Borrowings

12 Months Ended

Dec. 31, 2024

Borrowings

Borrowings

Note 8. Borrowings

As of December 31, 2024, the Company had no Federal Home Loan Bank (FHLB) advances outstanding. The Company had outstanding borrowings comprised solely of advances from the FHLB totaling $4,000,000, at a rate of 5.598%, at December 31, 2023, which matured January 8, 2024.

Based on collateral pledged, consisting of all shares of FHLB stock owned and a blanket pledge of approximately $235,157,000 of its qualifying mortgage loans as of December 31, 2024, the Bank was eligible to borrow up to an additional $183,100,000 as of December 31, 2024.

The Bank has an unsecured federal funds line of credit with FNBB that expires on June 30, 2025. The Bank is eligible to borrow up to $27,200,000. There was no amount outstanding on this line of credit as of the years ended December 31, 2024 and 2023.

The Bank is eligible to borrow from TIB’s Federal Funds Purchase Line Program, which provides overnight liquidity through pledge of certain qualifying securities. The Bank is eligible to borrow up to $15,000,000 and repayment is due the next day. There was no amount outstanding on this line of credit as of the years ended December 31, 2024 and 2023.