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Borrowings | 12 Months Ended
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Dec. 31, 2023
Federal Home Loan Banks [Abstract] |
Borrowings | (7) Borrowings. The maturities and interest rates on the Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) advances were as follows (dollars in thousands) Schedule of Maturities and Interest Rates on the Federal Home Loan Bank Advances
Maturity Year Ending |  | Interest |  |  | At December 31, |
December 31, |  | Rate |  |  | 2023 |  |  | 2022 |
FRB 2024 |  |  | 1.96 | % |  |  | 13,600 |  |  |  | — |
FHLB 2024 |  |  | 4.96 | % |  |  | 30,000 |  |  |  | — |
FHLB 2024 |  |  | 5.57 | % |  |  | 22,000 |  |  |  | — |
FHLB 2025 |  |  | 1.01 | % |  |  | 10,000 |  |  |  | 10,000 |
|  |  |  |  |  | $ | 75,600 |  |  | $ | 10,000 |
At December 31, 2023, three FHLB Advances were structured advances with potential calls on a quarterly basis. (continued) OPTIMUMBANK HOLDINGS, INC. AND SUBSIDIARY Notes to Consolidated Financial Statements (7) Borrowings. Continued FHLB advances are collateralized by a blanket lien requiring the Company to maintain certain first mortgage loans as pledged collateral. At December 31, 2023, the Company had outstanding borrowings of $62 million, against its $178 million in established borrowing capacity with the FHLB. At December 31, 2023, the Company had loans pledged with a carrying value of $240 million as collateral for FHLB advances. In addition, the Bank has a line of credit with the Federal Reserve Bank which is secured by investment securities with fair value of $11.5 million as of December 31, 2023. FRB borrowings bear interest at variable rates based on the Federal Open Market Committee’s target range for the federal funds rate. Based on this collateral, the Company borrowed $13.6 million from the FRB at December 31, 2023. At December 31, 2023, the Company also had lines of credit amounting to $29.5 million with five correspondent banks to purchase federal funds. Disbursements on the lines are subject to the approval of correspondent banks. At December 31, 2023 and 2022 there were no borrowings under these lines of credit.

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- Definition The entire disclosure of advances made and reported by Federal Home Loan Bank (FHLBank). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942/tableOfContent + Details
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- References No definition available. + Details
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