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v3.24.3

Other Borrowings | 9 Months Ended
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Sep. 30, 2024
Advance from Federal Home Loan Bank [Abstract] |
Other Borrowings | 6. Other Borrowings The Bank has a line of credit with the FHLB through which advances are drawn. Pursuant to collateral agreements with the FHLB, advances are secured by a blanket-floating lien on first mortgage loans and cash and investments held at FHLB. The unused portion of the line of credit as of September 30, 2024 and December 31, 2023 was approximately $321 million and $314 million, respectively. As of September 30, 2024, the advances had annual maturities and weighted average interest rates as listed below.
|  |  |  |  | Weighted Average |
|  | Amount |  |  | Interest Rate |
2024 |  | $ | 29,000 |  |  |  | 5.55 | %
2025 |  |  | 57,000 |  |  |  | 4.29 | %
2026 |  |  | 8,000 |  |  |  | 2.17 | %
Total |  | $ | 94,000 |  |  |  | 4.50 | %
As of December 31, 2023, the advances had annual maturities and weighted average interest rates as listed below.
|  |  |  |  | Weighted Average |
|  | Amount |  |  | Interest Rate |
2024 |  | $ | 24,200 |  |  |  | 5.06 | %
2025 |  |  | 23,000 |  |  |  | 2.82 | %
2026 |  |  | 5,000 |  |  |  | 0.98 | %
Total |  | $ | 52,200 |  |  |  | 3.68 | %
As of September 30, 2024 and December 31, 2023, the Bank had $120 million borrowed on the Federal Reserve’s special Bank Term Funding Program. The borrowing carries a fixed rate of 4.76%, matures January 16, 2025, and is prepayable at any time. Collateral for borrowings is the par value of investment securities.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)(3)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 470 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478878/942-470-45-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
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