Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Borrowings

Note 8. Borrowings

Short-Term Borrowings

The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), and advances from the FHLB.

The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At December 31, 2023 and 2022, the remaining credit available from these lines totaled $90.0 million and $103.6 million, respectively. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $362.1 million and $346.5 million as of December 31, 2023 and December 31, 2022, respectively.

The following table presents total short-term borrowings as of the dates indicated:

(dollars in thousands)	December 31, 2023			December 31, 2022
Federal funds purchased	$	-		$	11,378
Overnight repurchase agreements		2,383			4,987
Federal Home Loan Bank advances		9,450			46,100
Total short-term borrowings	$	11,833		$	62,465
Maximum month-end outstanding balance (year-to-date)	$	84,360		$	62,465
Average outstanding balance during the period	$	53,466		$	11,776
Average interest rate (year-to-date)		4.90	%		2.34	%
Average interest rate at end of period		5.65	%		4.58	%

Long-Term Borrowings

The Company had long-term FHLB advances totaling $60.0 million outstanding at December 31, 2023 with scheduled maturities through November 29, 2028 and rates ranging from 3.37% to 4.28%. The Company did not have any long-term FHLB advances at December 31, 2022.

On July 14, 2021, the Company completed a $30.0 million issuance, ($29.4 million, net of issuance costs) of subordinated notes (the Notes) in a private placement transaction. The Notes are due in 2031 and bear interest at a fixed rate of 3.5% for five years and at the three-month SOFR plus 286 basis points, resetting quarterly, thereafter.