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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT | NOTE 4 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER DEBT Securities sold under agreements to repurchase were $31,164 and $25,172 as of September 30, 2024 and December 31, 2023, respectively, and are secured by mortgage-backed securities and collateralized mortgage obligations. The Company has an unsecured $25,000 revolving line of credit, which had no outstanding balance at September 30, 2024 and a $4,500 outstanding balance at December 31, 2023, bears interest at the greater of (i) the prime rate, which was 8.00% at September 30, 2024, or (ii) the rate floor of 3.50%, with interest payable quarterly, and matures in March 2025. The Company also maintains two federal funds lines of credit with commercial banks that provide for the availability to borrow up to an aggregate $75,000 in federal funds for short term contingent funding if necessary, of which the rate is agreed upon at the time of each advance. There were no funds under these lines of credit outstanding as of September 30, 2024 and December 31, 2023. Federal Home Loan Bank (FHLB) advances bear interest based on a fixed or variable rate, payable monthly, with all principal due at maturity. There were no outstanding FHLB advances as of September 30, 2024.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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