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Note 10 - Borrowed Funds

12 Months Ended

Dec. 31, 2024

(10)	BORROWED FUNDS

At December 31, 2024, the Company had no outstanding borrowings. 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. All BTFP advances were repaid in October and November 2024. Effective March 11, 2024, the BTFP ceased making new loans.

During the years ended December 31, 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 years ended December 31, 2024 and 2023:

(Dollars in thousands)	2024			2023
FHLB variable-rate advances
Maximum balance at any month end	$	5,000		$	10,000
Average balance		515			1,279
Period end balance		-			-

Weighted average interest rate (annualized):
At end of period		0.00	%		0.00	%
During the period		5.81	%		5.79	%

FHLB fixed-rate bullet advances
Maximum balance at any month end	$	13,000		$	22,500
Average balance		1,221			4,804
Period end balance		-			-

Weighted average interest rate (annualized):
At end of period		0.00	%		0.00	%
During the period		5.68	%		5.54	%

BTFP borrowings:
Maximum balance at any month end	$	33,625		$	21,500
Average balance		27,918			8,632
Period end balance		-			21,500

Weighted average interest rate (annualized):
At end of period		0.00	%		4.89	%
During the period		4.85	%		5.05	%

FHLB advances are secured under a blanket collateral agreement. At December 31, 2024, the carrying value of U.S. Treasury notes and mortgage loans pledged as security for FHLB advances was $9.9 million and $53.1 million, respectively.