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Note 10 - FHLB Advances

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

FHLB Advances

Note 10. FHLB Advances

The subsidiary banks are members of the FHLB. Maturity and interest rate information on advances from the FHLB as of December 31, 2024 and 2023 is as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024				​	December 31, 2023
​	​	​	​	​	Weighted	​	​	​	​	Weighted
​	​	​	​	​	Average	​	​	​	​	Average
​	​	​	​	​	Interest Rate	​	​	​	​	Interest Rate
​		Amount Due			at Year-End		Amount Due			at Year-End
​	​	(dollars in thousands)
Maturity:	​	​	​	​	​	​	​	​	​	​	​
Year ending December 31:		​					​				​
2024	​	$	—	​	—	%	$	300,000	​	5.64	%
2025	​	​	140,000	​	4.62	​	​	—	​	—	​
2026	​	​	45,000	​	5.01	​	​	45,000	​	5.01	​
2027	​	​	45,000	​	4.82	​	​	45,000	​	4.82	​
2028	​	​	45,000	​	4.64	​	​	45,000		4.64	​
2029	​		10,383		—	​		—		—	​
Total FHLB advances	​	$	285,383		4.55	%	$	435,000		5.39	%
​	​	​	​	​	​	​	​	​	​	​	​

​

Advances from the FHLB were collateralized by loans of $2.1 billion both as of December 31, 2024 and 2023, in aggregate. The FHLB applies loan-to-value discounts to loans pledged as collateral based on the loan type. There were no securities pledged as collateral on advances as of either December 31, 2024 or 2023.  The Company continues to pledge loans under blanket liens to provide off balance sheet liquidity.

As of December 31, 2024 and 2023, the subsidiary banks held $18.3 million and $24.5 million, respectively, of FHLB stock, which is included in restricted investment securities on the consolidated balance sheets.

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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.

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