Long-Term Debt |
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| Long-Term Debt | Note 7. Long-Term Debt
FHLB advances and notes payable consisted of the following components as of the dates indicated:
The FHLB advances were secured by mortgage loans totaling $683,483,000 on March 31, 2026. The advances, requiring monthly principal and interest payments at fixed interest rates from 0.69% to 5.03%, are subject to restrictions or penalties in the event of prepayment. These advances mature at various dates between 2026 and 2041.
With the acquisition of Citizens Bancorp, Inc. (“Citizens Bancorp”) and its bank subsidiary, Citizens Bank, on January 2, 2018, the Company assumed Citizens Bank Capital Trust I (the “Trust”). The Trust was formed during 2004 as a statutory trust under the laws of the State of Delaware and until its cancellation on January 21, 2026, was wholly owned by the Company. In September 2004, the Trust issued variable rate preferred securities (the “Trust Preferred Securities”) with an aggregate liquidation amount of $6,000,000 ($1,000 per Trust Preferred Security) to a third-party investor. Citizens Bancorp then issued variable rate junior debentures aggregating $6,186,000 to the Trust (the “Subordinated Debentures”). The Subordinated Debentures were the sole assets of the Trust. The Subordinated Debentures and the Trust Preferred Securities paid interest and dividends, respectively, on a quarterly basis, at a variable interest rate equal to the three-month Secured Overnight Financing Rate (“SOFR”) plus 2.40% adjusted quarterly which was 6.41% on December 31, 2025. The Subordinated Debentures and Trust Preferred Securities were redeemable prior to maturity, in whole or in part, beginning October 7, 2009, at a redemption price of $1,000 per preferred security.
The face amount of the Subordinated Debentures was $6,186,000 on December 31, 2025. Unamortized discount was $661,313 on December 31, 2025. The Company redeemed the Subordinated Debentures, and the Trust redeemed the Trust Preferred Securities in January 2026 with a resulting loss on early retirement of $603,303 recognized during the quarter ended March 31, 2026.
Aggregate annual maturities of long-term debt on March 31, 2026, are:
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