| NOTES PAYABLE |
NOTE 6 – NOTES PAYABLE The Company utilizes FHLB advances to fund liquidity. The Company had outstanding balances borrowed from the FHLB of $135.0 million at March 31, 2025 and $135.5 million as of December 31, 2024. The advances, rate, and maturities of FHLB advances were as follows: | | | | | | | | | | | | | | | | | March 31, | | December 31, | | | Maturity | | Rate | | 2025 | | 2024 | Fixed rate, fixed term | | 06/30/2025 | | 5.16% | | $ | 25,000 | | $ | 25,000 | Fixed rate, fixed term | | 03/23/2026 | | 4.02% | | | 10,000 | | | 10,000 | Fixed rate, fixed term | | 05/26/2026 | | 1.95% | | | 5,000 | | | 5,000 | Fixed rate, fixed term | | 06/29/2026 | | 4.77% | | | 15,000 | | | 15,000 | Fixed rate, fixed term | | 03/23/2027 | | 3.91% | | | 10,000 | | | 10,000 | Fixed rate, fixed term | | 06/28/2027 | | 4.57% | | | 15,000 | | | 15,000 | Fixed rate, fixed term | | 03/23/2028 | | 3.85% | | | 10,000 | | | 10,000 | Fixed rate, fixed term | | 07/05/2028 | | 4.41% | | | 20,000 | | | 20,000 | Fixed rate, fixed term | | 07/09/2029 | | 4.31% | | | 25,000 | | | 25,000 | Fixed rate, fixed term | | 04/22/2030 | | 0.00% | | | — | | | 508 | | | | | | | | 135,000 | | | 135,508 | Adjustment due to purchase accounting | | | | | | | (110) | | | (136) | | | | | | | $ | 134,890 | | $ | 135,372 |
Future maturities of borrowings were as follows: | | | | | | | | | March 31, | | December 31, | | | 2025 | | 2024 | 1 year or less | | $ | 35,000 | | $ | 25,000 | 1 to 2 years | | | 30,000 | | | 30,000 | 2 to 3 years | | | 25,000 | | | 25,000 | 3 to 4 years | | | 20,000 | | | 30,000 | 4 to 5 years | | | 25,000 | | | 25,000 | Over 5 years | | | — | | | 508 | | | $ | 135,000 | | $ | 135,508 |
As of March 31, 2025, the Company had borrowing availability at the FHLB totaling $478.5 million in addition to the existing borrowings noted in the tables above.
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