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| BORROWINGS | 8. BORROWINGS Federal Home Loan Bank (“FHLB”) Advances At March 31, 2025 and December 31, 2024, FHLB term borrowings outstanding were $107.8 million, all of which were fixed rate. There were no FHLB overnight borrowings outstanding at March 31, 2025 and December 31, 2024. Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by residential and commercial mortgage loans under a blanket lien arrangement at March 31, 2025 and December 31, 2024. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to an additional total of $85.7 million and $97.9 million at March 31, 2025 and December 31, 2024, respectively. The following tables set forth the contractual maturities in the next five years and weighted average interest rates of the Company’s fixed rate FHLB advances (dollars in thousands):
Federal Reserve Borrowings The Company pledges residential and commercial loans and investments to the Federal Reserve Bank of New York’s Discount Window. Based on this collateral, the Company was eligible to borrow up to $239.9 million and $247.2 million as of March 31, 2025 and December 31, 2024, respectively. The Company did not have any outstanding borrowings against this line as of March 31, 2025 and December 31, 2024. Correspondent Bank Borrowings At March 31, 2025, approximately $92.0 million in unsecured lines of credit extended by correspondent banks were available to be utilized for short-term funding purposes. No borrowings were outstanding under lines of credit with correspondent banks at March 31, 2025 and December 31, 2024. |
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