XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.24.3

Note 7 - Borrowed Funds | 9 Months Ended
--- | ---
Sep. 30, 2024
Notes to Financial Statements |
Short-Term Debt [Text Block] |
7. | Borrowed Funds
At September 30, 2024, the Company had $33.6 million in borrowings outstanding under the Federal Reserve Bank’s (“FRB”) Bank Term Funding Program (“BTFP”) and no outstanding advances from the FHLB. At December 31, 2023, the Company had $21.5 million in borrowings outstanding under the FRB’s BTFP and no outstanding advances from the FHLB. On March 12, 2023, the FRB created the BTFP to make additional funding available to eligible depository institutions. The BTFP offered loans of up to one year in length to banks, savings associations, credit unions and other depository institutions which pledged collateral, such as U.S. Treasuries, U.S. agency notes and bonds and U.S. agency mortgage-backed securities. The collateral is valued at par, and advances under this program did not include any fees or prepayment penalties. In January 2024, the Company repaid all outstanding borrowings under the BTFP and advances from the FHLB and then borrowed $33.6 million under the BTFP at a fixed rate of 4.85% for a one-year period. At September 30, 2024, the pledged securities had a par value of $42.9 million and a carrying value of $41.2 million. Effective March 11, 2024, the BTFP ceased making new loans. FHLB advances are secured under a blanket collateral agreement. At September 30, 2024, the carrying value of U.S. Treasury notes and mortgage loans pledged as security for future FHLB advances was $14.8 million and $52.7 million, respectively. At September 30, 2024, the Company had a $37.4 million borrowing capacity limit with the FHLB based on pledged collateral. On February 28, 2024, the Bank entered into an Overdraft Line of Credit Agreement with the FHLB which established a line of credit not to exceed $10.0 million secured under the blanket collateral agreement. This agreement expires on February 28, 2025. At September 30, 2024, there were no borrowings under the agreement. The Company did not utilize FHLB advances during the three month period ended September 30, 2024. During the three month period ended September 30, 2023, the Company utilized a series of short-term fixed-rate bullet and variable rate advances from the FHLB in order to meet daily liquidity requirements and to fund growth in earning assets. The fixed-rate bullet advances had an average term of seven days. During the nine month periods ended September 30, 2024 and 2023, the Company utilized a series of short-term fixed-rate bullet and variable rate advances from the FHLB in order to meet daily liquidity requirements and to fund growth in earning assets. The fixed-rate bullet advances had an average term of seven days. The following table sets forth information on the short-term FHLB advances and BTFP borrowings during the three and nine month periods ended September 30, 2024 and 2023:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
FHLB variable-rate advances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maximum balance at any month end |  | $ | - |  |  | $ | 5,000 |  |  | $ | 5,000 |  |  | $ | 5,000 |
Average balance |  |  | - |  |  |  | 1,359 |  |  |  | 688 |  |  |  | 572 |
Period end balance |  |  | - |  |  |  | 5,000 |  |  |  | - |  |  |  | 5,000 |
Weighted average interest rate (annualized): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At end of period |  |  | - |  |  |  | 5.73 | % |  |  | - |  |  |  | 5.73 | %
During the period |  |  | - |  |  |  | 6.09 | % |  |  | 5.80 | % |  |  | 5.94 | %
FHLB fixed-rate bullet advances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maximum balance at any month end |  | $ | - |  |  | $ | 10,000 |  |  | $ | 13,000 |  |  | $ | 15,000 |
Average balance |  |  | - |  |  |  | 1,956 |  |  |  | 1,631 |  |  |  | 2,050 |
Period end balance |  |  | - |  |  |  | 10,000 |  |  |  | - |  |  |  | 10,000 |
Weighted average interest rate (annualized): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At end of period |  |  | - |  |  |  | 5.59 | % |  |  | - |  |  |  | 5.59 | %
During the period |  |  | - |  |  |  | 6.02 | % |  |  | 5.67 | % |  |  | 5.40 | %
BTFP borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Maximum balance at any month end |  | $ | 33,625 |  |  | $ | 13,000 |  |  | $ | 33,625 |  |  | $ | 13,000 |
Average balance |  |  | 33,625 |  |  |  | 13,000 |  |  |  | 33,055 |  |  |  | 6,356 |
Period end balance |  |  | 33,625 |  |  |  | 13,000 |  |  |  | 33,625 |  |  |  | 13,000 |
Weighted average interest rate (annualized): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At end of period |  |  | 4.85 | % |  |  | 4.99 | % |  |  | 4.85 | % |  |  | 4.99 | %
During the period |  |  | 4.89 | % |  |  | 5.02 | % |  |  | 4.84 | % |  |  | 5.03 | %

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration