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BORROWINGS | 3 Months Ended
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Mar. 31, 2024
BORROWINGS |
BORROWINGS | 8. BORROWINGS Federal Home Loan Bank (“FHLB”) Advances At March 31, 2024 and December 31, 2023, FHLB term borrowings outstanding were $121.7 million and $126.7 million, respectively, all of which were fixed rate. At March 31, 2024, the Company had $5.0 million in FHLB overnight borrowings outstanding at a rate of 5.56%. There were no FHLB overnight borrowings outstanding at December 31, 2023. Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. The advances were collateralized by residential and commercial mortgage loans under a blanket lien arrangement at March 31, 2024 and December 31, 2023. Based on this collateral and the Company’s holdings of FHLB stock, the Company was eligible to borrow up to an additional total of $118.0 million at March 31, 2024. The following table sets forth the contractual maturities and weighted average interest rates of the Company’s fixed rate FHLB advances for each of the next five years (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at March 31, | ​
​ | ​ | 2024 | ​
​ | ​ | ​ | ​ | ​ | Weighted | ​
Contractual Maturity |  | Amount |  | Average Rate | ​
Overnight | ​ | $ | 5,000 | ​ | 5.56 | %
​ | ​ | ​ | ​ | ​ | ​ | ​
2024, rates from 0.39% to 0.49% | ​ | ​ | 13,860 | ​ | 0.43 | %
2025, rates from 0.56% to 0.59% | ​ | ​ | 7,080 | ​ | 0.58 | %
2026, rates from 4.29% to 4.98% | ​ | ​ | 40,475 | ​ | 4.50 | %
2027, rates from 4.13% to 4.74% | ​ | ​ | 40,250 | ​ | 4.32 | %
2028, rates from 3.99% to 4.58% | ​ |  | 20,000 |  | 4.18 | %
Total term advances | ​ | ​ | 121,665 | ​ | 3.69 | %
Total FHLB advances | ​ | $ | 126,665 |  | 3.77 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at December 31, | ​
​ | ​ | 2023 | ​
​ | ​ | ​ | ​ | ​ | Weighted | ​
Contractual Maturity |  | Amount |  | Average Rate | ​
Overnight | ​ | $ | — | ​ | — | %
​ | ​ | ​ | ​ | ​ | ​ | ​
2024, rates from 0.39% to 2.53% | ​ | ​ | 18,860 | ​ | 0.98 | %
2025, rates from 0.56% to 0.59% | ​ | ​ | 7,080 | ​ | 0.58 | %
2026, rates from 4.29% to 4.98% | ​ | ​ | 40,475 | ​ | 4.50 | %
2027, rates from 4.13% to 4.74% | ​ | ​ | 40,250 | ​ | 4.32 | %
2028, rates from 3.99% to 4.58% |  | ​ | 20,000 |  | 4.18 | %
Total term advances |  | ​ | 126,665 |  | 3.65 | %
Total FHLB advances | ​ | $ | 126,665 |  | 3.65 | %
​ Federal Reserve Borrowings At March 31, 2024 and December 31, 2023, the Company’s borrowings from the Federal Reserve’s Paycheck Protection Program Liquidity Facility (“PPPLF”) were $2.3 million. The borrowings have a rate of 0.35% and the maturity date will equal the maturity date of the underlying PPP loan pledged to secure the extension of credit. Correspondent Bank Borrowings At March 31, 2024, approximately $72 million in unsecured lines of credit extended by correspondent banks were available to be utilized for short-term funding purposes. The Company had $20.0 million in borrowings outstanding under lines of credit with correspondent banks at March 31, 2024 and none at December 31, 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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