XML 45 R29.htm IDEA: XBRL DOCUMENT
v3.24.3

FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables) | 9 Months Ended
--- | ---
Sep. 30, 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 September 30, 2024 and December 31, 2023, is as follows:
|  | September 30, 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 |  | $ | 16,000 |  |  | 1.45 | % |  | 4.94 | % |  | 2024 |  | $ | 64,530 |  |  | 0.00 | % |  | 5.45 | %
|  | 2025 |  | 5,000 |  |  | 1.45 | % |  | 1.45 | % |  | 2025 |  | 5,000 |  |  | 1.45 | % |  | 1.45 | %
|  | 2028 |  | — |  |  | 0.00 | % |  | 0.00 | % |  | 2028 |  | 10,000 |  |  | 3.82 | % |  | 3.82 | %
Federal Home Loan Bank advances |  |  |  | $ | 21,000 |  |  |  |  |  |  |  |  | $ | 79,530 |  |  |  |  |
Senior Notes (5) |  | 2039 |  | $ | 12,000 |  |  | 7.25 | % |  | 7.75 | % |  | 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 |  |  |  | (452) |  |  |  |  |  |  |  |  | (618) |  |  |  |  |
Total other borrowings |  |  |  | $ | 61,548 |  |  |  |  |  |  |  |  | $ | 67,465 |  |  |  |  |
Totals |  |  |  | $ | 82,548 |  |  |  |  |  |  |  |  | $ | 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 $1,081,967 and $1,106,267 at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $414,369 compared to $370,569 as of December 31, 2023. (2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $81,000 and $217,530, during the nine months ended September 30, 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 September 30, 2024 and December 31, 2023 were 3.28% and 4.16%, respectively. (4) In June 2024, the FHLB called the $10,000, 3.82% advance maturing in 2028. (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, modified in February of 2023, and refinanced in May 2024, requiring quarterly interest-only payments through January 2029, 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, 2025, 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.

X
- References No definition available. + Details
Name: | us-gaap_FederalHomeLoanBanksAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of advance from Federal Home Loan Bank (FHLBank). + 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(16)) -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 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(13)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: 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 4: 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 + Details
Name: | us-gaap_ScheduleOfFederalHomeLoanBankAdvancesByBranchOfFHLBBankTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration