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BORROWED MONEY | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
BORROWED MONEY | NOTE 8 - BORROWED MONEY The Company had no advances from the Federal Home Loan Bank (FHLB) outstanding as of December 31, 2024 and $140,000 of advances at a 5.36% weighted average rate as of December 31, 2023, which were collateralized by blanket floating liens on certain securities and loans. FHLB advances bear interest based on a fixed rate, payable monthly, with all principal due at maturity. The Company has an unsecured $25,000 revolving line of credit with a correspondent bank that bears interest at the greater of (i) the prime rate, which was 7.50% at December 31, 2024, or (ii) the rate floor of 3.50%, with interest payable quarterly, and matures in March 2025. Under the terms of the line of credit, the Company agreed not to pledge or grant a lien or security interest in the stock of the Bank or in any other assets without prior consent of the lender. As of December 31, 2024, there was no outstanding balance on the line of credit. To be in compliance with the loan covenants, the Bank is required to maintain no less than a 10% total risk-based capital ratio, must maintain no less than $85,000 in tangible net worth, the ratio of non-performing assets to equity plus allowance for credit losses must not exceed 15%, the cash flow coverage must be greater than 1.25 times, the ratio of other additional debt to total assets must not exceed 15%, and the Company is limited to acquiring additional debt of no more than $500 without prior approval. The Company is in compliance with all loan covenants.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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