Borrowings |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advance from Federal Home Loan Bank [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | Borrowings First Bank has Federal Home Loan Bank advances, with interest rates ranging from 1.06% to 5.16%. The maturities of FHLB advances at December 31, 2025 were as follows:
First mortgage loans and investment securities totaling $581,473,000 and $539,251,000 were pledged as collateral for FHLB advances at December 31, 2025 and 2024, respectively. Certain advances are subject to restrictions or penalties in the event of prepayment. FHLB advances totaling $27,000,000 are subject to an option by the FHLB to put the entire advance to a periodic adjustable rate on the lock-out date. The adjustable rate would be for the remaining term at a predetermined rate based on the Secured Overnight Financing Rate, or SOFR. If the FHLB exercises its option to convert the advance to an adjustable rate, the advance will be prepayable at the Company’s option, at par and without a penalty. The Bank has an available line of credit with the FHLB totaling $10,000,000. The line of credit expires April 2025, renews annually, and bears interest at a rate equal to the current variable advance rate. At December 31, 2025, the current interest rate was 4.02%. There were no amounts outstanding on the line at December 31, 2025 or 2024. At December 31, 2025, other borrowings totaled $12.0 million and consisted entirely of federal funds purchased. The weighted average interest rate on these borrowings was 3.75% at December 31, 2025.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||