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Long-Term Debt
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt

10.       OTHER BORROWING ARRANGEMENTS

At year end, short-term borrowings consisted of the following (dollars in thousands):

2022

    

Average
balance
outstanding

    

Amount

    

Average
interest rate
during the year

    

Maximum
month-end
balance during
the year

    

Weighted
average
interest rate
at year-end

As of December 31:

Repurchase agreements

$

110,387

$

109,169

0.29%

$

118,014

0.29%

Short term borrowings

47,708

219,000

3.67%

219,000

3.67%

Total

$

158,095

$

328,169

$

337,014

2021

Average
balance
outstanding

    

Amount

    

Average
interest rate
during the year

    

Maximum
month-end
balance during
the year

    

Weighted
average
interest rate
at year-end

As of December 31:

Repurchase agreements

$

70,443

$

106,937

0.30%

$

106,937

0.30%

Short term borrowings

5,186

0.06%

5,000

Total

$

75,629

$

106,937

$

111,937

Included in short term borrowings was $94.0 million outstanding in fixed-rate overnight FHLB advances at December 31, 2022 and no balance outstanding at December 31, 2021. Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by $1.3 billion of first

mortgage loans under a blanket lien arrangement at year end 2022. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to the total of $922.1 million at year-end 2022, with a remaining borrowing capacity of $661.0 million if sufficient additional collateral was pledged.

The Company had no borrowings at December 31, 2022 and 2021 from the FRB. The Company was eligible to borrow up to $42.3 million from FRB at year end 2022, which was collateralized by $52.1 million in first mortgage loans under a blanket lien arrangement.

The Company had unsecured lines of credit with its correspondent banks which, in the aggregate, amounted to $362.0 million and $305.0 million at December 31, 2022 and 2021, respectively, at fixed interest rates which vary with market conditions. Included in short term borrowings above there was $125.0 million outstanding overnight under these lines of credit at December 31, 2022 and no balance outstanding at December 31, 2021.

11.     LONG-TERM DEBT

At year-end, long-term debt was as follows (dollars in thousands):

2022

2021

Principal

Unamortized Debt Issuance Costs

Principal

Unamortized Debt Issuance Costs

Fixed - floating rate subordinated debentures, due 2031 (1)

$

50,000

$

786

$

50,000

$

859

$

50,000

$

786

$

50,000

$

859

(1)3.25% fixed rate for five years then floating rate at 253.5 basis points over 3-month term SOFR.