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Note 11 - Short-term Borrowings | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Short-Term Debt [Text Block] |
11. | SHORT-TERM BORROWINGS
For the years ended December 31, 2024 and 2023, short-term borrowings consisted of Federal Home Loan advances. Outstanding balances and related information on short-term borrowings are summarized as follows:
|  | 2024 |  |  | 2023 |
(Dollar amounts in thousands) |  |  |  |  |  |  |  |
Balance at year-end |  | $ | 172,400 |  |  | $ | 163,000 |
Average balance outstanding |  | $ | 122,506 |  |  | $ | 101,088 |
Maximum month-end balance |  | $ | 172,400 |  |  | $ | 163,000 |
Weighted-average rate at year-end |  |  | 4.42 | % |  |  | 5.47 | %
Weighted-average rate during the year |  |  | 5.40 | % |  |  | 5.33 | %
Average balances outstanding during the year represent daily average balances, and average interest rates represent interest expense divided by the related average balance. The Company maintains a $6.0 million line of credit and a $10.0 million line of credit with other financial institutions. Both lines of credit have an adjustable rate based on the time of borrowings. On December 31, 2024, and 2023, there were no outstanding borrowings under these lines of credit. The additional borrowing capacity on FHLB advances was $381.7 million and $430.1 million on December 31, 2024, and 2023, respectively. Under the terms of a blanket agreement, FHLB borrowings are secured by certain qualifying assets of the Company, which consist principally of first mortgage loans or mortgage-backed securities.

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