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Borrowings and Borrowing Capacity (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Customer Repurchase Agreements | Information concerning customer repurchase agreements is summarized as follows:
(Dollars in thousands) | December 31, 2022 |  | December 31, 2021
Amount outstanding at end of the year | $ | 340 |  |  | $ | 2,103 |
Weighted average interest rate at end of the year | 0.03 | % |  | 0.03 | %
Average daily balance during the year | $ | 6,701 |  |  | $ | 5,985 |
Weighted average interest rate during the year | 0.03 | % |  | 0.03 | %
Maximum month-end balance during the year | $ | 13,463 |  |  | $ | 12,405 |
Customer repurchase agreements are secured by pledged securities with carrying amounts as follows:
(Dollars in thousands) | December 31, 2022 |  | December 31, 2021
Asset-backed securities | $ | 4,994 |  |  | $ | 4,999 |
CLO securities | — |  |  | 9,971 |
| $ | 4,994 |  |  | $ | 14,970 |
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:
|  |  | Variable Rate
(Dollars in thousands) |  |  |  |  | Balance Outstanding |  | Weighted Average Interest Rate
2027 |  |  |  |  | 30,000 |  |  | 4.25 | %
Schedule of Information Concerning FHLB Advances | Information concerning FHLB advances is summarized as follows:
(Dollars in thousands) | December 31, 2022 |  | December 31, 2021
Amount outstanding at end of the year | $ | 30,000 |  |  | $ | 180,000 |
Weighted average interest rate at end of the year | 4.25 | % |  | 0.15 | %
Average daily balance during the year | $ | 69,658 |  |  | $ | 37,671 |
Weighted average interest rate during the year | 1.19 | % |  | 0.24 | %
Maximum month-end balance during the year | $ | 230,000 |  |  | $ | 180,000 |
Schedule of FHLB Advances | The Company’s unused borrowing capacity with the FHLB is as follows:
(Dollars in thousands) | December 31, 2022 |  | December 31, 2021
Borrowing capacity | $ | 676,307 |  |  | $ | 978,794 |
Borrowings outstanding | (30,000) |  |  | (180,000) |
Unused borrowing capacity | $ | 646,307 |  |  | $ | 798,794 |
Schedule of Information Concerning Paycheck Protection Program Borrowings | Information concerning borrowings under the PPPLF is summarized as follows:
(Dollars in thousands) |  | December 31, 2022 |  | December 31, 2021
Amount outstanding at end of period |  | $ | — |  |  | $ | 27,144 |
Weighted average interest rate at end of period |  | — | % |  | 0.35 | %
Average amount outstanding during the period |  | 670 |  |  | 118,880 |
Weighted average interest rate during the period |  | 0.32 | % |  | 0.35 | %
Highest month end balance during the period |  | — |  |  | 181,635 |
Schedule of Subordinated Notes | The following provides a summary of the Company’s subordinated notes:
(Dollars in thousands) |  | Face Value |  | Carrying Value |  | Maturity Date |  | Current Interest Rate |  | First Repricing Date |  | Variable Interest Rate at Repricing Date |  | Initial Issuance Costs
Subordinated Notes issued November 27, 2019 |  | $ | 39,500 |  |  | $ | 38,857 |  |  | 2029 |  | 4.875% |  | 11/27/2024 |  | Three Month LIBOR plus 3.330% |  | $ | 1,218 |
Subordinated Notes issued August 26, 2021 |  | 70,000 |  |  | 68,943 |  |  | 2031 |  | 3.500% |  | 9/01/2026 |  | Three Month SOFR(1) plus 2.860% |  | $ | 1,776 |
|  | $ | 109,500 |  |  | $ | 107,800 |  |  |  |  |  |  |  |  |  |  |
(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 Value |  | Carrying Value |  | Maturity Date |  | Variable Interest Rate |  | Interest Rate At December 31, 2022
National Bancshares Capital Trust II |  | $ | 15,464 |  |  | $ | 13,489 |  |  | September 2033 |  | LIBOR + 3.00% |  | 7.77%
National Bancshares Capital Trust III |  | 17,526 |  |  | 13,409 |  |  | July 2036 |  | LIBOR + 1.64% |  | 5.72%
ColoEast Capital Trust I |  | 5,155 |  |  | 3,758 |  |  | September 2035 |  | LIBOR + 1.60% |  | 6.33%
ColoEast Capital Trust II |  | 6,700 |  |  | 4,869 |  |  | March 2037 |  | LIBOR + 1.79% |  | 6.52%
Valley Bancorp Statutory Trust I |  | 3,093 |  |  | 2,906 |  |  | September 2032 |  | LIBOR + 3.40% |  | 8.12%
Valley Bancorp Statutory Trust II |  | 3,093 |  |  | 2,727 |  |  | July 2034 |  | LIBOR + 2.75% |  | 7.49%
|  | $ | 51,031 |  |  | $ | 41,158 |  |  |  |  |  |  |

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