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Federal Home Loan Bank, Short- and Long-term Borrowings | 12 Months Ended
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Dec. 31, 2024
Federal Home Loan Bank, Short- and Long-term Borrowings |
Federal Home Loan Bank, Short- and Long-term Borrowings | Note 6. Federal Home Loan Bank, Short- and Long-term Borrowings The Bank owned 16,713 shares of common stock of the FHLB at December 31, 2024. The Bank is required to maintain an investment of 0.07% of total assets with a dollar cap of $18.0 million, adjusted annually, plus 4.75% of total advances, adjusted for advances and repayments. The credit available under this facility is determined at 25% of the Bank’s total assets, or approximately $92.1 million at December 31, 2024. Short- and long-term advances totaled $30.0 million and $0, respectively, under this credit arrangement at December 31, 2024, and short- and long-term advances totaled $30.0 million and $0, respectively, at December 31, 2023. This credit facility is secured by a floating lien on the Bank’s residential mortgage loan portfolio and pledged securities. Average short-term borrowings approximated $14.4 million and $5.2 million for 2024 and 2023, respectively and the weighted average interest rate was 5.11% and 5.43%, respectively. Average long-term borrowings approximated $0 for 2024 and 2023, respectively. At December 31, 2024 the Bank had available unsecured federal funds lines of credit from two financial institutions for $9.0 million and $8.0 million.

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