ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES

12 Months Ended

Dec. 31, 2023

Advance from Federal Home Loan Bank [Abstract]

ADVANCES FROM FEDERAL HOME LOAN BANK OF DES MOINES

Utilizing a blanket pledge, qualifying loans receivable at December 31, 2023 and 2022, were pledged as security for FHLB borrowings and there were no securities pledged as collateral as of December 31, 2023 or 2022.  At December 31, 2023 and 2022, FHLB advances were scheduled to mature as follows (dollars in thousands):

	December 31,
	2023				2022
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
Maturing in one year or less	$	323,000	5.64	%	$	50,000	4.60	%
Total FHLB advances	$	323,000	5.64	%	$	50,000	4.60	%

The maximum amount outstanding from the FHLB advances at any month end for the years ended December 31, 2023 and 2022 was $645.0 million and $75.0 million, respectively. The average FHLB advances balance outstanding for the years ended December 31, 2023 and 2022 was $196.8 million and $15.3 million, respectively. The average contractual interest rate on the FHLB advances for the years ended December 31, 2023 and 2022 was 5.35% and 3.20%, respectively. As of December 31, 2023, the Bank has established a borrowing line with the FHLB to borrow up to 45% of its total assets, contingent on having sufficient qualifying collateral and ownership of FHLB stock.  At December 31, 2023, under these credit facilities based on pledged collateral, the Bank had $2.97 billion of available credit capacity.