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Other Borrowings | 12 Months Ended
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Dec. 31, 2024
Other Borrowings |
Other Borrowings | (14) Other Borrowings The Company has a $5.0 million line of credit from an unrelated financial institution maturing on November 1, 2025, with an interest rate that adjusts daily based on the prime rate less 0.50%. This line of credit has covenants specific to capital and other financial ratios. At December 31, 2024, the Company’s risk-based capital ratio of 12.43% was below the minimum required under such covenants of 12.50%. The Company requested from the lender a waiver of the default which was granted ty the lender. On March 14, 2025, the Company and the lender entered into a Change in Terms Agreement, reducing the minimum tier 1 capital ratio required under such covenants to 12.00% going forward. As of December 31, 2024 and 2023, the Company did not have an outstanding balance on the line of credit. The Company borrowed $10.0 million from an unrelated financial institution at a fixed rate of 6.15% maturing on September 1, 2027, which requires quarterly principal and interest payments. The principal balance was $4.2 million and $6.6 million at December 31, 2024 and 2023, respectively. At December 31, 2024 and 2023, the Bank had no borrowings through the Federal Reserve discount window, while the borrowing capacity was $50.5 million and $60.7 million, respectively. The Bank also has various other federal funds agreements, both secured and unsecured, with correspondent banks totaling approximately $35.0 million at December 31, 2024 and $30.0 million at December 31, 2023. As of December 31, 2024 and 2023, there were no borrowings through these correspondent bank federal funds agreements.

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