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Federal Home Loan Bank Advances and Other Borrowings
 12 Months Ended
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.

                               
     
   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%