OTHER BORROWINGS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER BORROWINGS | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER BORROWINGS |
At June 30, 2026, the Bank had a Blanket Security Agreement with the FHLB collateralized by the Bank’s 1-4 family mortgage loans with a carrying value of approximately $41,387,000 and $41,467,000 as of June 30, 2026 and December 31, 2025, respectively. Based on this collateral, the Bank was eligible to borrow up to a total of approximately $27,250,000 and $27,300,000 as of June 30, 2026 and December 31, 2025, respectively. Borrowings under this agreement totaled $7,400,000 and $10,600,000 at June 30, 2026 and December 31, 2025, and bear fixed interest rates ranging from 3.68% to 4.72% at June 30, 2026 and December 31, 2025. The Bank maintains an unsecured line of credit with its correspondent bank, United Bankers’ Bank, with a borrowing capacity of $5,000,000. There were no outstanding borrowings under this line at June 30, 2026 and December 31, 2025. The Bank also maintains a $3,000,000 variable-rate line of credit with the Federal Home Loan Bank (FHLB). There were no outstanding borrowings under this line at June 30, 2026 and December 31, 2025. Contractual maturities of all outstanding borrowings at June 30, 2026 were as follows:
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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