Borrowings

12 Months Ended

Dec. 31, 2022

Borrowings/Subordinated Debt [Abstract]

BORROWINGS

NOTE 11. BORROWINGS

The Company may periodically borrow from a correspondent federal funds line of credit arrangement, under a secured reverse repurchase agreement, or from the FHLB to meet short-term liquidity needs.

The following table summarizes certain information on short-term borrowings as of and for the years ended December 31.

	2022				2021
(Dollars in thousands)	Amount		Rate		Amount		Rate
Average for the Year
Repurchase agreements	$	683	0.25	%	$	3,017	0.25	%
FHLB Advances		1,863	3.87			—	—
Overnight Fed Funds purchased		—	—			—	—
At Year End
Repurchase agreements	$	—	—	%	$	4,143	0.18	%
FHLB Advances		40,000	4.57			—	—
Overnight Fed Funds purchased		—	—			—	—

Securities sold under agreements to repurchase are securities sold to customers, at the customers’ request, under a “roll-over” contract that matures in one business day. The underlying securities sold are U.S. Government agency securities, which are segregated in the Company’s custodial accounts from other investment securities.

The Bank had $15.0 million in federal funds lines of credit and a reverse repurchase agreement available on a short-term basis from correspondent banks at December 31, 2022 and 2021. In conjunction with the acquisition of Severn, the Company assumed $10.0 million in Long-term FHLB Advances which carried a contractual interest rate of 2.19%. The associated purchase premium at acquisition was $162 thousand which was amortized over the contractual life of the obligation which matured in October 2022. In addition, the Bank had secured credit availability of approximately $298.9 million and $363.9 million from the FHLB at December 31, 2022 and 2021, respectively. The Bank has pledged as collateral, under a blanket lien, all qualifying residential loans under borrowing agreements with the FHLB. The Bank had $40 million in short-term borrowings from the FHLB at December 31, 2022 and no short term FHLB borrowings at December 31, 2021.