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BORROWINGS
 12 Months Ended
Dec. 31, 2022
BORROWINGS  
BORROWINGS

NOTE 11 – BORROWINGS

As of December 31, 2022, Federal Home Loan Bank of Chicago (“FHLB”) borrowings totaled $160.0 million and consisted of short-term borrowings which had a weighted average rate of 4.29% and mature within 30 days. There were no FHLB borrowings outstanding as of December 31, 2021. Borrowings from the FHLB are secured by FHLB stock held by the Company and pledged security in the form of qualifying loans. The loans pledged as of December 31, 2022 and 2021 totaled $892.1 million and $567.0 million, respectively. As of December 31, 2022 and 2021, loans pledged also served as collateral for credit exposure of $0.3 million and $0.4 million, respectively, associated with the Bank’s participation in the FHLB’s Mortgage Partnership Finance Program.

The Bank also had available borrowings through the discount window of the Federal Reserve Bank of Chicago (“FRB”). Available borrowings are based on the collateral pledged. As of December 31, 2022 and 2021, there was no collateral pledged and there was no outstanding balance.