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Borrowings and Borrowing Capacity (Tables)
12 Months Ended
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 year0.03 %0.03 %
Average daily balance during the year$6,701 $5,985 
Weighted average interest rate during the year0.03 %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 OutstandingWeighted Average Interest Rate
202730,000 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 year4.25 %0.15 %
Average daily balance during the year$69,658 $37,671 
Weighted average interest rate during the year1.19 %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 period670 118,880 
Weighted average interest rate during the period0.32 %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 ValueCarrying ValueMaturity DateCurrent Interest RateFirst Repricing DateVariable Interest Rate at Repricing DateInitial Issuance Costs
Subordinated Notes issued November 27, 2019$39,500 $38,857 20294.875%11/27/2024
Three Month LIBOR plus 3.330%
$1,218 
Subordinated Notes issued August 26, 202170,000 68,943 20313.500%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 ValueCarrying ValueMaturity DateVariable
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 III17,526 13,409 July 2036
LIBOR + 1.64%
5.72%
ColoEast Capital Trust I5,155 3,758 September 2035
LIBOR + 1.60%
6.33%
ColoEast Capital Trust II6,700 4,869 March 2037
LIBOR + 1.79%
6.52%
Valley Bancorp Statutory Trust I3,093 2,906 September 2032
LIBOR + 3.40%
8.12%
Valley Bancorp Statutory Trust II3,093 2,727 July 2034
LIBOR + 2.75%
7.49%
$51,031 $41,158