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Federal Home Loan Bank Advances and Other Borrowings

3 Months Ended

Mar. 31, 2024

Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances and Other Borrowings

Note 7: Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances. The Company has entered into an Advances, Pledge, and Security Agreement with the FHLB whereby specific mortgage loans of the Bank with aggregate principal balances of $1.45 billion at both March 31, 2024 and December 31, 2023, were pledged to the FHLB as collateral. FHLB advances are also secured with FHLB stock owned by the Company. Total remaining available capacity under the agreement was $446.8 million and $498.7 million at March 31, 2024 and December 31, 2023, respectively.

The following table presents FHLB advances, by maturity, at March 31, 2024 and December 31, 2023:

​	​	​	​	​	​	​	​	​	​	​
​	​	March 31, 2024				​	December 31, 2023
​		Weighted		​			Weighted		​
​	​	Average	​	Total		​	Average	​	Total
(dollars in thousands)	​	Rate	​	Outstanding		​	Rate	​	Outstanding
Less than 1 Year	​	5.35	%	$	243,000	​	5.31	%	$	233,000
1 to 2 Years	​	4.35	​	​	12,500	​	4.31	​	​	25,000
2 to 3 Years	​	3.45	​	​	21,500	​	3.45	​	​	21,500
3 to 4 Years	​	4.03	​	​	27,500	​	3.94	​	​	17,500
4 to 5 Years	​	3.87	​	​	12,500	​	4.01	​	​	22,500
Totals	​	​	​	$	317,000	​	​	​	$	319,500

​

Line of Credit. The Company has a Loan and Security Agreement and related revolving note with an unaffiliated financial institution that is secured by 100% of the issued and outstanding stock of the Bank. The note contains customary representations, warranties, and covenants, including certain financial covenants and capital ratio requirements. The Company believes it was in compliance with all covenants as of March 31, 2024 and December 31, 2023.

The following table presents the revolving line of credit at March 31, 2024 and December 31, 2023:

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Total Debt

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Total Debt

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Outstanding

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Outstanding

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Interest

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Name

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Maturity Date

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March 31, 2024

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December 31, 2023

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Rate

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Coupon Structure

Revolving Credit Facility

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September 1, 2024

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$

13,750

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13,750

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8.50

%

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Variable with Floor (1)

(1) The variable interest rate is equal to the greater of Wall Street Journal Prime Rate in effect or a floor of 3.85%.

X

- References

No definition available.

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X

- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480876/942-470-45-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481544/470-10-50-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

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