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Note 11 - Short-term Borrowings

12 Months Ended

Dec. 31, 2024

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.