Other Borrowings

12 Months Ended

Dec. 31, 2024

Advance from Federal Home Loan Bank [Abstract]

Other Borrowings

10. Other Borrowings

The Company has a line of credit with the FHLB through which advances are drawn. Pursuant to collateral agreements with the FHLB, advances are secured by a blanket-floating lien on first mortgage loans and cash and investments held at FHLB. The unused portion of the line of credit as of December 31, 2024 and 2023 was approximately $364 million and $314 million, respectively. As of December 31, 2024, the advances had annual maturities and weighted average interest rates as listed below.

			Weighted Average
	Amount		Interest Rate
2025	$	65,500		4.31	%
2026		8,000		2.17	%
Total	$	73,500		4.08	%

As of December 31, 2023, the advances had annual maturities and weighted average interest rates as listed below.

			Weighted Average
	Amount		Interest Rate
2024	$	24,200		5.06	%
2025		23,000		2.82	%
2026		5,000		0.98	%
Total	$	52,200		3.68	%

As of December 31, 2023, the Company had $120 million borrowed on the Federal Reserve’s special Bank Term Funding Program. The Company paid off $85 million on November 8, 2024 and the balance of $35 million on December 12, 2024. The borrowing carried a fixed rate of 4.76%, matured January 16, 2025, and was prepayable at any time. Collateral for borrowings was the par value of investment securities. This program has expired.