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Note 8 - Borrowed Funds | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 8 – Borrowed Funds At December 31, 2024 and December 31, 2023, borrowed funds and their outstanding rates are summarized below:
|  | (Dollars in thousands) |
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Federal Reserve Fixed rate advance with outstanding rate of 4.38%, matured March 22, 2024 |  | $ | - |  |  | $ | 80,000 |
FHLB Fixed rate advance with outstanding rate of 4.85%, maturing May 16, 2025 |  |  | 10,000 |  |  |  | - |
FHLB Fixed rate advance with outstanding rate of 4.77%, maturing May 19, 2025 |  |  | 10,000 |  |  |  | - |
FHLB Fixed rate advance with outstanding rate of 3.38%, maturing August 7, 2028 (1) |  |  | 10,000 |  |  |  | - |
FHLB Fixed rate advance with outstanding rate of 3.22%, maturing August 7, 2029 (1) |  |  | 10,000 |  |  |  | - |
FHLB Fixed rate advance with outstanding rate of 3.84%, maturing February 28, 2029 (1) |  |  | 15,000 |  |  |  | - |
FHLB Fixed rate advance with outstanding rate of 3.74%, maturing February 28, 2029 (1) |  |  | 10,000 |  |  |  | - |
Total |  | $ | 65,000 |  |  | $ | 80,000 |
| (1) | FHLB retains puttable option to call these advances after a period of time.
At December 31, 2024, scheduled maturities of borrowed funds were as follows:
|  | (Dollars in thousands) |
2025 |  |  | 20,000 |
2026 |  |  | - |
2027 |  |  | - |
2028 |  |  | 10,000 |
2029 |  |  | 35,000 |
Total |  | $ | 65,000 |
On March 12, 2023, the Federal Reserve Board announced the creation of a new Bank Term Funding Program (the “BTFP”). The BTFP offered loans of up to one year to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasury securities, agency debt and mortgage-backed securities, and other qualifying assets as collateral. These assets were valued at par for purposes of the collateral pledge under the BTFP. During the first quarter of 2023, the Company participated in the BTFP by accessing $80 million of low-cost capital under the program. During the quarter ending September 30, 2024, the Company terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million. Fixed rate advances are payable at maturity, with a prepayment penalty. The advances were collateralized by mortgage loans with a carrying value totaling approximately $460.8 million at December 31, 2024. FHLB retains puttable option to call some of these advances 6 to 12 months after issuance. The Bank had a balance of $65 million at December 31, 2024 compared to no balance at December 31, 2023 at FHLB. In addition to the fixed rate advances, the Bank maintains a $25.0 million line of credit with the Federal Home Loan Bank of Indianapolis. The Bank did not have a balance on the line of credit at December 31, 2024 or December 31, 2023. At December 31, 2024, the Bank had available approximately $687.4 million in credit lines with various money center banks, including the FHLB and Federal Reserve. Repurchase agreements consist of variable rate sweeps which mature daily as well as fixed rate term agreements that generally mature within 12 months. These repurchase agreements are secured by municipal securities and collateralized mortgage obligations and residential mortgage-backed securities, under the Bank’s control. At December 31, information concerning these retail repurchase agreements is summarized below:
|  | (Dollars in thousands) |
|  | 2024 |  |  | 2023 |
Ending balance |  | $ | 40,116 |  |  | $ | 38,124 |
Average balance during the year |  |  | 41,506 |  |  |  | 35,543 |
Maximum month-end balance during the year |  |  | 44,058 |  |  |  | 48,947 |
Securities underlying the agreements at year end: |  |  |  |  |  |  |  |
Carrying value |  |  | 57,833 |  |  |  | 54,458 |
Fair value |  |  | 57,833 |  |  |  | 54,458 |
Average interest rate during the year |  |  | 3.85 | % |  |  | 3.64 | %
Average interest rate at year end |  |  | 3.51 | % |  |  | 3.83 | %

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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