Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Borrowings

NOTE 7 – BORROWINGS

Short-term borrowings at December 31 consist of the following:

	2023		2022
	(In Thousands)
Securities sold under agreements to repurchase	$	54,076	$	50,951
Federal Home Loan Bank short-term borrowings		20,000		42,264
	$	74,076	$	93,215

The outstanding balances and related information of short-term borrowings are summarized as follows:

	Years Ended December 31,
	2023			2022
	(Dollars In Thousands)
Average balance during the year	$	93,455		$	69,711
Average interest rate during the year		3.26	%		0.75	%
Maximum month-end balance during the year	$	136,408		$	93,215
Weighted average interest rate at the end of the year		3.14	%		2.65	%

Securities sold under agreements to repurchase generally mature within one day to one year from the transaction date. Securities with an amortized cost and fair value of $63,542,000 and $55,056,000 at December 31, 2023 and $63,737,000 and $54,562,000 at December 31, 2022, respectively, were pledged as collateral for these agreements. The securities underlying the agreements were under the Company’s control.

The collateral pledged for repurchase agreements that are classified as secured borrowings is summarized as follows (in thousands):

	As of December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Repurchase Agreements:
Mortgage-backed securities - government sponsored entities	$	55,056	$	—	$	—	$	—	$	55,056
Total liability recognized for repurchase agreements									$	54,076

	As of December 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
Repurchase Agreements:
Mortgage-backed securities - government sponsored entities	$	54,562	$	—	$	—	$	—	$	54,562
Total liability recognized for repurchase agreements									$	50,951

The Company has a line of credit commitment available from the FHLB of Pittsburgh for borrowings of up to $150,000,000, which renews annually in June. At December 31, 2023, there was $20,000,000 of borrowings outstanding on this line. There was $42,264,000 of borrowings outstanding on this line of credit at December 31, 2022. The Company has a line of credit commitment available from Atlantic Community Bankers Bank for $7,000,000, which expires on June 30, 2024. There were no borrowings under this line of credit at December 31, 2023 and 2022. The Company has a line of credit commitment available from PNC Bank for $10,000,000 at December 31, 2023. There were no borrowings under this line of credit at December 31, 2023 and December 31, 2022.

Other borrowings consisted of the following at December 31, 2023 and 2022:

	2023		2022
	(In Thousands)
Notes with the FHLB:
Amortizing fixed rate borrowing due December 2023 at 5.08%	$	—	$	40,000
Fixed rate borrowing due April 2025 at 4.26%		20,000		—
Amortizing fixed rate borrowing due September 2025 at 5.67%		4,406		—
Fixed rate borrowing due April 2026 at 4.04%		20,000		—
Amortizing fixed rate borrowing due May 2027 at 4.37%		25,950		—
Amortizing fixed rate borrowing due July 2028 at 4.70%		13,880		—
Fixed rate borrowing due July 2028 at 4.49%		10,000		—
	$	94,236	$	40,000
Notes with the Federal Reserve Bank:
Fixed rate borrowing due March 2024 at 4.83%	$	10,000	$	—
Fixed rate borrowing due September 2024 at 5.55%		20,000		—
	$	30,000	$	—

Contractual maturities and scheduled cash flows of other borrowings at December 31, 2023 are as follows (in thousands):

2024	$	42,636
2025		32,577
2026		31,119
2027		5,967
2028		11,937
	$	124,236

The Bank’s maximum borrowing capacity with the FHLB was $682,417,000 of which $114,236,000 was outstanding in the form of advances and $136,650,000 was outstanding in the form of letters of credit at December 31, 2023. Advances from the FHLB are secured by qualifying assets of the Bank.