XML 40 R30.htm IDEA: XBRL DOCUMENT v3.25.1
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025 and December 31, 2024, is as follows:
March 31, 2025
December 31, 2024
Stated MaturityAmountRange of Stated RatesStated MaturityAmountRange of Stated Rates
Federal Home Loan Bank advances (1), (2), (3)2025$0 — %— %2025$5,000 1.45 %1.45 %
Federal Home Loan Bank advances$0 $5,000 
Senior Notes (4)2039$12,000 6.75 %6.75 %2039$12,000 6.75 %7.75 %
Subordinated Notes (5)2030$15,000 6.00 %6.00 %2030$15,000 6.00 %6.00 %
203235,000 4.75 %4.75 %203235,000 4.75 %4.75 %
$50,000 $50,000 
Unamortized debt issuance costs(336)(394)
Total other borrowings$61,664 $61,606 
Totals$61,664 $66,606 
(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 $1,032,313 and $1,075,001 at March 31, 2025 and December 31, 2024, respectively. At March 31, 2025, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $501,532 compared to $424,658 as of December 31, 2024.
(2) Maximum month-end borrowed amounts outstanding under this borrowing agreement were $5,000 and $81,000, during the three months ended March 31, 2025 and the twelve months ended December 31, 2024, respectively.
(3) There were no FHLB borrowings outstanding as of March 31, 2025. The weighted-average interest rate on FHLB borrowings, with maturities less than twelve months, outstanding as of December 31, 2024 was 1.45%.     
(4) 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.
(5) 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.