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OTHER BORROWINGS | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
OTHER BORROWINGS | OTHER BORROWINGS At September 30, 2024, the Company had $10,000 of borrowings at 5.07% from the FHLB and no borrowings from the FRB. There were $10,000 of borrowings at 5.57% from the FHLB and no borrowings from the FRB at December 31, 2023. The Bank is a member of the FHLB of Atlanta, which provides short- and long-term funding collateralized by mortgage-related assets to its members. FHLB short-term borrowings be ar interest at variable rates set by the FHLB. Any a dvances that the bank were to obtain would be secured by a blanket lien on $331,918 of real estate-related loans as of September 30, 2024. Based on this collateral and the Company's holdings of FHLB stock, the Company was eligible to borrow up to $170,668 from the FHLB at September 30, 2024. In addition, the Bank has a secured line of credit with the Federal Reserve Bank of Atlanta which was secured by $60,831 of commercial loans as of September 30, 2024. FRB short-term borrowings bear interest at variable rates based on the FOMC's target range for the federal funds rate. Based on this collateral, the Company was eligible to borrow up to $42,955 from the FRB at September 30, 2024. The Company has $6,000 of Subordinated Debentures (the “Debentures”) that mature June 30, 2031 and are redeemable after 5 years which is June 30, 2026. The Debentures carry interest at a fixed rate of 4.50% per annum for the initial 5 years of term and carry interest at a floating rate for the final 5 years of term after June 30, 2026. Under the debt agreements, the floating rates are based on a SOFR benchmark plus 3.78% per annum. The balance of Subordinated Debentures outstanding at the Company, net of offering costs, amounted to $5,954 and $5,949 at September 30, 2024 and December 31, 2023, respectively. The Company has a term note with quarterly principal and interest payments with interest at Prime (8.50% at September 30, 2024). The note matures on March 10, 2029 and the balance of the note was $2,048 and $2,389 at September 30, 2024 and December 31, 2023, respectively. The note is secured by 100% of the stock of the Bank and requires the Company to comply with certain loan covenants during the term of the note. As of September 30, 2024, the Company was in compliance with all financial debt covenants.

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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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