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BORROWED FUNDS | 9 Months Ended
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Sep. 30, 2025
BORROWED FUNDS |
BORROWED FUNDS | NOTE 5. BORROWED FUNDS Borrowed funds and the weighted-average contractual interest rate on borrowings at September 30, 2025 and December 31, 2024 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | December 31, 2024
(Dollars in thousands) |  | Rate |  | Amount |  | Rate |  | Amount
Advances from Federal Home Loan Bank of Dallas |  | 2.05 | % | ​ | $ | 15,000 |  | 0.93 | % | ​ | $ | 10,000
Debt modification discount on FHLB Advances |  | ​ | ​ | ​ | ​ | (307) |  | ​ | ​ | ​ | ​ | (442)
Total borrowings | ​ | ​ | ​ | ​ | $ | 14,693 | ​ | ​ | ​ | ​ | $ | 9,558
​ In December of 2020, the Bank restructured $10.0 million of its long-term borrowings from the FHLB. The debt was restructured to longer maturities at current interest rates. A fee for the restructuring of $1.2 million was treated as a discount on the debt. The deferred fee is amortized into interest expense using the interest method over the life of the restructured borrowings. ​ Interest payments are due monthly for FHLB advances. A schedule of maturities for borrowings outstanding at September 30, 2025 are as follows:
​ | ​ | ​ | ​
(Dollars in thousands) |  | Amount
Amounts maturing in: | ​ | ​ | ​
2025 | ​ | $ | 8,000
2026 | ​ | ​ | -
2027 | ​ | ​ | 3,000
2028 | ​ | ​ | 4,000
2029 | ​ |  | -
Total | ​ | $ | 15,000
​ At September 30, 2025 and December 31, 2024, the Company had $50.9 million and $45.7 million, respectively, in available borrowing capacity with the Federal Home Loan Bank (“FHLB”). Borrowings from the FHLB are secured though a blanket floating lien on real estate loans. Refer to Note 4 for more detail on loans pledged to the FHLB. The Company has a $20.0 million custodial letter of credit outstanding from the FHLB as of September 30, 2025, which is included in the calculation of our available capacity with the FHLB. The Company can allocate portions of this letter of credit to collateralize certain deposit balances in excess of the FDIC’s insurance limit as an alternative to pledging investment securities for the same purpose. At September 30, 2025, the Company used $20.0 million of the FHLB custodial letter of credit to collateralize public fund deposits. Other available funding includes an Unsecured Federal Funds Master Purchase Agreement with First National Bankers Bank for $17.8 million. At September 30, 2025 and December 31, 2024, this credit facility was unused.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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