Federal Home Loan Bank Advances

12 Months Ended

Dec. 31, 2022

Federal Home Loan Bank Advances [Abstract]

Federal Home Loan Bank Advances

Note 11 – 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 December 31,
	2022			2021
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year	$	61,593		$	100,471
Maximum amount outstanding at any month‑end during the year	$	128,823		$	113,580
Balance outstanding at end of year	$	128,344		$	85,952
Weighted average interest rate at end of year		3.74	%		1.85	%
Average cost of advances during the year		1.74	%		1.96	%
Weighted average maturity (in months)		13			22

Each advance is subject to a prepayment penalty if paid before its maturity date. The advances were collateralized by $328.1 million and $165.0 million of commercial real estate loans at December 31, 2022 and 2021, respectively, under a blanket lien arrangement.  Based on collateral pledged and the Company’s holdings of FHLB stock as of December 31, 2022, the Company was eligible to borrow up to an additional $70.6 million at year‑end 2022. In addition, the Bank had additional lines of credit of $10.0 million with other financial institutions as of that date.

Scheduled maturities of FHLB advances are as follows:

	Amount
	(In thousands)
2023	$	95,500
2024		–
2025		32,844
	$	128,344