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Federal Home Loan Bank Advances

3 Months Ended

Mar. 31, 2023

Interest-Bearing Deposits [Abstract]

FEDERAL HOME LOAN BANK ADVANCES

NOTE 10 – FEDERAL HOME LOAN BANK ADVANCES

The Company’s FHLB advances were secured by $233.1 million in mortgage loans at March 31, 2023. Advances consisted of fixed and variable interest rates from 3.53 to 4.92 percent. Fixed rate advances are subject to restrictions or penalties in the event of prepayment. Aggregate annual maturities of FHLB advances at March 31, 2023 were:

($ in thousands)			Debt
2023			$	34,500
2028				10,000
Total			$	44,500

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The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 470
-Name Accounting Standards Codification
-Section 45
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