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Borrowings
 12 Months Ended
Dec. 31, 2022
Borrowings [Abstract]  
Borrowings NOTE 7 – BORROWINGS

Short-term borrowings at December 31 consist of the following:

2022

2021

(In Thousands)

Securities sold under agreements to repurchase

$

50,951

$

60,822

Federal Home Loan Bank short-term borrowings

42,264

—

$

93,215

$

60,822

The outstanding balances and related information of short-term borrowings are summarized as follows:

Years Ended December 31,

2022

2021

(Dollars In Thousands)

Average balance during the year

$

69,711

$

73,810

Average interest rate during the year

0.75

%

0.39

%

Maximum month-end balance during the year

$

93,215

$

90,409

Weighted average interest rate at the end of the year

2.65

%

0.34

%

Securities sold under agreements to repurchase generally mature within one day to one year from the transaction date. Securities with an amortized cost and fair value of $63,737,000 and $54,562,000 at December 31, 2022 and $66,353,000 and $65,162,000 at December 31, 2021, respectively, were pledged as collateral for these agreements. The securities underlying the agreements were under the Company’s control.

The collateral pledged for repurchase agreements that are classified as secured borrowings is summarized as follows (in thousands):

As of December 31, 2022

Remaining Contractual Maturity of the Agreements

Overnight and continuous

Up to 30 days

30-90 days

Greater than 90 days

Total

Repurchase Agreements:

Mortgage-backed securities - government sponsored entities

$

54,562

$

—

$

—

$

—

$

54,562

Total liability recognized for repurchase agreements

50,951

As of December 31, 2021

Remaining Contractual Maturity of the Agreements

Overnight and continuous

Up to 30 days

30-90 days

Greater than 90 days

Total

Repurchase Agreements:

Mortgage-backed securities - government sponsored entities

$

65,162

$

—

$

—

$

—

$

65,162

Total liability recognized for repurchase agreements

60,822

The Company has a line of credit commitment available from the FHLB of Pittsburgh for borrowings of up to $150,000,000, which renews annually in June. At December 31, 2022, there was $42,264,000 of borrowings outstanding on this line. There were no borrowings outstanding on this line of credit at December 31, 2021. The Company has a line of credit commitment available from Atlantic Community Bankers Bank for $7,000,000, which expires on June 30, 2023. There were no borrowings under this line of credit at December 31, 2022 and 2021. The Company has a line of credit commitment available from PNC Bank for $16,000,000 at December 31, 2022. There were no borrowings under this line of credit at December 31, 2022 and December 31, 2021. The Company also has a line of credit commitment from Zions Bank for $17,000,000 at December 31, 2022. There were no borrowings under this line of credit at December 31, 2022 and December 31, 2021.

Other borrowings consisted of the following at December 31, 2022 and 2021:

2022

2021

(In Thousands)

Amortizing fixed rate borrowing due March 2022 at 1.75%

$

—

$

227

Amortizing fixed rate borrowing due August 2022 at 1.94%

—

1,364

Amortizing fixed rate borrowing due October 2022 at 1.88%

—

1,386

Amortizing fixed rate borrowing due October 2023 at 3.24%

—

3,856

Amortizing fixed rate borrowing due December 2023 at 3.22%

—

2,097

Fixed rate term borrowing due December 2023 at 1.95%

—

10,000

Amortizing fixed rate borrowing due December 2023 at 1.73%

—

5,190

Amortizing fixed rate borrowing due April 2024 at 0.91%

—

5,878

Amortizing fixed rate borrowing due December 2023 at 5.08%

40,000

—

$

40,000

$

29,998

Contractual maturities and scheduled cash flows of other borrowings at December 31, 2022 are as follows (in thousands):

2023

$

40,000

$

40,000

The Bank’s maximum borrowing capacity with the FHLB was $655,344,000 of which $82,264,000 was outstanding in the form of advances and $92,900,000 was outstanding in the form of letters of credit at December 31, 2022. Advances from the FHLB are secured by qualifying assets of the Bank.