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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables) | 3 Months Ended
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Mar. 31, 2024
Federal Home Loan Banks [Abstract] |
Schedule of Federal Home Loan Bank Advances | A summary of Federal Home Loan Bank advances and other borrowings at March 31, 2024 and December 31, 2023, is as follows:
|  | March 31, 2024 |  | December 31, 2023
|  | Stated Maturity |  | Amount |  | Range of Stated Rates |  | Stated Maturity |  | Amount |  | Range of Stated Rates
Federal Home Loan Bank advances (1), (2), (3) (4) |  | 2024 |  | $ | 24,500 |  |  | 1.44 | % |  | 5.45 | % |  | 2024 |  | $ | 64,530 |  |  | 0.00 | % |  | 5.45 | %
|  | 2025 |  | 5,000 |  |  | 1.45 | % |  | 1.45 | % |  | 2025 |  | 5,000 |  |  | 1.45 | % |  | 1.45 | %
|  | 2028 |  | 10,000 |  |  | 3.82 | % |  | 3.82 | % |  | 2028 |  | 10,000 |  |  | 3.82 | % |  | 3.82 | %
Federal Home Loan Bank advances |  |  |  | $ | 39,500 |  |  |  |  |  |  |  |  | $ | 79,530 |  |  |  |  |
Senior Notes (5) |  | 2034 |  | $ | 18,083 |  |  | 6.75 | % |  | 7.50 | % |  | 2034 |  | $ | 18,083 |  |  | 6.75 | % |  | 7.75 | %
Subordinated Notes (6) |  | 2030 |  | $ | 15,000 |  |  | 6.00 | % |  | 6.00 | % |  | 2030 |  | $ | 15,000 |  |  | 6.00 | % |  | 6.00 | %
|  | 2032 |  | 35,000 |  |  | 4.75 | % |  | 4.75 | % |  | 2032 |  | 35,000 |  |  | 4.75 | % |  | 4.75 | %
|  |  |  | $ | 50,000 |  |  |  |  |  |  |  |  | $ | 50,000 |  |  |  |  |
Unamortized debt issuance costs |  |  |  | (560) |  |  |  |  |  |  |  |  | (618) |  |  |  |  |
Total other borrowings |  |  |  | $ | 67,523 |  |  |  |  |  |  |  |  | $ | 67,465 |  |  |  |  |
Totals |  |  |  | $ | 107,023 |  |  |  |  |  |  |  |  | $ | 146,995 |  |  |  |  |
(1) The FHLB advances bear fixed rates, require interest-only monthly payments, and are collateralized by a blanket lien on pre-qualifying first mortgages, home equity lines, multi-family loans and certain other loans which had a pledged balance of $1,115,197 and $1,106,267 at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $397,182 compared to $370,569 as of December 31, 2023. (2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $64,000 and $217,530, during the three months ended March 31, 2024 and the twelve months ended December 31, 2023, respectively. (3) The weighted-average interest rate on FHLB borrowings maturing within twelve months as of March 31, 2024 and December 31, 2023 were 2.73% and 4.16%, respectively. (4) FHLB term notes totaling $10,000, with 2028 maturity dates, are callable once by the FHLB in June of 2024. (5) Senior notes, entered into by the Company in June 2019 consist of the following: (a) A term note, which was subsequently refinanced in March 2022 and modified in February of 2023, requiring quarterly interest-only payments through March 2027, and quarterly principal and interest payments thereafter. Interest is variable, based on US Prime rate minus 75 basis points with a floor rate of 3.00%. (b) A $5,000 line of credit, maturing August 1, 2024, that remains undrawn upon. (6) Subordinated notes resulted from the following: (a) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bears a fixed interest rate of 6.00% for five years. In September 2025, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 591 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period. (b) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in March 2022, which bears a fixed interest rate of 4.75% for five years. In April 2027, the fixed interest rate will be reset quarterly to equal the three-month term Secured Overnight Financing Rate plus 329 basis points. The note is callable by the Bank when, and anytime after, the floating rate is initially set. Interest-only payments are due semi-annually each year during the fixed interest period and quarterly during the floating interest period.

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