Borrowed Funds and Subordinated Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Borrowed Funds and Subordinated Debt

Borrowed Funds and Subordinated Debt

The Company's borrowed funds amounted to $2.9 million and $5.5 million at September 30, 2022 and December 31, 2021, respectively, and were comprised of FHLB advances related to specific lending projects under the FHLB's community development programs.

Borrowed funds at September 30, 2022 and December 31, 2021 are summarized, as follows:

	September 30, 2022				December 31, 2021
(Dollars in thousands)	Balance		Rate		Balance		Rate
Within 12 months	$	—	—	%	$	2,485	0.29	%
Over 5 years	2,934		1.71	%	2,994		1.70	%
Total borrowed funds	$	2,934	1.71	%	$	5,479	1.06	%

The Company also had outstanding subordinated debt (net of deferred issuance costs) of $59.1 million at September 30, 2022 and $59.0 million at December 31, 2021. The outstanding subordinated notes are due on July 15, 2030 and callable at the Company's option on or after July 15, 2025.