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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2024
Advance from Federal Home Loan Bank [Abstract] |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 11 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS Long-term advances from the FHLB were $1,501 and $2,392 at December 31, 2024 and December 31, 2023, respectively. Outstanding balances have maturity dates between May 2025 and June 2028 with fixed rates ranging from 1.18% to 2.97%. The weighted average rate on outstanding advances was 2.44% at December 31, 2024. Outstanding advances are prepayable in whole or in part and could be subject to a termination fee. Other borrowings totaled $6,293 at December 31, 2024, and included borrowings from the CLF division of Civista. The weighted average rate on these borrowings was 6.72% and the weighted average life was 30 months. Scheduled principal reductions of FHLB advances outstanding at December 31, 2024 were as follows:
2025 |  | $ | 684 |
2026 |  |  | 470 |
2027 |  |  | 273 |
2028 |  |  | 74 |
Total |  | $ | 1,501 |
In addition to FHLB borrowings, the Company had outstanding letters of credit with the FHLB totaling $128,400 and $24,400 at year-end 2024 and 2023, respectively, used for pledging to secure public funds. FHLB borrowings and the letters of credit were collateralized by FHLB stock and by $1,234,624 and $1,044,027 of residential mortgage loans under a blanket lien arrangement at year-end 2024 and 2023, respectively. The Company had a FHLB maximum borrowing capacity of $839,034 as of December 31, 2024, with remaining borrowing capacity of approximately $370,133. The borrowing arrangement with the FHLB is subject to annual renewal. The maximum borrowing capacity is recalculated at least quarterly.

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- 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 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: 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/1943274/2147478878/942-470-45-1 Reference 3: 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/1943274/2147477734/942-470-50-3 Reference 4: 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 + Details
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