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Other Borrowings	12 Months Ended
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.

Other Borrowings

12 Months Ended

Dec. 31, 2024

(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.