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Borrowings and Borrowing Capacity (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Customer Repurchase Agreements Information concerning customer repurchase agreements is summarized as follows:
(Dollars in thousands)December 31,
2021
December 31,
2020
Amount outstanding at end of the year$2,103 $3,099 
Weighted average interest rate at end of the year0.03 %0.03 %
Average daily balance during the year$5,985 $6,716 
Weighted average interest rate during the year0.03 %0.03 %
Maximum month-end balance during the year$12,405 $14,192 
Customer repurchase agreements are secured by pledged securities with carrying amounts as follows:
(Dollars in thousands)December 31,
2021
December 31,
2020
Asset-backed securities$4,999 $4,987 
CLO securities9,971 — 
$14,970 $4,987 
Schedule of FHLB Advances and Weighted Average Interest Rates by Contractual Maturity
FHLB Advances
FHLB advances are collateralized by assets, including a blanket pledge of certain loans. FHLB advances and weighted average interest rates at end of period by contractual maturity are summarized as follows:
Fixed RateVariable Rate
(Dollars in thousands)Balance OutstandingWeighted Average Interest RateBalance OutstandingWeighted Average Interest Rate
2022$150,000 0.13 %$— — 
2027— — 30,000 0.27 %
$150,000 0.13 %$30,000 0.27 %
Schedule of Information Concerning FHLB Advances
Information concerning FHLB advances is summarized as follows:
(Dollars in thousands)December 31,
2021
December 31,
2020
Amount outstanding at end of the year$180,000 $105,000 
Weighted average interest rate at end of the year0.15 %0.17 %
Average daily balance during the year$37,671 $342,264 
Weighted average interest rate during the year0.24 %0.58 %
Maximum month-end balance during the year$180,000 $850,000 
Schedule of FHLB Advances
The Company’s unused borrowing capacity with the FHLB is as follows:
(Dollars in thousands)December 31,
2021
December 31,
2020
Borrowing capacity$978,794 $1,351,542 
Borrowings outstanding180,000 105,000 
Unused borrowing capacity$798,794 $1,246,542 
Schedule of Information Concerning Paycheck Protection Program Borrowings
Information concerning borrowings under the PPPLF is summarized as follows:
(Dollars in thousands)December 31,
2021
December 31,
2020
Amount outstanding at end of period$27,144 $191,860 
Weighted average interest rate at end of period0.35 %0.35 %
Average amount outstanding during the period118,880 143,608 
Weighted average interest rate during the period0.35 %0.35 %
Highest month end balance during the period181,635 223,809 
Paycheck Protection Program Maturities
At December 31, 2021, scheduled maturities of PPPLF borrowings are as follows:
(Dollars in thousands)December 31,
2021
Within one year$2,872 
After one but within two years— 
After two but within three years— 
After three but within four years— 
After four but within five years24,272 
After five years— 
Total$27,144 
Schedule of Subordinated Notes
The following provides a summary of the Company’s subordinated notes:
(Dollars in thousands)Face ValueCarrying ValueMaturity DateCurrent Interest RateFirst Repricing DateVariable Interest Rate at Repricing DateInitial Issuance Costs
Subordinated Notes issued November 27, 2019$39,500 $38,552 20294.875%11/27/2024
Three Month LIBOR plus 3.330%
$1,218 
Subordinated Notes issued August 26, 202170,000 68,405 20313.500%9/01/2026
Three Month SOFR(1) plus 2.860%
$1,776 
$109,500 $106,957 
(1) Secured Overnight Financing Rate
Summary of Junior Subordinated Debentures
The following provides a summary of the Company’s junior subordinated debentures:
(Dollars in thousands)Face ValueCarrying ValueMaturity DateVariable
Interest Rate
Interest Rate At December 31, 2021
National Bancshares Capital Trust II$15,464 $13,350 September 2033
LIBOR + 3.00%
3.20%
National Bancshares Capital Trust III17,526 13,188 July 2036
LIBOR + 1.64%
1.76%
ColoEast Capital Trust I5,155 3,683 September 2035
LIBOR + 1.60%
1.82%
ColoEast Capital Trust II6,700 4,784 March 2037
LIBOR + 1.79%
2.01%
Valley Bancorp Statutory Trust I3,093 2,892 September 2032
LIBOR + 3.40%
3.62%
Valley Bancorp Statutory Trust II3,093 2,705 July 2034
LIBOR + 2.75%
2.87%
$51,031 $40,602