XML 39 R29.htm IDEA: XBRL DOCUMENT v3.25.3
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2025 and December 31, 2024, is as follows:
September 30, 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 6.50 %6.50 %2039$12,000 6.75 %7.75 %
Subordinated Notes (5)2030$— — %— %2030$15,000 6.00 %6.00 %
203235,000 4.75 %4.75 %203235,000 4.75 %4.75 %
$35,000 $50,000 
Unamortized debt issuance costs(238)(394)
Total other borrowings$46,762 $61,606 
Totals$46,762 $66,606 
(1)    FHLB advances 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 $1,028,745 and $1,075,001 at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, the Bank’s available and unused portion under the FHLB borrowing arrangement was approximately $414,386 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 nine months ended September 30, 2025 and the twelve months ended December 31, 2024, respectively.
(3) There were no FHLB borrowings outstanding as of September 30, 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, 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, 2026, that remains undrawn upon, and was renewed for a term of one year on August 1, 2025..
(5) Subordinated notes resulted from the following:
(a) The Company’s Subordinated Note Purchase Agreement entered into with certain purchasers in August 2020, which bore a fixed interest rate of 6.00% for five years. On July 7, 2025, the Board of Directors approved the redemption of the entire $15,000 balance of the 6% subordinated debentures due September 1, 2030, which were scheduled to reprice on September 1, 2025, to SOFR plus 591 basis points. The redemption occurred on September 1, 2025.
(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 SOFR 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.