Advances from the Federal Home Loan Bank (FHLB) were $140,000 at a 5.36% weighted average rate as of December 31, 2023 and $290,000 at a 4.74% weighted average rate as of December 31, 2022, and were collateralized by blanket

floating liens on certain securities and loans. FHLB advances bear interest based on a fixed rate, payable monthly, with all principal due at maturity. The following table presents the scheduled maturities of FHLB advances and their weighted average rates, each as of December 31, 2023:


Year	Current Weighted Average Rate			Principal Due
Fixed rate advances
2024		5.36	%		140,000
Total FHLB advances				$	140,000

The outstanding FHLB advances above will be repaid with cash flows from operations or renewed into new advances.

The Company has an unsecured $25,000 revolving line of credit with a correspondent bank that bears interest at the greater of (i) the prime rate, which was 8.50% at December 31, 2023, or (ii) the rate floor of 3.50%, with interest payable quarterly, and matures in March 2024. Under the terms of the line of credit, the Company agreed not to pledge or grant a lien or security interest in the stock of the Bank or in any other assets without prior consent of the lender. As of December 31, 2023, there was a $4,500 outstanding balance on the line of credit. To be in compliance with the loan covenants, the Bank is required to maintain no less than a 10% total risk-based capital ratio, must maintain no less than $85,000 in tangible net worth, the ratio of non-performing assets to equity plus allowance for credit losses must not exceed 15%, the cash flow coverage must be greater than 1.25 times, the ratio of other additional debt to total assets must not exceed 15%, and the Company is limited to acquiring additional debt of no more than $500 without prior approval. The Company is in compliance with all loan covenants.