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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
Borrowed Funds | The following table shows the breakdown of borrowed funds as of December 31, 2023 and 2022 (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  | Weighted average interest rate: |
2023 |  | Balance at December 31 |  |  | Highest balance at any month-end |  |  | Average balance |  |  | Paid during the year |  |  | As of year- end |
Securities Sold Under Agreements to Repurchases (a) |  | $ | 18,043 |  |  | $ | 18,184 |  |  | $ | 17,425 |  |  |  | 4.92 | % |  |  | 5.10 | %
FHLB Advances(b) |  |  | 135,841 |  |  |  | 234,310 |  |  |  | 192,399 |  |  |  | 5.43 | % |  |  | 5.68 | %
Bank Federal Funds Lines (c) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6.53 | % |  |  | 0.00 | %
FRB BIC Line (d) |  |  | - |  |  |  | - |  |  |  | 29 |  |  |  | 5.24 | % |  |  | 0.00 | %
Line of Credit (e) |  |  | 12,572 |  |  |  | 17,500 |  |  |  | 5,880 |  |  |  | 8.48 | % |  |  | 8.50 | %
FRB Term Funding Program (f) |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 329 |  |  |  | 4.84 | % |  |  | 4.84 | %
Other Borrowings (g) |  |  | 10,860 |  |  |  | 14,160 |  |  |  | 7,390 |  |  |  | 5.35 | % |  |  | 5.33 | %
Subordinated Debt (h) |  |  | 18,933 |  |  |  | 18,933 |  |  |  | 14,745 |  |  |  | 5.50 | % |  |  | 6.30 | %
Notes Payable (i) |  |  | 7,500 |  |  |  | 7,500 |  |  |  | 7,500 |  |  |  | 3.65 | % |  |  | 3.65 | %
Term Loans (j) |  |  | 98,287 |  |  |  | 117,775 |  |  |  | 80,908 |  |  |  | 2.30 | % |  |  | 4.94 | %
Total Borrowed Funds |  | $ | 322,036 |  |  | $ | 448,362 |  |  | $ | 326,605 |  |  |  | 4.64 | % |  |  | 5.46 | %
|  |  |  |  |  |  |  |  |  |  | Weighted average interest rate: |
2022 |  | Balance at December 31 |  |  | Highest balance at any month-end |  |  | Average balance |  |  | Paid during the year |  |  | As of year- end |
Securities Sold Under Agreements to Repurchases (a) |  | $ | 17,776 |  |  | $ | 17,776 |  |  | $ | 16,246 |  |  |  | 1.95 | % |  |  | 4.13 | %
FHLB Advances(b) |  |  | 169,110 |  |  |  | 171,047 |  |  |  | 69,571 |  |  |  | 3.50 | % |  |  | 4.45 | %
Bank Federal Funds Lines (c) |  |  | - |  |  |  | - |  |  |  | 3 |  |  |  | 1.99 | % |  |  | 0.00 | %
FRB BIC Line (d) |  |  | - |  |  |  | - |  |  |  | 49 |  |  |  | 1.76 | % |  |  | 0.00 | %
Line of Credit (e) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | % |  |  | 0.00 | %
FRB Term Funding Program (f) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | % |  |  | 0.00 | %
Other Secured Borrowings (g) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | % |  |  | 0.00 | %
Subordinated Debt (h) |  |  | 9,892 |  |  |  | 9,892 |  |  |  | 9,885 |  |  |  | 4.18 | % |  |  | 4.18 | %
Notes Payable (i) |  |  | 7,500 |  |  |  | 7,500 |  |  |  | 7,500 |  |  |  | 3.63 | % |  |  | 3.57 | %
Term Loans (j) |  |  | 53,000 |  |  |  | 53,000 |  |  |  | 46,407 |  |  |  | 1.00 | % |  |  | 1.00 | %
Total Borrowed Funds |  | $ | 257,278 |  |  | $ | 259,215 |  |  | $ | 149,661 |  |  |  | 2.61 | % |  |  | 3.66 | %
Remaining Contractual Maturity of Repurchase Agreements |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2023 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 19,490 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,490 |
Total carrying value of collateral pledged |  | $ | 19,490 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 19,490 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 18,043 |
|  | 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 |
Federal Home Loan Bank Loans by Branch |
|  |  |  | December 31, |  |  | December 31, |
Interest Rate |  | Maturity |  | 2023 |  |  | 2022 |
Fixed: |  |  |  |  |  |  |  |
| 5.73 | % | January 2, 2024 |  |  | 25,000 |  |  |  | - |
| 5.64 | % | February 14, 2024 |  |  | 18,000 |  |  |  | - |
| 2.46 | % | March 28, 2024 |  |  | 5,000 |  |  |  | 5,000 |
| 1.70 | % | August 20, 2024 |  |  | 5,000 |  |  |  | 5,000 |
| 4.75 | % | November 11, 2024 |  |  | 5,000 |  |  |  | - |
| 4.47 | % | May 12, 2025 |  |  | 10,000 |  |  |  | - |
| 4.32 | % | November 12, 2025 |  |  | 5,000 |  |  |  | - |
| 5.03 | % | July 7, 2025 |  |  | 25,287 |  |  |  | - |
| 3.86 | % | January 3, 2023 |  |  | - |  |  |  | 25,000 |
| 4.57 | % | February 14, 2023 |  |  | - |  |  |  | 18,000 |
Total term loans |  |  |  | $ | 98,287 |  |  | $ | 53,000 |
Maturities of Borrowed Funds | Following are maturities of borrowed funds as of December 31, 2023 (in thousands):
2024 |  | $ | 255,316 |
2025 |  |  | 40,287 |
2026 |  |  | - |
2027 |  |  | - |
2028 |  |  | - |
Thereafter |  |  | 26,433 |
Total borrowed funds |  | $ | 322,036 |

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