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