Note 8 - Borrowings |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank Advances, Disclosure [Text Block] |
(8) Borrowings
Advances consist of funds borrowed from the Federal Home Loan Bank (the “FHLB”). Maturities of advances from the FHLB as of June 30, 2025 are summarized as follows:
Advances from the FHLB are secured by qualified collateral, consisting primarily of certain commercial real estate loans, qualified mortgage-backed government securities and certain loans with mortgages secured by one- to four-family properties. At June 30, 2025, advances from the FHLB consisted of one short-term advance of $25.0 million and long-term advances with original maturities more than one year of $9.5 million. The interest rate on the short-term advance from the FHLB was 4.24% at June 30, 2025. The interest rates on FHLB long-term advances ranged from 1.21% to 1.32%, with a weighted average interest rate of 1.26% at June 30, 2025. At June 30, 2025, the Company had the ability to borrow $154.1 million from the FHLB, of which $34.5 million was outstanding as of that date.
Borrowings from the FRB Borrower-in-Custody program are secured by a Uniform Commercial Code financing statement on qualified collateral, consisting of certain commercial loans. The Company had the ability to borrow $319.8 million from the FRB at June 30, 2025. There were no outstanding advances from the FRB at June 30, 2025.
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