Borrowed Funds

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Borrowed Funds

NOTE 12: BORROWED FUNDS

The composition of borrowings (excluding subordinated debt) at December 31 is as follows:

(In thousands)	2023		2022
Short-term:
FHLB advances	$	125,680	$	60,333
Total short-term borrowings	$	125,680	$	60,333
Long-term:
FHLB advances	$	49,919	$	55,664
Total long-term borrowings	$	49,919	$	55,664

The principal balances, interest rates and maturities of the outstanding long-term borrowings, all of which are at a fixed rate, at December 31, 2023 are as follows:

Term	Principal		Rates
(Dollars in thousands)
Advances with FHLB
Due within 1 year	$	22,851	0.39 - 5.03%
Due within 2 years		23,883	0.52 - 4.92%
Due within 10 years		3,185	0.53 - 4.96%
Total advances with FHLB	$	49,919
Total long-term fixed rate borrowings	$	49,919

At December 31, 2023, scheduled repayments of long-term debt are as follows:

(In thousands)
2024	$	22,851
2025		23,883
2026		3,185
Total	$	49,919

The Company has access to FHLBNY advances, under which it can borrow at various terms and interest rates. Residential mortgage loans with a carrying value of $113.6 million, securities with a carrying value of $90.7 million and FHLB stock with a carrying value of $8.7 million have been pledged by the Company under a blanket collateral agreement to secure the Company’s borrowings at December 31, 2023. The total outstanding indebtedness under borrowing facilities with the FHLB cannot exceed the total value of the assets pledged under the blanket collateral agreement. The Company has a $17.3 million line of credit available at December 31, 2023 with the Federal Reserve Bank of New York through its Discount Window and has pledged various corporate and municipal securities against the line. The Company has $15.0 million in lines of credit available with two other correspondent banks. $10.0 million of that line of credit is available on an unsecured basis and the remaining $5.0 million must be collateralized with investment securities. Interest on the lines is determined at the time of borrowing.