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Note 6 - Borrowings | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 6 — Borrowings Borrowings consist of the following:
|  | September 30, 2025 |  |  | December 31, 2024 |
Category |  | Balance |  |  | Weighted Average Rate |  |  | Balance |  |  | Weighted Average Rate |
|  | (Dollars in Thousands) |
FHLB advances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLB short-term advances |  | $ | 250,166 |  |  |  | 4.19 | % |  | $ | 293,553 |  |  |  | 4.41 | %
FHLB long-term advances maturing 2027 |  |  | 50,000 |  |  |  | 1.73 | % |  |  | 80,000 |  |  |  | 2.39 | %
FHLB long-term advances maturing 2028 |  |  | 60,000 |  |  |  | 3.31 | % |  |  | - |  |  |  | - |
FHLB long-term advances maturing 2029 |  |  | 60,000 |  |  |  | 3.48 | % |  |  | 70,000 |  |  |  | 3.46 | %
FHLB long-term advances maturing 2030 |  |  | 40,000 |  |  |  | 3.21 | % |  |  | - |  |  |  | - |
Total FHLB advances |  |  | 460,166 |  |  |  | 3.63 | % |  |  | 443,553 |  |  |  | 3.89 | %
Repurchase agreements |  |  | 8,895 |  |  |  | 7.24 | % |  |  | 2,966 |  |  |  | 7.49 | %
Total borrowings |  | $ | 469,061 |  |  |  | 3.70 | % |  | $ | 446,519 |  |  |  | 3.92 | %
The short-term repurchase agreement represents the outstanding portion of a total $50.0 million commitment with one unrelated bank as of September 30, 2025. The short-term repurchase agreement is utilized by Waterstone Mortgage Corporation to finance loans originated for sale. This agreement is secured by the underlying loans being financed. Related interest rates are based upon the note rate associated with the loans being financed. The short-term repurchase agreement had a $8.9 million balance at September 30, 2025 and a $3.0 million balance at December 31, 2024. The $250.2 million in FHLB short-term advances as of September 30, 2025 have fixed rates. The $210.0 million in FHLB long-term advances as of September 30, 2025 have fixed rates. A total of $160.0 million in FHLB long-term advances have FHLB call options available. The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. In addition, the Company enters into agreements under which it sells loans held for sale subject to an obligation to repurchase the same loans. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of assets. The obligation to repurchase the assets is reflected as a liability in the Company's consolidated statements of financial condition, while the securities and loans held for sale underlying the repurchase agreements remain in the respective investment securities and loans held for sale asset accounts. In other words, there is no offsetting or netting of the investment securities or loans held for sale assets with the repurchase agreement liabilities. The Company's repurchase agreement is subject to master netting agreements, which sets forth the rights and obligations for repurchase and offset. Under the master netting agreement, the Company is entitled to set off the collateral placed with a single counterparty against obligations owed to that counterparty. At September 30, 2025, the Company had approximately $334.0 million in unused borrowing capacity at the FHLB. The Company selects loans that meet underwriting criteria established by the FHLB as collateral for outstanding advances. The Company’s borrowings from the FHLB are limited to 76% of the carrying value of unencumbered one- to four-family mortgage loans, 73% of the carrying value of multi-family loans and 62% of the carrying value of home equity loans. In addition, these advances were collateralized by FHLB stock of $20.7 million at September 30, 2025 and $20.3 million at December 31, 2024, respectively. In the event of prepayment, the Company is obligated to pay all remaining contractual interest on the advance.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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