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v3.23.1

Federal Home Loan Bank Borrowings | 12 Months Ended
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Dec. 31, 2022
Federal Home Loan Bank Borrowings | (12) Federal Home Loan Bank Borrowings The Bank has a line of credit, renewable annually each September, with the FHLB under which there were $8.2 million of borrowings at December 31, 2022 and no borrowings at December 2021. Interest on any outstanding balance on the line of credit accrues at the federal funds rate plus 0.15% (4.48% at December 31, 2022). The Company had no letters of credit issued through the FHLB at December 31, 2022 compared to $66.0 million at December 31, 2021 to secure municipal deposits. The Company did not have any term advances from FHLB at December 31, 2022 and 2021. Although no loans are specifically pledged, the FHLB requires the Bank to maintain eligible collateral (qualifying loans and investment securities) that has a lending value at least equal to its required collateral. At December 31, 2022 and 2021, there was a blanket pledge of loans and securities totaling $139.0 million and $136.9 million, respectively. At December 31, 2022 and 2021, the Bank’s total borrowing capacity with the FHLB was approximately $111.0 million and $93.8 million, respectively. At December 31, 2022 and 2021, the Bank’s available borrowing capacity was $101.8 million and $67.5 million, respectively. The difference between the Bank’s total borrowing capacity and available borrowing capacity is related to the amount of borrowings outstanding and letters of credit issued to collateralized public fund deposits. The available borrowing capacity with the FHLB is collateral based, and the Bank’s ability to borrow is subject to maintaining collateral that meets the eligibility requirements. The borrowing capacity is not committed and is subject to FHLB credit requirements and policies. In addition, the Bank must maintain a restricted investment in FHLB stock to maintain access to borrowings.

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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