Federal Home Loan Bank Advances and Other Debt

3 Months Ended

Mar. 31, 2024

Federal Home Loan Banks [Abstract]

Federal Home Loan Bank Advances and Other Debt

NOTE 6 – FEDERAL HOME LOAN BANK ADVANCES AND OTHER DEBT

At March 31, 2024 and December 31, 2023, advances from the Federal Home Loan Bank were as follows:

	2024		2023
Maturities October 2025 through January 2029, fixed rate at rates    from 4.12% to 4.61%, averaging 4.26%	$	45,000	$	—
Maturities October 2025 through March 2028, fixed rate at rates    from 4.12% to 4.61%, averaging 4.26%		—		35,000
Total	$	45,000	$	35,000

NOTE 6 – FEDERAL HOME LOAN BANK ADVANCES AND OTHER DEBT (CONTINUED)

Each advance, in the table above, is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $80,678 and $80,011 of eligible first mortgage one-to-four family, multi-family, and commercial loans under a blanket lien arrangement at March 31, 2024 and December 31, 2023, respectively. Based on this collateral and the Company’s holdings of FHLB stock, the Company is eligible to borrow funds of $123,007 at March 31, 2024.

Payments over the next five years are as follows:

2024	$	—
2025		5,000
2026		10,000
2027		10,000
2028		10,000
Thereafter		10,000

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, 2024 and December 31, 2023. There were no amounts outstanding as of March 31, 2024 or December 31, 2023.