v3.25.2
Federal Home Loan Bank Advances and Other Borrowings
6 Months Ended
Jun. 30, 2025
Federal Home Loan Bank Advances and Other Borrowings  
Federal Home Loan Bank Advances and Other Borrowings

Note 8: Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances. The Company has entered into an Advances, Pledge, and Security Agreement with the FHLB whereby specific mortgage loans of the Bank with aggregate principal balances of $1.63 billion and $1.54 billion at June 30, 2025 and December 31, 2024, respectively, were pledged to the FHLB as collateral. FHLB advances are also secured with FHLB stock owned by the Company. Total remaining available capacity under the agreement was $490.7 million and $483.2 million at June 30, 2025 and December 31, 2024, respectively.

The following table presents information regarding FHLB advances, by maturity, at June 30, 2025 and December 31, 2024:

June 30, 2025

December 31, 2024

    

Weighted

    

    

Weighted

    

Average

Total

Average

Total

(dollars in thousands)

Rate

Outstanding

Rate

Outstanding

Less than 1 Year

4.45

%  

$

320,500

4.62

%  

$

288,000

1 to 2 Years

3.71

31,500

3.45

21,500

2 to 3 Years

4.02

30,000

4.13

27,500

3 to 4 Years

4.10

15,000

4.01

22,500

4 to 5 Years

4.09

7,500

Totals

$

404,500

$

359,500

Line of Credit. The Company has a Loan and Security Agreement and related revolving note with an unaffiliated financial institution that is secured by 100% of the issued and outstanding stock of the Bank. The note contains customary representations, warranties, and covenants, including certain financial covenants and capital ratio requirements. The Company believes it was in compliance with all covenants as of June 30, 2025 and December 31, 2024.

The following table presents information regarding the revolving line of credit at June 30, 2025 and December 31, 2024:

Total Debt

Total Debt

Outstanding

Outstanding

Interest

Name

Maturity Date

June 30, 2025

December 31, 2024

Rate

Coupon Structure

(dollars in thousands)

Revolving Credit Facility

September 1, 2026

$

13,750

$

13,750

7.50

%

Variable with Floor (1)

(1)The variable interest rate is equal to the greater of Wall Street Journal Prime Rate in effect or a floor of 4.50%.