XML 31 R19.htm IDEA: XBRL DOCUMENT v3.24.3
LONG-TERM DEBT
 9 Months Ended
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.
 AmountWeighted Average Rate
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
FHLB fixed rate advances maturing:
2025$15,000 $15,000 4.57 %4.57 %
202825,000 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 
202579 
202680 
202780 
202880 
Thereafter93 
431 
Less: imputed interest53 
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.