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OTHER BORROWINGS

12 Months Ended

Dec. 31, 2023

12.OTHER BORROWINGS:

Other borrowings at December 31, 2023 and 2022 are summarized as follows:


(Dollar amounts in thousands)	2023		2022
FHLB advances	$	108,577	$	9,589
TOTAL	$	108,577	$	9,589

The aggregate minimum annual retirements of other borrowings are as follows:


2024	$	102,613
2025		5,964
2026		—
2027		—
2028		—
Thereafter		—
	$	108,577

At December 31, 2023 and 2022, other borrowings are summarized as follows: The Corporation’s subsidiary bank is a member of the Federal Home Loan Bank (FHLB) and accordingly is permitted to obtain advances. There are $108.6 million of advances from the FHLB at December 31, 2023, and $9.6 million of advances at December 31, 2022, which accrue interest, payable monthly, at annual rates, primarily fixed, varying from 0.68% to 5.56% in 2023 and 0.68% to 1.70% during the year in 2022. FHLB advances are, generally, due in full at maturity. They are secured by eligible securities totaling $64.1 million at December 31, 2023, and $40.3 million at December 31, 2022, and a blanket pledge on real estate loan collateral. Based on this collateral and the Corporation’s holdings of FHLB stock, the Corporation is eligible to borrow up to $297.7 million at year end 2023. Certain advances may be prepaid, without penalty, prior to maturity. The FHLB can adjust the interest rate from fixed to variable on certain advances, but those advances may then be prepaid, without penalty.