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Other Borrowings

12 Months Ended

Dec. 31, 2024

Note 12. Other Borrowings

The Bank has access to short-term borrowings from the FHLB in the form of a revolving term commitment used to fund the short-term liquidity needs of the Bank. These borrowings reprice on a daily basis and the interest rate fluctuates with short-term market interest rates. The Bank had no short-term borrowings at December 31, 2024 and 2023.

At December 31, 2024 and 2023, other borrowings were:



	December 31
(Dollars in thousands)	2024		2023
FHLB maturing January 12, 2027, with fixed rate at 4.32%	$	200,000	$	-
FHLB maturities through 2024, floating with SOFR, at rates from 5.82% to 5.83%, averaging 5.82%		-		40,000
Federal Reserve maturities through 2024, with fixed rates from 4.38% to 4.93%, averaging 4.58%		-		90,000
	$	200,000	$	130,000

The Bank’s maximum borrowing capacity with the FHLB at December 31, 2024 was $562.7 million with $362.7 million available to borrow. This borrowing capacity is secured by a Blanket Pledge Agreement with FHLB on the Bank’s real estate loan portfolio ($775.4 million) together with pledged securities with a fair value of $28.0 million.

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Scheduled payments on other borrowings over the next five years are as follows:


(Dollars in thousands)
2025	$	-
2026		-
2027		200,000
2028		-
2029		-

	$	200,000

The Bank has established credit at the Federal Reserve Discount Window and as of year-end had the ability to borrow approximately $65 million. The Bank also has $76.0 million in unsecured lines of credit at three correspondent banks.