Advances from the Federal Home Loan Bank

12 Months Ended

Dec. 31, 2023

Advances from the Federal Home Loan Bank

Advances from the Federal Home Loan Bank

(12)Advances from the Federal Home Loan Bank

Federal Home Loan Bank advances are secured by a blanket pledge on the Bank’s assets not otherwise pledged. At December 31, 2023 and 2022, our credit line with the FHLB Des Moines was equal to 45% of the Bank’s total assets and we had the capacity to borrow an additional $612.6 million and $769.1 million, respectively.

Advances outstanding consisted of the following:

	December 31,
	2023				2022
			Weighted				Weighted
			Average				Average
(Dollars in thousands)	Amount		Rate		Amount		Rate
Due within one year	$	82,000	1.40	%	$	24,000	1.27	%
Due over 1 year to 2 years		45,000	2.87			82,000	1.40
Due over 2 years to 3 years		20,000	3.20			25,000	1.58
Due over 3 years to 4 years		30,000	4.24			10,000	1.97
Due over 4 years to 5 years		60,000	4.32			—	—
Due over 5 years to 6 years		5,000	4.38			—	—
Total	$	242,000	2.96	%	$	141,000	1.45	%