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OTHER BORROWINGS | 12 Months Ended
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Dec. 31, 2024
OTHER BORROWINGS |
OTHER BORROWINGS | 12.OTHER BORROWINGS: Other borrowings at December 31, 2024 and 2023 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023
FHLB advances | ​ | $ | 7,287 | ​ | $ | 108,577
Notes payable | ​ |  | 20,833 | ​ |  | —
TOTAL | ​ | $ | 28,120 | ​ | $ | 108,577
​ The aggregate minimum annual retirements of other borrowings are as follows: ​
​ | ​ | ​ | ​
2025 |  | $ | 6,133
2026 | ​ |  | —
2027 | ​ |  | 21,987
2028 | ​ |  | —
2029 | ​ |  | —
Thereafter | ​ |  | —
​ | ​ | $ | 28,120
​ At December 31, 2024 and 2023, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly is permitted to obtain advances. There are $7.3 million of advances from the FHLB at December 31, 2024, and $108.6 million of advances at December 31, 2023, which accrue interest, payable monthly, at annual rates, primarily fixed, varying from 0.68% to 5.54% in 2024 and 0.68% to 5.56% during the year in 2023. FHLB advances are, generally, due in full at maturity. They are secured by eligible securities totaling $55.9 million at December 31, 2024, and $64.1 million at December 31, 2023, and a blanket pledge on real estate loan collateral. Based on this collateral and the Corporation’s holdings of FHLB stock, the Corporation is eligible to borrow up to $388.5 million at year end 2024. Certain advances may be prepaid, without penalty, prior to maturity. The FHLB can adjust the interest rate from fixed to variable on certain advances, but those advances may then be prepaid, without penalty. In addition the Corporation secured a note payable to a commercial bank in the second quarter 2024. The balance at December 31, 2024 is $21 million.

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