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BORROWINGS
 3 Months Ended
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.