Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2021

Federal Home Loan Bank Advances [Abstract]

Note 12 – Federal Home Loan Bank Advances

The following table summarizes information relating to FHLB advances at or for the periods indicated:

	At or For the Year Ended
	2021			2020
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	100,471		$	114,020
Maximum amount outstanding at any month‑end during the year	$	113,580		$	121,500
Balance outstanding at end of year	$	85,952		$	110,500
Weighted average interest rate at end of year		1.85	%		1.94	%
Average cost of advances during the year		1.96	%		1.91	%
Weighted average contractual maturity (in months)		22			27

Each advance is subject to a prepayment penalty if paid before its maturity date. The advances were collateralized by $165.0 million and $220.0 million of first mortgage loans at December 31, 2021 and 2020, respectively, under a blanket lien arrangement. Based on collateral pledged and the Company’s holdings of FHLB stock as of December 31, 2021, the Company was eligible to borrow up to an additional $14.4 million at year‑end 2021.

Scheduled maturities of FHLB advances over the next five years are as follows:

	Amount
	(In thousands)
2022	$	18,140
2023		30,140
2024		5,140
2025		32,532
2026		-
	$	85,952