XML 52 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2023
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 28: SUBSEQUENT EVENTS

Cash Dividend

On January 25, 2024, the Board of Directors of the Company declared a quarterly cash dividend of $0.01 per common share to be paid on February 15, 2024, to stockholders of record as of the close of business on February 5, 2024.

Interest Rate Swap Agreement

On February 1, 2024, the Bank entered into an interest rate swap agreement with an institutional counterparty which will hedge against our exposure to changes in interest rates as part of our overall interest rate risk management strategy.  The hedging instrument is a pay-fixed, receive-variable interest rate swap agreement with a beginning notional amount of $450 million.  The term of the agreement is five years, expiring on February 1, 2029.  The Bank will pay quarterly interest at a fixed rate of 3.583% and receive quarterly interest payments calculated at the Daily Simple SOFR over the same period.