Borrowings |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Borrowings | Borrowings Available Lines of Credit The Bank maintains eligibility for a secured line of credit with the FHLB. To establish credit availability, the Bank will typically pledge eligible 1-4 family residential real estate loans from its loan portfolio as collateral. At June 30, 2026 and December 31, 2025, the Bank had not pledged any collateral to the FHLB. Consequently, no credit availability was established, and no outstanding borrowings were recorded. The Bank also maintains eligibility for a secured line of credit with the FRB, and will typically pledge investment securities to establish credit availability. At June 30, 2026 and December 31, 2025, the Bank had not pledged any collateral to the FRB. Consequently, no credit availability was established, and no outstanding borrowings were recorded. On February 20, 2026, the Company entered into a $15.0 million unsecured revolving credit facility with a correspondent bank. The facility matures on February 20, 2027 and may be extended for up to two additional one-year periods at the Company’s option, subject to compliance with the agreement’s terms. Borrowings under the facility bear interest at a variable rate based on 1.30% plus the greater of 1-Month Term SOFR or 1.00%. The agreement includes customary financial and negative covenants applicable to the Company and its bank subsidiary, none of which were in violation as of June 30, 2026. As of June 30, 2026, no amounts were outstanding under the facility. Short-Term Borrowing Facilities As of June 30, 2026 and December 31, 2025, the Company had no outstanding short-term borrowings. The Bank maintains access to unsecured federal funds purchase lines of credit with: •Pacific Coast Bankers’ Bank: $50.0 million, maturing September 30, 2027 •First National Bankers’ Bank: $10.0 million, maturing June 30, 2027, and •Community Bankers’ Bank: $8.0 million, maturing March 2, 2027. These federal funds lines renew annually, and balances may remain outstanding for periods ranging from 10 to 90 consecutive days. The use of these credit facilities is contingent upon compliance with specified financial conditions and covenants. As of June 30, 2026 and December 31, 2025, the Bank had no outstanding balances under these federal funds purchase lines.
|