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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
Borrowed Funds | The following table shows the breakdown of borrowed funds as of December 31, 2022 and 2021 (dollars in thousands):
|  | Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sold Under |  |  |  |  |  | Bank |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Agreements to |  |  | FHLB |  |  | Federal Funds |  |  | FRB |  |  | Line of |  |  |  |  |  | Notes |  |  | Term |  |  | Total |
|  | Repurchase (a) |  |  | Advances (b) |  |  | Lines (c) |  |  | BIC Line (d) |  |  | Credit (e) |  |  | Subordinated Debt (f) |  |  | Payable (g) |  |  | Loans (h) |  |  | Borrowed Funds |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 17,776 |  |  | $ | 169,110 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 9,892 |  |  | $ | 7,500 |  |  | $ | 53,000 |  |  | $ | 257,278 |
Highest balance at any month-end |  |  | 17,776 |  |  |  | 186,626 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,892 |  |  |  | 7,500 |  |  |  | 53,000 |  |  |  | 259,215 |
Average balance |  |  | 16,246 |  |  |  | 69,571 |  |  |  | 3 |  |  |  | 49 |  |  |  | - |  |  |  | 9,885 |  |  |  | 7,500 |  |  |  | 46,407 |  |  |  | 149,661 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 1.95 | % |  |  | 3.50 | % |  |  | 1.99 | % |  |  | 1.76 | % |  |  | 0.00 | % |  |  | 4.18 | % |  |  | 3.63 | % |  |  | 1.00 | % |  |  | 2.61 | %
As of year-end |  |  | 4.13 | % |  |  | 4.45 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 4.18 | % |  |  | 3.57 | % |  |  | 1.00 | % |  |  | 3.66 | %
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 16,873 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 9,879 |  |  | $ | 7,500 |  |  | $ | 39,725 |  |  | $ | 73,977 |
Highest balance at any month-end |  |  | 16,873 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 9,879 |  |  |  | 7,500 |  |  |  | 66,525 |  |  |  | 100,777 |
Average balance |  |  | 14,726 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,036 |  |  |  | 7,500 |  |  |  | 55,360 |  |  |  | 84,622 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 0.06 | % |  |  | 0.00 | % |  |  | 0.51 | % |  |  | 0.22 | % |  |  | 0.00 | % |  |  | 4.17 | % |  |  | 3.57 | % |  |  | 1.26 | % |  |  | 1.50 | %
As of year-end |  |  | 0.08 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 4.18 | % |  |  | 3.57 | % |  |  | 1.15 | % |  |  | 1.56 | %
Remaining Contractual Maturity of Repurchase Agreements |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2022 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 20,371 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 20,371 |
Total carrying value of collateral pledged |  | $ | 20,371 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 20,371 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,776 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 17,155 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 17,155 |
Total carrying value of collateral pledged |  | $ | 17,155 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 17,155 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,873 |
Federal Home Loan Bank Loans by Branch |
|  |  |  | December 31, |  |  | December 31, |
Interest Rate |  | Maturity |  | 2022 |  |  | 2021 |
Fixed: |  |  |  |  |  |  |  |
| 3.86 | % | January 3, 2023 |  |  | 25,000 |  |  |  | - |
| 4.57 | % | February 14, 2023 |  |  | 18,000 |  |  |  | - |
| 2.46 | % | March 28, 2024 |  |  | 5,000 |  |  |  | 5,000 |
| 1.70 | % | August 20, 2024 |  |  | 5,000 |  |  |  | 5,000 |
| 0.26 | % | January 3, 2022 |  |  | - |  |  |  | 25,000 |
| 2.08 | % | January 6, 2022 |  |  | - |  |  |  | 4,725 |
Total term loans |  |  |  | $ | 53,000 |  |  | $ | 39,725 |
Maturities of Borrowed Funds | Following are maturities of borrowed funds as of December 31, 2022 (in thousands):
2023 |  | $ | 229,886 |
2024 |  |  | 10,000 |
2025 |  |  | - |
2026 |  |  | - |
2027 |  |  | - |
Thereafter |  |  | 17,392 |
Total borrowed funds |  | $ | 257,278 |

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