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ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES

12 Months Ended

Dec. 31, 2022

Advance from Federal Home Loan Bank [Abstract]

ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES

Utilizing a blanket pledge, qualifying loans receivable at December 31, 2022 and 2021, were pledged as security for FHLB borrowings and there were no securities pledged as collateral as of December 31, 2022 or 2021.  At December 31, 2022 and 2021, FHLB advances were scheduled to mature as follows (dollars in thousands):

			At or for the Years Ended December 31
			2022												2021
			Amount						Weighted Average Rate						Amount						Weighted Average Rate
Maturing in one year or less			$	50,000					4.60		%				$	50,000					2.72		%
Maturing after one year through three years			—						—						—						—
Maturing after three years through five years			—						—						—						—
Maturing after five years			—						—						—						—
Total FHLB advances			$	50,000					4.60		%				$	50,000					2.72		%

The maximum amount outstanding from the FHLB advances at any month end for the years ended December 31, 2022 and 2021 was $75.0 million and $150.0 million, respectively. The average FHLB advances balance outstanding for the years ended December 31, 2022 and 2021 was $15.3 million and $97.9 million, respectively. The average contractual interest rate on the FHLB advances for the years ended December 31, 2022 and 2021 was 3.20% and 2.65%, respectively. As of December 31, 2022, the Bank has established a borrowing line with the FHLB to borrow up to 45% of its total assets, contingent on having sufficient qualifying collateral and ownership of FHLB stock.  At December 31, 2022, under these credit facilities based on pledged collateral, the Bank had $2.99 billion of available credit capacity.

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- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822

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