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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The following table presents components of the Company’s long-term debt at December 31, 2023, and 2022.
| Amount |  | Weighted Average rate
| 2023 |  | 2022 |  | 2023 |  | 2022
FHLB fixed rate advances maturing: |  |  |  |  |  |  |
2025 | $ | 15,000 |  |  | $ | — |  |  | 4.57 | % |  | — | %
2028 | 25,000 |  |  | — |  |  | 3.98 | % |  | — | %
| 40,000 |  |  | — |  |  | 4.20 | % |  | — | %
Total FHLB amortizing advance requiring monthly principal and interest payments, maturing: |  |  |  |  |  |  |
2025 | — |  |  | 1,455 |  |  | — | % |  | 4.74 | %
Total FHLB Advances | $ | 40,000 |  |  | $ | 1,455 |  |  | 4.20 | % |  | 4.74 | %
There were five new long term borrowings in 2023 and zero in 2022. The following table summarizes the future annual principal payments required on these borrowings at December 31, 2023.
2025 | 15,000 |
2028 | 25,000 |
| $ | 40,000 |
The Bank is a member of the FHLB of Pittsburgh and has access to the FHLB program of overnight and term advances. Under terms of a blanket collateral agreement for advances, lines and letters of credit from the FHLB, collateral for all outstanding advances, lines and letters of credit consisted of 1-4 family mortgage loans and other real estate secured loans totaling $1.1 billion at December 31, 2023. The Bank had additional availability of $973.3 million at the FHLB on December 31, 2023 based on its qualifying collateral, net of short-term borrowings and long-term debt detailed above and non-deposit letters of credit totaling $609 thousand at December 31, 2023. There were zero deposit letters of credit at December 31, 2023. The Bank has available unsecured lines of credit, with interest based on the daily Federal Funds rate, with two correspondent banks totaling $20.0 million, at December 31, 2023. There were no borrowings under these lines of credit at December 31, 2023 and 2022.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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