Note 9 - FHLB Advances and Other Borrowings

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

9. FHLB ADVANCES AND OTHER BORROWINGS

The Company had no FHLB advances as of December 31, 2022 and 2021.

As of December 31, 2022 and 2021, the Company had secured borrowings with a fair value of $7.6 million and $10.6 million related to certain sold loan participations that did not qualify for sales treatment acquired from Landmark. The fair value includes a $53 thousand and $176 thousand purchase accounting fair value adjustment as of  December 31, 2022 and 2021.

The maturity and weighted-average interest rate of secured borrowings as of the periods indicated is as follows:

	As of December 31, 2022
(dollars in thousands)	Amount		Rate
2023	$	853		7.50	%
2024		20		8.50
2025		-		-
2026		-		-
2027		-		-
2028 and thereafter		6,693		5.53
Total	$	7,566		5.76	%