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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
Borrowed Funds | The following table shows the breakdown of borrowed funds as of December 31, 2024 and 2023 (dollars in thousands):
|  |  |  |  |  |  |  |  |  |  | Weighted average interest rate: |
2024 |  | 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) |  | $ | 17,338 |  |  | $ | 17,921 |  |  | $ | 16,768 |  |  |  | 4.79 | % |  |  | 4.06 | %
FHLB Advances(b) |  |  | 135,144 |  |  |  | 199,789 |  |  |  | 147,727 |  |  |  | 5.64 | % |  |  | 4.71 | %
Bank Federal Funds Lines (c) |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | 5.66 | % |  |  | 0.00 | %
FRB BIC Line (d) |  |  | - |  |  |  | - |  |  |  | 99 |  |  |  | 5.50 | % |  |  | 0.00 | %
Line of Credit (e) |  |  | 7,572 |  |  |  | 12,572 |  |  |  | 10,467 |  |  |  | 8.71 | % |  |  | 7.76 | %
FRB Term Funding Program (f) |  |  | - |  |  |  | 20,000 |  |  |  | 15,137 |  |  |  | 4.85 | % |  |  | 0.00 | %
Other Secured Borrowings (g) |  |  | 6,540 |  |  |  | 12,060 |  |  |  | 9,281 |  |  |  | 5.24 | % |  |  | 4.33 | %
Subordinated Debt (h) |  |  | 19,277 |  |  |  | 19,276 |  |  |  | 19,090 |  |  |  | 6.25 | % |  |  | 6.11 | %
Notes Payable (i) |  |  | 7,500 |  |  |  | 7,500 |  |  |  | 7,500 |  |  |  | 3.65 | % |  |  | 3.65 | %
Term Loans (j) |  |  | 104,350 |  |  |  | 109,170 |  |  |  | 97,339 |  |  |  | 2.88 | % |  |  | 4.45 | %
Total Borrowed Funds |  | $ | 297,721 |  |  | $ | 398,288 |  |  | $ | 323,409 |  |  |  | 4.80 | % |  |  | 4.73 | %
|  |  |  |  |  |  |  |  |  |  | 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 Secured 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 | %
Remaining Contractual Maturity of Repurchase Agreements |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2024 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 21,364 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 21,364 |
Total carrying value of collateral pledged |  | $ | 21,364 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 21,364 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,338 |
|  | 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 |
Federal Home Loan Bank Loans by Branch |
|  |  |  | December 31, |  |  | December 31, |
Interest Rate |  | Maturity |  | 2024 |  |  | 2023 |
Fixed: |  |  |  |  |  |  |  |
| 4.92 | % | January 2, 2025 |  |  | 25,000 |  |  |  | - |
| 4.76 | % | February 14, 2025 |  |  | 18,000 |  |  |  | - |
| 5.05 | % | January 6, 2025 |  |  | 20,000 |  |  |  | - |
| 4.47 | % | May 12, 2025 |  |  | 10,000 |  |  |  | 10,000 |
| 5.03 | % | July 7, 2025 |  |  | 26,350 |  |  |  | 25,287 |
| 4.32 | % | November 12, 2025 |  |  | 5,000 |  |  |  | 5,000 |
| 4.75 | % | November 11, 2024 |  |  | - |  |  |  | 5,000 |
| 1.70 | % | August 20, 2024 |  |  | - |  |  |  | 5,000 |
| 2.46 | % | March 28, 2024 |  |  | - |  |  |  | 5,000 |
| 5.64 | % | February 14, 2024 |  |  | - |  |  |  | 18,000 |
| 5.73 | % | January 2, 2024 |  |  | - |  |  |  | 25,000 |
Total term loans |  |  |  | $ | 104,350 |  |  | $ | 98,287 |
Maturities of Borrowed Funds | The following are maturities of borrowed funds as of December 31, 2024 (in thousands):
2025 |  | $ | 270,944 |
2026 |  |  | - |
2027 |  |  | - |
2028 |  |  | - |
2029 |  |  | - |
Thereafter |  |  | 26,777 |
Total borrowed funds |  | $ | 297,721 |

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