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Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2022

Advance from Federal Home Loan Bank [Abstract]

Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances and Other Borrowings

At December 31, 2022 the Company had no overnight or term FHLB advances. During the year ended December 31, 2022, the Company repaid a total of $25.0 million in FHLB advances. This includes a $10.0 million advance that would have matured in March 2023 and a $15.0 million advance that would have matured in March 2027. We have sufficient liquidity for our current loan demand, and with no prepayment penalty for early repayment, management opted to repay these term advances and save the unnecessary interest expense. At December 31, 2021 the Company had no FHLB overnight advances and $25.0 million in term advances. FHLB advances are secured by a blanket pledge of eligible collateral including first lien single family and multi-family mortgages with a carrying value of $175.1 million and $140.1 million at December 31, 2022 and 2021, respectively. The Company has available borrowing capacity of an additional $120.8 million from FHLB at December 31, 2022, subject to certain collateral requirements and with interest at then stated rate.

The following table provides details on FHLB advance borrowings for the periods indicated:

						Year Ended December 31,
(dollars in thousands)						2022						2021
Maximum amount outstanding at any month-end during period:						$	24,999					$	24,999
Average outstanding balance during period:						$	6,029					$	24,999
Weighted average interest rate during period:						1.13		%				1.13		%
Balance outstanding at end of period:						$	—					$	24,999
Weighted average interest rate at end of period:						n/a						1.13		%

The Company has established an $50.0 million unsecured line of credit with interest payable at the then-stated rate, with PCBB, which expires in June 2023. There were no borrowings on this line at December 31, 2022 or 2021.

The Company has established a Borrower-in-Custody (BIC) arrangement with the FRB, which is secured by eligible loans, with interest payable at the then-stated rate. At December 31, 2022, the Company had pledged commercial real estate loans totaling $45.0 million, which provided available borrowing capacity of $26.7 million. At December 31, 2021, the Company had pledged commercial real estate loans totaling $43.4 million, which provided available borrowing capacity of $21.9 million. There were no borrowings outstanding on this line of credit at December 31, 2022 or 2021.

To bolster the effectiveness of the SBA’s PPP loan program, the Federal Reserve supplied liquidity to participating financial institutions through term financing backed by PPP loans to small businesses. The PPP provided loans to small businesses so that they could keep their employees on the payroll and pay for other allowed expenses. If the borrowers met certain criteria, the loan may be forgiven. The PPPLF extended credit to eligible financial institutions that originated PPP loans, taking the loans as collateral at face value. The interest rate was 0.35% and as PPP loans were paid down, the borrowing line also had to be paid down. The Company paid the PPPLF borrowing line in full in June 2021, therefore there was no outstanding balance as of December 31, 2022 or 2021.

The following tables provides details on PPPLF advance borrowings for the periods indicated:

									Year Ended December 31,
(dollars in thousands)												2021
Maximum amount outstanding at any month-end during period:												$	185,894
Average outstanding balance during period:												$	68,699
Weighted average interest rate during period:												0.35		%
Balance outstanding at end of period:												$	—
Weighted average interest rate at end of period:												0.00		%

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- References

No definition available.

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- Definition

The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13(a))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822

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