Short-Term Borrowings

3 Months Ended

Mar. 31, 2023

Short-Term Borrowings

Short-Term Borrowings

6.    Borrowings

Short-term borrowings:

Period–end short-term borrowings were comprised of the following:

(Dollar amounts in thousands)	March 31, 2023		December 31, 2022
Federal Funds Purchased	$	22,800	$	3,000
Repurchase Agreements		85,784		67,875
	$	108,584	$	70,875

The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

Collateral pledged to repurchase agreements by remaining maturity are as follows:

	March 31, 2023
Repurchase Agreements	Remaining Contractual Maturity of the Agreements
	Overnight						Greater
	and		Up to 30		30 - 90		than 90
(Dollar amounts in thousands)	continuous		days		days		days		Total
Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations	$	79,732	$	—	$	215	$	5,837	$	85,784

	December 31, 2022
Repurchase Agreements	Remaining Contractual Maturity of the Agreements
	Overnight						Greater
	and		Up to 30		30 - 90		than 90
(Dollar amounts in thousands)	continuous		days		days		days		Total
Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations	$	63,335	$	—	$	4,175	$	365	$	67,875

Other borrowings:

Other borrowings at March 31, 2023 and December 31, 2022 are summarized as follows:

(Dollar amounts in thousands)	March 31, 2023		December 31, 2022
FHLB advances	$	34,585	$	9,589
TOTAL	$	34,585	$	9,589

The aggregate minimum annual retirements of other borrowings are as follows:

Twelve Months Ended March 31,

2024	$	26,005
2025		3,638
2026		4,942
2027		—
2028		—
Thereafter		—
	$	34,585

At March 31, 2023 and December 31, 2022, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly are permitted to obtain advances. There are $35.6 million of advances from the FHLB at March 31, 2023, and $9.6 million of advances at December 31, 2022. FHLB advances are, generally due in full at maturity. They are secured by eligible securities and a blanket pledge on real estate loan collateral.