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BORROWINGS | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS FHLB advances totaled $13.2 million with a weighted average interest rate of 0.54% as of December 31, 2024 and totaled $12.6 million with a weighted average interest rate of 0.55% as of December 31, 2023. The FHLB advances outstanding as of December 31, 2024 mature between 2025 and 2029. Borrowings from the FHLB are secured by the FHLB stock held by the Company and pledged security in the form of qualifying loans. The loans pledged as of December 31, 2024 and 2023 totaled $1.91 billion and $1.20 billion, respectively. As of December 31, 2024 and 2023, loans pledged also served as collateral for credit exposure of $0.4 million associated with the Bank’s participation in the FHLB’s Mortgage Partnership Finance Program. As of December 31, 2024, loans pledged also served as collateral for a $70.0 million letter of credit for the benefit of uninsured public funds deposits. The Bank also had available borrowings through the discount window of the Federal Reserve Bank of Chicago. Available borrowings are based on the collateral pledged. As of December 31, 2024 and 2023, debt securities with a carrying value of $108.0 million and $9.8 million, respectively, were pledged to secure available borrowings.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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