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Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended
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Dec. 31, 2024
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, 2024, we had $240.0 million of convertible fixed rate FHLB advances with a weighted average rate of 3.74%, while at December 31, 2023 we had $275.0 million in FHLB advances with a weighted average rate of 3.89%. 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. At December 31, 2024, the $240.0 million was secured with approximately $1.29 billion of mortgage loans and $14.5 million of stock in the FHLB. At December 31, 2023, the $275.0 million was secured with approximately $1.25 billion of mortgage loans and $16.1 million of stock in the FHLB. Listed below is a summary of the terms and maturities of the advances outstanding at December 31, 2024 and 2023.
Schedule of terms and maturities of advances outstanding |  |  |
|  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Maturity |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
February 29, 2024 |  | $ | - |  |  |  | - |  |  | $ | 35,000 |  |  |  | 5.57 | %
April 28, 2028 |  |  | 40,000 |  |  |  | 3.51 | % |  |  | 40,000 |  |  |  | 3.51 | %
May 15, 2028 |  |  | - |  |  |  | - |  |  |  | 35,000 |  |  |  | 3.13 | %
June 28, 2028 |  |  | 40,000 |  |  |  | 3.54 | % |  |  | 40,000 |  |  |  | 3.54 | %
July 10, 2028 |  |  | - |  |  |  | - |  |  |  | 45,000 |  |  |  | 3.78 | %
July 10, 2028 |  |  | 40,000 |  |  |  | 3.87 | % |  |  | 40,000 |  |  |  | 3.87 | %
July 10, 2028 |  |  | 40,000 |  |  |  | 3.96 | % |  |  | 40,000 |  |  |  | 3.96 | %
May 15, 2029 |  |  | 35,000 |  |  |  | 3.90 | % |  |  | - |  |  |  | - |
July 10, 2029 |  |  | 45,000 |  |  |  | 3.69 | % |  |  | - |  |  |  | - |
Total FHLB advances outstanding |  | $ | 240,000 |  |  |  | 3.74 | % |  | $ | 275,000 |  |  |  | 3.89 | %

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