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LONG-TERM DEBT | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The following table presents components of the Company’s long-term debt at September 30, 2024 and December 31, 2023. The Company assumed a finance lease asset with a fair value of $392 thousand.
| Amount |  | Weighted Average Rate
| September 30, 2024 |  | December 31, 2023 |  | September 30, 2024 |  | December 31, 2023
FHLB fixed rate advances maturing: |  |  |  |  |  |  |
2025 | $ | 15,000 |  |  | $ | 15,000 |  |  | 4.57 | % |  | 4.57 | %
2028 | 25,000 |  |  | 25,000 |  |  | 3.98 | % |  | 3.98 | %
Total FHLB Advances | $ | 40,000 |  |  | $ | 40,000 |  |  | 4.20 | % |  | 4.20 | %
Lease obligation included in long term debt: |  |  |  |  |  |
Finance lease liabilities | $ | 378 |  |  | n/a |  |  |  |
The following table presents expected future maturities of the Company's finance lease liabilities as of September 30, 2024:
2024 | $ | 19 |
2025 | 79 |
2026 | 80 |
2027 | 80 |
2028 | 80 |
Thereafter | 93 |
| 431 |
Less: imputed interest | 53 |
Total finance lease liabilities | $ | 378 |
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 both September 30, 2024 and December 31, 2023. The Bank had additional availability of $1.0 billion at the FHLB on September 30, 2024, based on its qualifying collateral, net of short-term borrowings and long-term debt detailed above, deposit letters of credit of $1.0 million and non-deposit letters of credit of $609 thousand at September 30, 2024. At December 31, 2023, the Bank had additional availability of $973.3 million at the FHLB and $609 thousand of non-deposit letters of credit. There were zero deposit letters of credit at December 31, 2023. The Bank had available unsecured lines of credit, with interest based on the daily Federal Funds rate, with two correspondent banks totaling $20.0 million at September 30, 2024 and December 31, 2023. There were no borrowings under these lines of credit at September 30, 2024 and December 31, 2023.

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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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