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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2023
Federal Home Loan Bank Advances And Other Borrowings |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 8 – Federal Home Loan Bank Advances and Other Borrowings At December 31, 2023 and 2022, the Company had $275.0 million and $175.0 million in FHLB Advances, respectively. Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2023 and 2022. Of the $275.0 million outstanding at December 31, 2023, $35.0 million was at a variable rate and $240.0 million was at fixed rates. The $275.0 million was secured with approximately $1.25 billion of mortgage loans and $16.1 million of stock in the FHLB at December 31, 2023. The $175.0 million outstanding at December 31, 2022 was at a variable rate and was secured with approximately $1.05 billion of mortgage loans and $9.3 million of stock in the FHLB at December 31, 2022.
Schedule of terms and maturities of advances outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Maturity |  |  | Amount |  |  |  | Rate |  |  |  | Amount |  |  |  | Rate |
February 16, 2023 |  | $ | - |  |  |  | - | % |  | $ | 175,000 |  |  |  | 4.57 | %
February 29, 2024 |  |  | 35,000 |  |  |  | 5.57 | % |  |  | - |  |  |  | - | %
April 28, 2028 |  |  | 40,000 |  |  |  | 3.51 | % |  |  | - |  |  |  | - | %
May 15, 2028 |  |  | 35,000 |  |  |  | 3.13 | % |  |  | - |  |  |  | - | %
June 28, 2028 |  |  | 40,000 |  |  |  | 3.54 | % |  |  | - |  |  |  | - | %
July 10, 2028 |  |  | 45,000 |  |  |  | 3.78 | % |  |  | - |  |  |  | - | %
July 10, 2028 |  |  | 40,000 |  |  |  | 3.87 | % |  |  | - |  |  |  | - | %
July 10, 2028 |  |  | 40,000 |  |  |  | 3.96 | % |  |  | - |  |  |  | - | %
|  | $ | 275,000 |  |  |  | 3.89 | % |  | $ | 175,000 |  |  |  | 4.57 | %

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