Federal Home Loan Bank Advances and Other Debt

3 Months Ended

Mar. 31, 2022

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances and Other Debt

NOTE 6 – FEDERAL HOME LOAN BANK ADVANCES AND OTHER DEBT

As of March 31, 2022, there were no outstanding advances. At December 31, 2021, advances from the Federal Home Loan Bank were as follows:

	December 31, 2021
Maturities March 2024 through March 2030,    fixed rate at rates from 1.385% to 2.2025%,    averaging 1.81%	$	18,500
Total	$	18,500

During the three months ending March 31, 2022, the company paid off all outstanding advances, recognizing a net gain of $86. The average rate of 1.81% was a blended rate at December 31, 2021. The advances were collateralized by $74,709 and $73,916 of eligible first mortgage one-to-four family, multi-family, and commercial loans under a blanket lien arrangement at March 31, 2022 and December 31, 2021, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow funds of $105,796 at March 31, 2022.

The Company had approximately $10,000 available in a line of credit for federal funds (or the equivalent thereof) with correspondent banks at March 31, 2022 and December 31, 2021. There were no amounts outstanding as of March 31, 2022 or December 31, 2021.