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Note 10 - Borrowings
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 10. Borrowings

 

The following table presents the components of borrowings as of the dates indicated:

 

  

December 31,

 
  

2024

  

2023

 

(Amounts in thousands)

 

Balance

  Weighted Average Rate  

Balance

  Weighted Average Rate 
                 

Retail repurchase agreements

 $906   0.05% $1,119   0.06%

 

Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The counterparties may redeem callable repurchase agreements, which could substantially shorten the borrowings’ lives. The prepayment or early termination of a repurchase agreement may result in substantial penalties based on market conditions. The following schedule presents the contractual maturities of repurchase agreements, by type of collateral pledged, as of December 31, 2024:

 

  

Overnight and Continuous

  

Up to 30 Days

  

30 - 90 Days

  Greater than 90 Days  

Total

 
                     

(Amounts in thousands)

                    

Municipal securities

 $220  $-  $-  $-  $220 

Mortgage-backed Agency securities

  686   —   —   —   686 

Total

 $906  $—  $—  $—  $906 

 

As of December 31, 2024, unused borrowing capacity with the FHLB totaled $352.32 million, net of FHLB letters of credit of $122.72 million. The Company pledged $475.03 million in qualifying loans to secure the FHLB letters of credit, which provide an attractive alternative to pledging securities for public unit deposits.