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FEDERAL HOME LOAN BANK ADVANCES

3 Months Ended

Jun. 30, 2024

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES

8.      FEDERAL HOME LOAN BANK ADVANCES

FHLB advances are summarized at the dates indicated (dollars in thousands):

​	​	​	​	​	​	​	​
​		June 30, 2024			March 31, 2024
FHLB advances	​	$	113,504	​	$	88,304	​
Weighted average interest rate on FHLB advances (1)	​		5.60	%		5.40	%

​

(1) Computed based on the borrowing activity for the three months ended June 30, 2024 and the fiscal year ended March 31, 2024, respectively.

​

The Bank has a credit line with the FHLB equal to 45% of total assets, limited by available collateral. At June 30, 2024, based on collateral values, the Bank had additional borrowing capacity of $164.4 million from the FHLB. FHLB advances are collateralized with loans secured by real estate. At June 30, 2024, loans carried at $478.1 million were pledged as collateral to the FHLB.

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- Definition

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

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-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-03(13)(3)(a))
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