Federal Home Loan Bank Advances and Other Borrowings

3 Months Ended

Mar. 31, 2024

Federal Home Loan Bank Advances and Other Borrowings

NOTE 4 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

The following advances from the Federal Home Loan Bank ("FHLB") were outstanding as of March 31, 2024, and December 31, 2023:



Advance Date	Amount		Rate	Interest Rate			Maturity	Call Feature
March 31, 2024 -
May 16, 2023	$	5,000,000	Fixed		4.00	%	May 15, 2026	N/A
November 16, 2023		3,000,000	Fixed		4.77	%	November 16, 2026	N/A
November 16, 2023		3,000,000	Fixed		4.68	%	November 16, 2027	N/A
	$	11,000,000
December 31, 2023 -
May 16, 2023	$	5,000,000	Fixed		4.00	%	May 15, 2026	N/A
November 16, 2023		3,000,000	Fixed		4.77	%	November 16, 2026	N/A
November 16, 2023		3,000,000	Fixed		4.68	%	November 16, 2027	N/A
	$	11,000,000

FHLB advances are collateralized by the Company's FHLB stock and a blanket lien on certain loans with a lendable collateral value of approximately $79.7 million and $80.8 million at March 31, 2024, and December 31, 2023, respectively. Given its pledged collateral position, the Company had approximately $60.7 million and $69.8 million in borrowing capacity with the FHLB at March 31, 2024, and December 31, 2023, respectively.

Unsecured federal funds lines of credit totaling $28.5 million were available to the Company for overnight borrowing through correspondent banks at both March 31, 2024, and December 31, 2023. The Company also had approximately $26.5 million and $24.8 million in available borrowing capacity through the Federal Reserve Bank of Atlanta at March 31, 2024, and December 31, 2023, respectively. There were no borrowings against these facilities at March 31, 2024, or December 31, 2023. The available borrowings with the Federal Reserve Bank are collateralized by a blanket lien on certain loans with a carrying value of approximately $37.8 million and $35.2 million at March 31, 2024 and December 31, 2023, respectively.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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+ Details

TC Bancshares, Inc. 10-Q