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Borrowed Funds (Tables)

12 Months Ended

Dec. 31, 2023

Borrowed Funds [Abstract]

Summary of Short-term Borrowings

The following is a summary of short-term borrowings at December 31, 2023 and 2022 with original maturities of less than one year:

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
(in thousands)		2023			2022
Securities sold under agreements to repurchase:	​	​	​	​	​	​
Outstanding at end of year	​	$	45,418	​	$	64,565
Weighted average interest rate at year end	​	​	0.27%	​	​	0.12%
Maximum amount outstanding as of any month end	​	$	59,777	​	$	75,912
Average amount outstanding	​	$	50,498	​	$	63,182
Approximate weighted average rate during the year	​	​	0.24%	​	​	0.12%

​

Summary of Long-term Borrowings

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
FHLB advances bearing fixed interest rates ranging from 4.53% to 4.69% at December 31, 2023	​	$	80,000	​	$	—
Junior subordinated debt	​	$	30,929	​	$	30,929
Total long-term debt	​	$	110,929	​	$	30,929

Schedule of Pledged Collateral on Line of Credit

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​	​	​	​
​	​	​	​
1-4 family mortgage loans		$	144,572
Commercial loans	​	​	52,753
Multi-family loans	​	​	11,453
Home equity loans	​	​	19,160
Total available borrowing capacity	​	​	227,938
Less: borrowings and letters of credit outstanding	​	​	(82,500)
​	​	$	145,438

​

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

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