Borrowings

12 Months Ended

Dec. 31, 2023

Note 10 – Borrowings

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

	At or For the Year Ended December 31,
	2023				2022
	(Dollars in thousands)
FHLB Advances:
Average balance outstanding during the year		$	177,261			$	61,593
Maximum amount outstanding at any month‑end during the year		$	210,242			$	128,823
Balance outstanding at end of year		$	209,319			$	128,344
Weighted average interest rate at end of year			4.91	%			3.74	%
Average cost of advances during the year			4.70	%			1.74	%
Weighted average maturity (in months)			2				7

Each advance is subject to a prepayment penalty if paid before its maturity date. The advances were collateralized by $435.4 million and $328.1 million of commercial real estate loans at December 31, 2023 and 2022, respectively, under a blanket lien arrangement. Based on collateral pledged and the Company’s holdings of FHLB stock as of December 31, 2023, the Company was eligible to borrow up to an additional $117.0 million at year‑end 2023.

Scheduled maturities of FHLB advances are as follows:

	Amount
	(In thousands)
2024		$	176,638
2025			32,681
		$	209,319

On December 27, 2023, the Company borrowed $100.0 million from the Federal Reserve under the Bank Term Funding Program (“BTFP”). As of December 31, 2023, $100.0 million was outstanding. The interest rate on this borrowing is fixed at 4.84% and the borrowing matures on December 29, 2024. Investment securities with a book value of $107.3 million and a fair value of $98.3 million were pledged as collateral for this borrowing as of December 31, 2023. There are no prepayment penalties for early payoff. As the BTFP ended on March 11, 2024, no additional borrowings can be made under the program.

In addition, the Bank had additional lines of credit of $10.0 million with other financial institutions as of December 31, 2023.