Long-term advances from the FHLB were $2,392 and $3,578 at December 31, 2023 and December 31, 2022, respectively. Outstanding balances have a maturity dates between July 2024 and June 2028 with fixed rates ranging

from 1.18% to 2.97%. The average rate on outstanding advances was 2.31% at December 31, 2023. Outstanding advances are prepayable in whole or in part and could be subject to a termination fee.

Other borrowings totaled $9,860 at December 31, 2023, and included borrowings from the CLF division of Civista. The weighted average rate on these borrowings was 5.74% and the weighted average life was 39 months.

Scheduled principal reductions of FHLB advances outstanding at December 31, 2023 were as follows:


2024	$	940
2025		636
2026		469
2027		273
2028		74
Thereafter		—
Total	$	2,392

In addition to FHLB borrowings, the Company had outstanding letters of credit with the FHLB totaling $24,400 and $57,510 at year-end 2023 and 2022, respectively, used for pledging to secure public funds. FHLB borrowings and the letters of credit were collateralized by FHLB stock and by $1,044,027 and $932,373 of residential mortgage loans under a blanket lien arrangement at year-end 2023 and 2022, respectively.

The Company had a FHLB maximum borrowing capacity of $791,637 as of December 31, 2023, with remaining borrowing capacity of approximately $426,845. The borrowing arrangement with the FHLB is subject to annual renewal. The maximum borrowing capacity is recalculated at least quarterly.