OTHER BORROWINGS |
6 Months Ended |
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Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| OTHER BORROWINGS | OTHER BORROWINGS At June 30, 2025, the Company had $40,000 of borrowings at 4.57% from the FHLB and no borrowings from the FRB. There were no borrowings from the FHLB or FRB at December 31, 2024. 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 bear interest at variable rates set by the FHLB. Any advances that the Bank were to obtain would be secured by a blanket lien on $370,588 of real estate-related loans as of June 30, 2025. Based on this collateral and the Bank's holdings of FHLB stock, the Bank was eligible to borrow up to $155,540 from the FHLB at June 30, 2025. In addition, the Bank has a secured line of credit with the Federal Reserve Bank of Atlanta which was secured by $78,995 of commercial loans as of June 30, 2025. 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 Bank was eligible to borrow up to $55,786 from the FRB at June 30, 2025. 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 $5,959 and $5,956 at June 30, 2025 and December 31, 2024, respectively. The Company has a term note with quarterly principal and interest payments with interest at Prime (7.50% at June 30, 2025). The note matures on March 10, 2029 and the balance of the note was $1,707 and $1,934 at June 30, 2025 and December 31, 2024, 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 June 30, 2025, the Company was in compliance with all financial debt covenants.
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