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NOTES PAYABLE | 3 Months Ended
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Mar. 31, 2024
NOTES PAYABLE |
NOTES PAYABLE | NOTE 7 – NOTES PAYABLE The Company utilizes FHLB advances to fund liquidity. The Company had outstanding balances borrowed from the FHLB of $35.5 million at March 31, 2024 and December 31, 2023. The advances, rate, and maturities of FHLB advances were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | March 31, |  | December 31,
​ | ​ | Maturity | ​ | Rate | ​ | 2024 | ​ | 2023
Fixed rate, fixed term | ​ | 03/23/2026 | ​ | 4.02% | ​ | $ | 10,000 | ​ | $ | 10,000
Fixed rate, fixed term | ​ | 05/26/2026 | ​ | 1.95% | ​ | ​ | 5,000 | ​ | ​ | 5,000
Fixed rate, fixed term | ​ | 03/23/2027 | ​ | 3.91% | ​ | ​ | 10,000 | ​ | ​ | 10,000
Fixed rate, fixed term | ​ | 03/23/2028 | ​ | 3.85% | ​ | ​ | 10,000 | ​ | ​ | 10,000
Fixed rate, fixed term | ​ | 04/22/2030 | ​ | 0.00% | ​ | ​ | 508 | ​ | ​ | 508
​ | ​ | ​ | ​ | ​ | ​ | ​ | 35,508 | ​ | ​ | 35,508
Adjustment due to purchase accounting | ​ | ​ | ​ | ​ | ​ | ​ | (213) | ​ | ​ | (238)
​ | ​ | ​ | ​ | ​ | ​ | $ | 35,295 | ​ | $ | 35,270
​ Future maturities of borrowings were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
1 year or less | ​ | $ | — | ​ | $ | —
1 to 2 years | ​ |  | 10,000 | ​ |  | —
2 to 3 years | ​ |  | 15,000 | ​ |  | 15,000
3 to 4 years | ​ |  | 10,000 | ​ |  | 10,000
4 to 5 years | ​ |  | — | ​ |  | 10,000
Over 5 years | ​ | ​ | 508 | ​ | ​ | 508
​ | ​ | $ | 35,508 | ​ | $ | 35,508
​ As of March 31, 2024, the Company had borrowing availability at the FHLB totaling $805.7 million in addition to the existing borrowings noted in the tables above. ​ The Company maintains a $7.5 million line of credit with a commercial bank, which was entered into on May 15, 2022. There were no outstanding balances on this note at March 31, 2024 or December 31, 2023. Any future borrowings will require monthly payments of interest at a variable rate, and will be due in full on May 15, 2024.

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