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Borrowings
 12 Months Ended
Dec. 31, 2024
Borrowings [Abstract]  
Borrowings NOTE 7 – BORROWINGS

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

2024

2023

(In Thousands)

Securities sold under agreements to repurchase

$

36,337

$

54,076

Federal Home Loan Bank short-term borrowings

76,732

20,000

$

113,069

$

74,076

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

Years Ended December 31,

2024

2023

(Dollars In Thousands)

Average balance during the year

$

54,867

$

93,455

Average interest rate during the year

2.48

%

3.26

%

Maximum month-end balance during the year

$

113,069

$

136,408

Total short-term borrowings at end of the year

$

113,069

$

74,076

Weighted average interest rate at the end of the year

3.79

%

3.14

%

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 $44,021,000 and $36,561,000 at December 31, 2024 and $63,542,000 and $55,056,000 at December 31, 2023, 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, 2024

Remaining Contractual Maturity of the Agreements

Overnight and continuous

Up to 30 days

30-90 days

Greater than 90 days

Total

Repurchase Agreements:

U.S. Government agencies

$

1,997

$

$

$

$

1,997

Mortgage-backed securities - government sponsored entities

34,564

—

—

—

34,564

$

36,561

$

—

$

—

$

—

$

36,561

Total liability recognized for repurchase agreements

$

36,337

As of December 31, 2023

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

$

55,056

$

—

$

—

$

—

$

55,056

Total liability recognized for repurchase agreements

$

54,076

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, 2024, there was $26,732,000 of borrowings outstanding on this line. There was $20,000,000 of borrowings outstanding on this line of credit at December 31, 2023. The Company has a line of credit commitment available from Atlantic Community Bankers Bank for $7,000,000, which expires on June 30, 2025. There were no borrowings under this line of credit at December 31, 2024 and 2023. The Company has a line of credit commitment available from PNC Bank for $10,000,000 at December 31, 2024. There were no borrowings under this line of credit at December 31, 2024 and December 31, 2023.

Other borrowings consisted of the following at December 31, 2024 and 2023:

2024

2023

(In Thousands)

Notes with the FHLB:

Fixed rate borrowing due April 2025 at 4.26%

$

20,000

$

20,000

Amortizing fixed rate borrowing due September 2025 at 5.67%

1,941

4,406

Fixed rate borrowing due April 2026 at 4.04%

20,000

20,000

Amortizing fixed rate borrowing due May 2027 at 4.37%

18,751

25,950

Amortizing fixed rate borrowing due July 2028 at 4.70%

11,101

13,880

Fixed rate borrowing due July 2028 at 4.49%

10,000

10,000

$

81,793

$

94,236

Notes with the Federal Reserve Bank:

Fixed rate borrowing due March 2024 at 4.83%

$

-

$

10,000

Fixed rate borrowing due September 2024 at 5.55%

-

20,000

Fixed rate borrowing due January 2025 at 4.76%

20,000

-

$

20,000

$

30,000

Contractual maturities and scheduled cash flows of other borrowings at December 31, 2024 are as follows (in thousands):

2025

$

52,658

2026

31,203

2027

5,996

2028

11,936

2029

—

$

101,793

The Bank’s maximum borrowing capacity with the FHLB was $654,838,000 of which $158,525,000 was outstanding in the form of advances and $146,975,000 was outstanding in the form of letters of credit at December 31, 2024. Advances from the FHLB are secured by qualifying assets of the Bank. The total available credit from the Federal Reserve Bank was $25,000,000, of which $20,000,000 was outstanding.