000	$	50,000

At March 31, 2025, 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, 2025, the Company had remaining credit availability of $233.2 million. At March 31, 2025, the Company had loans pledged with a carrying value of $241.9 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 $1.7 million as of March 31, 2025.

At March 31, 2025, the Company also had lines of credit amounting to $32.2 million with five correspondent banks to purchase federal funds. Disbursements on the lines are subject to the approval of correspondent banks. At December 31, 2024 there were no borrowings under these lines of credit.